English
CISCEISC (Commerce) Class 12
Question Papers354
Textbook Solutions18218
Important Solutions5684
Concept Notes & Videos605
Time Tables15
Syllabus

Economics ISC (Commerce) Class 12 CISCE Syllabus 2026-27

Advertisements

CISCE Class 12 Economics Syllabus - Free PDF Download

CISCE Syllabus 2026-27 Class 12: The CISCE Class 12 Economics Syllabus for the examination year 2026-27 has been released by the Council for the Indian School Certificate Examinations, CISCE. The board will hold the final examination at the end of the year following the annual assessment scheme, which has led to the release of the syllabus. The 2026-27 CISCE Class 12 Economics Board Exam will entirely be based on the most recent syllabus. Therefore, students must thoroughly understand the new CISCE syllabus to prepare for their annual exam properly.

The detailed CISCE Class 12 Economics Syllabus for 2026-27 is below.

Academic year:

CISCE Class 12 Economics Revised Syllabus

CISCE Class 12 Economics Course Structure 2026-27 With Marking Scheme

#Unit/TopicWeightage
1  Microeconomic Theory 
1  Microeconomics and Macroeconomics: Introduction 
2  Demand and Law of Demand  
3  Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis 
4  Elasticity of Demand 
5  Supply: Law of Supply and Price Elasticity of Supply 
6  Market Mechanism: Equilibrium Price and Quantity in a Competitive Market 
7  Laws of Returns: Returns to a Factor and Returns to Scale 
8  Cost and Revenue Analysis 
9  Forms of Market 
10  Producer's Equilibrium 
11  Equilibrium of Firm and Industry Under Perfect Competition 
12  Producer's Equilibrium Under Perfect Competition 
13  Determination of Equilibrium Price and Output Under Perfect Competition 
14  Price Output Determination Under Monopoly 
15  Price Output Determination Under Monopolistic Competition and Oligopoly 
2  Theory of Income and Employment 
16  Theory of Income and Employment 
17  Basic Concepts of Macro Economics 
18  Aggregate Demand and Supply-Determinants of Equilibrium 
19  Consumption Function (Propensity to Consume) 
20  Concept of Investments-Types and Determinants 
21  Multiplier - I : Static and Dynamic 
22  Full Employment and Voluntary Unemployment 
23  Problems of Deficient Demand and Excess Demand 
24  Measures to Correct Deficient and Excess Demand 
3  Money and Banking 
25  Money: Meaning and Functions  
26  Banks: Commercial Bank and Central Bank 
4  Balance of Payment and Exchange Rate 
27  Balance of Payment and Exchange Rate 
5  Public Finance 
28  Fiscal Policy 
29  Government Budget 
6  National Income 
30  National Income and Circular Flow of Income 
31  National Income Aggregates  
32  Methods of Measuring National Income 
33  National Income and Economic Welfare 
 Total -
Advertisements
Advertisements
Advertisements

Syllabus

1: Microeconomic Theory [Revision]

CISCE Class 12 Economics Syllabus
1 Microeconomics and Macroeconomics: Introduction [Revision]
  • Branches of Economics  
    • Introduction
    • Types of Economics: Flowchart
    • Important Economist: Ragnar Frisch
    • Real-Life Example
    • Key Point Summary
    • Microeconomics  
      • Introduction
      • Definition: Microeconomics
      • Scope  
      • Features: Flowchart  
      • Importance: Flowchart
      • Limitations
      • Subject Matter of Microeconomics
      • Usefulness of Microeconomics
      • Real-Life Application
      • Key Point Summary
    • Macroeconomics  
      • Introduction
      • Definition: Macroeconomics
      • Basic Concepts in Macroeconomics
      • Subject Matter of Macroeconomics
      • Scope
      • Features: Flowchart
      • Importance
      • Limitations
      • Real-Life Application
      • Key Point Summary
  • Micro Economics VS Macro Economics  
    • Difference Between Micro Economics and Macro Economics
    • Real-Life Application
    • Key Point Summary
2 Demand and Law of Demand [Revision]
3 Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis [Revision]
4 Elasticity of Demand [Revision]
5 Supply: Law of Supply and Price Elasticity of Supply [Revision]
  • Concept of Supply  
    • Introduction 
    • Features
    • Types of Supply
    • Difference Between Stock and Supply
    • Factors Affecting Supply
    • Supply Schedule
    • Supply Curve
    • Distinction: Supply vs. Quantity Supplied
    • Real-Life Application
    • Key Points: Concept of Supply
  • Determinants of Supply  
    • Introduction
    • Main Determinants of Supply
    • Supply Function
    • Determinants of Elasticity of Supply
    • Importance of Elasticity of Supply
    • Real-Life Application
    • Key Point Summary
  • Law of Supply  
    • Introduction
    • Definition: Law of Supply
    • Main Points
    • Supply Schedule
    • Statement of the Law of Supply
    • Supply Curve
    • Assumptions 
    • Exceptions 
    • Real-Life Application
    • Key Points: Law of Supply
  • Movements Along and Shifts in Supply Curve  
    • Supply Curve
    • Movement Along Supply Curve
    • Shift of the Supply Curve
    • Factors Causing Shift in Supply Curve
    • Table: Expansion vs Increase in Supply
    • Table: Contraction of Supply vs. Decrease in Supply
    • Reasons Behind the Shift in Supply Curve
    • Real-Life Application
    • Key Point Summary
  • Price Elasticity of Supply  
    • Price Elasticity of Supply
    • Definition: Elasticity of Supply
    • Meaning of Elasticity of Supply
    • Formula: Elasticity of Supply
    • Types of Supply Elasticity
    • Distinction Between Contraction of Supply and Decrease in Supply
    • Real-Life Application
    • Key Point Summary
  • Categories (Degrees) of Elasticity of Supply  
    • Introduction
    • Perfectly Elastic Supply (Es = ∞)
    • Perfectly Inelastic Supply (Es = 0)
    • Unitary Elastic Supply (Es = 1)
    • Some Other Types of Elasticity of Supply
  • Measurement of Elasticity of Supply  
    • Introduction
    • Percentage Method
    • Problem 1
    • Problem 2
    • Problem 3
    • Problem 4
    • Problem 5
    • Problem 6
    • Problem 7
    • Problem 8
    • Geometric Method
    • Time Period and Elasticity
    • Real-Life Application
6 Market Mechanism: Equilibrium Price and Quantity in a Competitive Market [Revision]
7 Laws of Returns: Returns to a Factor and Returns to Scale [Revision]
  • Basics of Production Theory  
    • Introduction
    • Concept of Production
    • Scientific Definitions: Production
    • Real-Life Application
    • Key Points: Basics of Production Theory
  • Products  
    • Products, goods and services
    • Classification of products
    • Classification based on productive activities
    • Classification based on process of production
    • Classification based on durability
    • Classification based on use of products
    • Real-Life Applications
    • Key Points: Products
  • Factors of Production  
    • Introduction
    • Land
    • Labour
    • Capital
    • Entrepreneurship (Organiser) 
    • Real-Life Application
    • Key Points: Factors of Production
  • Production Function  
    • Meaning of Production Function
    • Algebraic form of production function
    • Important Points
    • Short-run and Long-run (time concepts)
    • Types of Production Functions
    • Table: Short run vs Long run
    • Table: Returns to a factor vs Returns to scale
    • Economist's Corner: Tjalling Koopmans
    • Key Points: Production Function
  • Variation of Output in the Short-Run Returns to a Factor  
    • Introduction
    • Key Concepts
    • Table Showing Production
    • Real-Life Application
    • Key Points: Variation of Output in the Short-Run Returns to a Factor
  • Relationship between Average Product (AP) and Marginal Product (MP)  
    • Meaning of AP and MP
    • General relationship between AP and MP
    • Detailed cases
    • Diagrammatic relationship (AP and MP curves)
    • Key Points: Relationship between Average Product (AP) and Marginal Product (MP)
  • Relationship between Total Product (TP) and Marginal Product (MP)  
    • Definition: Total Product
    • Definition: Marginal Product
    • Movement of Total Product and Marginal Product
    • Compact rule form
    • Simple TP–MP table (example)
    • Diagram idea (TP and MP curves)
    • Real-Life Application
    • Key Points: Relationship between Total Product (TP) and Marginal Product (MP)
  • Changes in Production  
    • Returns to a Factor
    • Definitions: Law of Returns to Scale
    • Returns to Scale
    • Table: Stages of Returns to Scale
    • Types of Returns to Scale
    • Returns to a Factor vs Returns to Scale
    • Law of Variable Proportions
  • Law of Variable Proportions  
    • Meaning
    • Definition: Law of Variable Proportions
    • Statement of the Law of Variable Proportions
    • Assumptions
    • Important Terms
    • Table: Example (Applied to Agriculture)
    • Stages of the Law
    • Real-Life Application
    • Key Points: Law of Variable Proportions
  • Three Stages of Production  
    • Introduction
    • Stage I: Increasing Returns
    • Stage II: Diminishing Returns
    • Stage III: Negative Returns
    • Table
  • Explanation of the Law of Variable Proportions  
    • Introduction
    • Three Stages with Reasons
    • Key Points: Explanation of the Law of Variable Proportions
  • Stages of Operation and the Decision to Produce  
    • “Stage II as the Ideal Stage of Production”
    • Causes behind the law
    • Applicability of the law
    • Real-Life Application
    • Key Points: Stages of Operation and the Decision to Produce
  • Variation of Output in the Long Run - Returns to Scale  
    • Long run and returns to scale
    • Types of returns to scale
    • Constant returns to scale
    • Increasing returns to scale
    • Decreasing returns to scale
    • Key Points: Variation of Output in the Long Run - Returns to Scale
  • Law of Variable Proportions and Returns to Scale Compared  
    • Key Concepts
    • Table: Returns to a Factor vs. Returns to Scale
    • Real-Life Application
    • Key Points: Law of Variable Proportions and Returns to Scale Compared
  • Scale of Production and Concept of Indivisibility  
    • Introduction to Scale of Production
    • Factors Determining Scale of Production
    • Concept of Indivisibility
    • Real-Life Application
    • Key Points: Scale of Production and Concept of Indivisibility
  • Economies of Scale  
    • Introduction
    • Internal Economies
    • Types of Internal Economies
    • External Economies
    • Types of External Economies
    • Relationship between Internal and External Economies
    • Key Points: Economies of Scale
  • Diseconomies of Scale  
    • Introduction
    • Internal Diseconomies
    • External Diseconomies
    • Real-Life Application
    • Key Points: Diseconomies of Scale
  • Significance of Economies of Scale  
    • Introduction
    • Nature of the Industry
    • Analysis of Cost of Production
    • Real-Life Application
    • Key Points: Significance of Economies of Scale
8 Cost and Revenue Analysis [Revision]
  • Cost of Production  
    • Introduction
    • Basic Concepts
    • Marshall's Distinction
    • Real-Life Application
    • Key Points: Cost of Production
  • Theories of Costs: Traditional Theory of Costs/Short Run Cost Curves  
    • Introduction
    • Types of Cost Theories
    • Types of Production Cost
    • Real-Life Application
    • Key Points: Theories of Costs: Traditional Theory of Costs/Short Run Cost Curves
  • Cost Concepts > Total Costs  
    • Introduction
    • Definition: Total Cost
    • Formula: Total Cost
    • Definition: Fixed Cost
    • Fixed Costs
    • Definition: Variable Cost
    • Variable Costs
    • Relationship Between Costs
    • Key Points: Cost Concepts > Total Costs
  • Cost Concepts > Average Cost  
    • Meaning of Average Cost
    • Average Fixed Cost
    • Average Variable Cost
    • Average Total Cost
    • Tabular Representation
    • Causes of the U-Shaped Cost Curves
    • Real-Life Application
    • Key Points: Cost Concepts > Average Cost
  • Cost Concepts > Marginal Cost  
    • Meaning of Marginal Cost
    • Marginal Cost Formula
    • Example
    • Table
    • Key Characteristics and Relationships
    • Real-Life Application
    • Key Points: Cost Concepts > Marginal Cost
  • Costs in Long Run Period  
    • Introduction
    • Definition: Long Run
    • Definition: Long Run Total Cost
    • Long Run Total Cost
    • Definition: Long Run Average Cost
    • Long Run Average Cost
    • Names for LAC
    • Relationship: LAC and SAC
    • Definition: Long Run Marginal Cost
    • Long Run Marginal Cost
    • Relation Between LMC and LAC
    • Key Points: Costs in Long Run Period
  • Difference Between Short - Run & Long Run Costs  
    • Definition: Long Run Costs
    • Definition: Short Run Costs
    • Comparison Table
    • Real-Life Application
    • Key Points: Difference Between Short - Run & Long Run Costs
  • Behaviour of Cost in the Short - Run  
    • Concept and Importance
    • Types of Cost Functions
    • Fixed vs. Variable Costs
    • Real-Life Application
    • Key Points: Behaviour of Cost in the Short - Run
  • Relationship between Average and Marginal Cost  
    • Key Definitions
    • Conceptual explanation with example
    • Formal relationship between AC and MC
    • Important note on MC's direction
    • Easy memory rule (M vs A rule)
    • Key Points: Relationship between Average and Marginal Cost
  • Long-Run Cost Curves  
    • Short run vs long run
    • Long-run total cost (LTC) curve
    • Long-run average cost (LAC) curve
    • Long-run marginal cost (LMC) curve
    • Why LAC is U-shaped: economies and diseconomies of scale
    • Key Points: Long-Run Cost Curves
  • Revenue Concepts  
    • Meaning of Revenue
    • Total Revenue (TR) 
    • Average Revenue (AR) 
    • Marginal Revenue (MR)
    • Behaviour under different market structures
  • Types of Revenue  
    • Total Revenue
    • Average Revenue
    • Marginal Revenue
    • Relationship between TR, AR and MR (Table)
    • Key Points: Types of Revenue
  • Relation Between Total, Average and Marginal Revenue  
    • Key Definitions
    • Revenue Under Perfect Competition
    • Revenue Under Imperfect Competition
    • Revenue When AR is Rising
    • Key Points: Relation Between Total, Average and Marginal Revenue
  • Relationship between Total, Average and Marginal Revenues under Perfect Competition  
    • Introduction
    • Example Table
    • Behaviour and Relationships
    • Real-Life Application
    • Key Points: Relationship between Total, Average and Marginal Revenues under Perfect Competition
  • Relationship between Total, Average and Marginal Revenue under Imperfect Competition  
    • Introduction
    • Table Reference
    • Total Revenue
    • Average Revenue
    • Marginal Revenue
    • Relationships & Rules
    • Diagram
    • Real-Life Application
    • Key Points: Relationship between Total, Average and Marginal Revenue under Imperfect Competition
  • Relationship Between (Mutual Determination) AR, MR, and Elasticity of Demand  
    • Introduction
    • Core relationship between AR, MR and elasticity
    • Interpretation: what elasticity tells us about MR and TR
    • Simple numerical example
    • Key Points: Relationship Between (Mutual Determination) AR, MR, and Elasticity of Demand
  • Comparative Study of Revenue Curves under Different Markets  
    • Perfect competition
    • Monopoly
    • Imperfect competition (including monopolistic competition)
    • Oligopoly
    • Real-Life Application
    • Key Points: Comparative Study of Revenue Curves under Different Markets
  • Significance of Revenue Curve  
    • Equilibrium of the firm (how much to produce)
    • Estimation of profits and losses
    • Capacity utilisation (full use or idle capacity)
    • Factor pricing (use of AR and MR as ARP and MRP)
    • Real-Life Application
    • Key Points: Significance of Revenue Curve
9 Forms of Market [Revision]
  • Concept of Market  
    • Introduction
    • Definition: Market
    • Essential Market Conditions
    • Types of definition of market
    • Features of a market
    • Real-Life Application
    • Key Points: Concept of Market
  • Market Structure  
    • Meaning of Market Structure
    • Main types of market structures
    • Characteristics of Market Structure
    • Key Points: Market Structure
  • Classification of Market Structure  
    • Broad classification of market structure
    • Main market forms
    • Key Points: Classification of Market Structure
    • Duopoly  
      • Meaning of Duopoly
      • Definition: Duopoly
      • Core Idea: Interdependence
      • Characteristics of Duopoly
      • Real-Life Application
      • Key Points: Duopoly
    • Bilateral Monopoly  
      • Introduction
      • Features of Bilateral Monopoly
      • Real-Life Application
      • Key Points: Bilateral Monopoly
  • Classification of Market > Based on Competition  
    • Perfect Competition  
      • Introduction
      • Definitions: Perfect Competition
      • Features
      • Pure competition vs perfect competition
      • Assumptions
      • Key Points: Perfect Competition
  • Imperfect Competition  
    • Monopoly  
      • Meaning
      • Definitions: Monopoly
      • Features
      • Types
      • Price discrimination under monopoly
      • Nature of demand and revenue under monopoly
      • Costs under monopoly
      • Key Points: Monopoly
    • Monopolistic Competition  
      • Introduction
      • Definition: Monopolistic competition
      • Main Features
      • Edward  Hastings Chamberlin
      • Nature of Demand and Cost Curves
      • Real-Life Application
      • Key Points: Monopolistic Competition
    • Oligopoly  
      • Meaning of Oligopoly
      • Definitions: Oligopoly
      • Features
      • Types
      • Classification
      • Indeterminacy of Price and Output under Oligopoly 
      • Reasons for Indeterminate Price and Output
      • Real-Life Application
      • Key Points: Oligopoly
    • Concept of Monopsony  
      • Introduction
      • Definition: Monopsony
      • Characteristics of Monopsony
      • Short Note: Joan Robinson
      • Real-Life Application
      • Key Points: Concept of Monopsony
  • Other Forms of Market  
    • Based on Time Frame
    • Based on Area
    • Based on Function
    • Based on Quantity
    • Based on Legality
    • Based on Control
    • Based on Transactions
    • Real-Life Application
    • Key Points: Other Forms of Market
  • Factors Determining Market / Extent of Market  
    • Extent of Market
    • Factors That Decide Market Size
    • Real-Life Application
    • Key Points: Factors Determining Market / Extent of Market
  • Demand Curves of Firms under Different Market Forms  
    • Meaning of demand curve of a firm
    • Perfect competition
    • Monopoly
    • Monopolistic competition
    • Diagram explanation
    • Key Points: Demand Curves of Firms under Different Market Forms
  • Comparison between different forms of market  
    • Comparison Table
    • Real-Life Application
10 Producer's Equilibrium [Revision]
  • Firm : An Economic Entity  
    • Introduction: Economic activity
    • Meaning of a Firm
    • Factors of production and factor services
    • Main functions of a firm
    • Size of firms: Small and large
    • Types of firms (by ownership)
    • Real-Life Application
    • Key Points: Firm : An Economic Entity
  • Firm's Equilibrium  
    • Meaning of Equilibrium
    • Meaning of Firm's Equilibrium
    • Definitions: Equilibrium of Firm
    • Conditions of Firm's Equilibrium
    • Approaches to Firm's Equilibrium
    • Meaning of Equilibrium Price
    • Assumptions of Equilibrium Price
    • Real-Life Application
    • Key Points: Firm's Equilibrium
  • Profit Maximisation Objective  
    • Introduction: Profit-maximisation objective
    • Definition of Profit
    • Normal profit and pure (economic) profit
    • Role of profit in resource allocation
    • Equilibrium of the firm and profit maximisation rules
    • Economist note: Maurice Allais
    • Real-Life Application
    • Key Points: Profit Maximisation Objective
  • Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach  
    • TR-TC Approach
    • Behaviour of TR and TC
    • Loss region, break‑even points and profit region
    • Maximum profit and equilibrium output
    • Total Profit (TP) curve and equilibrium
    • Limitations of TR–TC method
    • Real-Life Application
    • Key Points: Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach
  • Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach  
    • Producer’s (Firm’s) Equilibrium – MR–MC Approach
    • Rule 1 – Short-run decision
    • Rule 2 – First-order condition: MR = MC
    • Rule 3 – Second-order condition: MC cuts MR from below
    • Real-Life Application
    • Key Points: Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach
11 Equilibrium of Firm and Industry Under Perfect Competition [Revision]
  • Concept of Equilibrium in Economics  
    • Meaning of equilibrium
    • Equilibrium in economics
    • Consumer equilibrium
    • Equilibrium of a firm
    • Equilibrium of an industry
    • Equilibrium point
    • Firm vs Industry
    • Key Points: Concept of Equilibrium in Economics
  • Firm's Equilibrium  
    • Meaning of Equilibrium
    • Meaning of Firm's Equilibrium
    • Definitions: Equilibrium of Firm
    • Conditions of Firm's Equilibrium
    • Approaches to Firm's Equilibrium
    • Meaning of Equilibrium Price
    • Assumptions of Equilibrium Price
    • Real-Life Application
    • Key Points: Firm's Equilibrium
  • Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach  
    • TR-TC Approach
    • Behaviour of TR and TC
    • Loss region, break‑even points and profit region
    • Maximum profit and equilibrium output
    • Total Profit (TP) curve and equilibrium
    • Limitations of TR–TC method
    • Real-Life Application
    • Key Points: Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach
  • Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach  
    • Producer’s (Firm’s) Equilibrium – MR–MC Approach
    • Rule 1 – Short-run decision
    • Rule 2 – First-order condition: MR = MC
    • Rule 3 – Second-order condition: MC cuts MR from below
    • Real-Life Application
    • Key Points: Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach
  • Determination of Short Run Equilibrium of a Firm  
    • Short-run equilibrium of the industry
    • Demand curve of an individual firm
    • Short-run equilibrium of the firm
    • Three short-run positions of the firm
    • Shut-down and break-even points
    • Key Points: Determination of Short Run Equilibrium of a Firm
  • Firm is a Price Taker, Not a Price Maker  
    • Meaning of price taker and price maker
    • Price-Taking Behaviour of a Perfectly Competitive Firm
    • Demand Curve of a Perfectly Competitive Firm Is Perfectly Elastic
    • Price taker vs Price maker
    • Real-Life Application
    • Key Points: Firm is a Price Taker, Not a Price Maker
  • Determination of Long Run Equilibrium of a Firm  
    • Long run
    • Long-run equilibrium of a firm under perfect competition
    • Conditions for long-run equilibrium of a firm
    • Diagram: Long-run equilibrium of a firm
    • Adjustment process: from super-normal profit or loss to normal profit
    • Long-run equilibrium of the industry
    • Real-Life Application
    • Key Points: Determination of Long Run Equilibrium of a Firm
  • Equilibrium of Industry  
    • Meaning of industry and firm
    • Meaning of equilibrium of industry
    • Definition: Equilibrium of Industry
    • Conditions of industry equilibrium
    • Short-run equilibrium of industry
    • Definition: Long Run Equilibrium of Industry
    • Long-run equilibrium of industry
    • Key Points: Equilibrium of Industry
  • Difference Between Firm and Industry's Equilibrium  
    • Comparison table: firm vs industry equilibrium
12 Producer's Equilibrium Under Perfect Competition [Revision]
  • Producer's Equilibrium  
    • Meaning of a producer
    • Meaning of producer's equilibrium
    • Conditions of producer's equilibrium
    • Producer's equilibrium
    • Key Points: Producer's Equilibrium
  • Concepts of Gross Profits, Net Profits and Producer's Equilibrium  
    • Gross Profit
    • Net Profit
    • Relation between Gross Profit and Net Profit
    • Link to Producer's Equilibrium
    • Key Points: Concepts of Gross Profits, Net Profits and Producer's Equilibrium
  • Revenue and Cost Curves under Perfect Competition  
    • Revenue and Cost Curves under Perfect Competition
    • TR as area under MR (price) curve
    • TVC as area under MC curve
    • Real-Life Application
    • Key Points: Revenue and Cost Curves under Perfect Competition
  • Producer's Equilibrium under Perfect Competition  
    • Introduction
    • Numerical illustration of TVC and MC
    • Diagram: TVC as area under MC
    • U-Shaped Nature of the Marginal Cost Curve
    • Perfect competition and revenue curves
    • Conditions of producer’s equilibrium
    • Key Points: Producer's Equilibrium under Perfect Competition
  • Producer's Equilibrium in Short Period and Long Period  
    • Short period vs long period
    • Short-period equilibrium of the firm
    • Long-period equilibrium with entry and exit
    • Monopoly in short and long period
    • Real-Life Application
    • Key Points: Producer's Equilibrium in Short Period and Long Period
13 Determination of Equilibrium Price and Output Under Perfect Competition [Revision]
  • Classification of Market > Based on Competition  
    • Perfect Competition  
      • Introduction
      • Definitions: Perfect Competition
      • Features
      • Pure competition vs perfect competition
      • Assumptions
      • Key Points: Perfect Competition
  • Price Determination Under Perfect Competition  
    • Meaning of price determination under perfect competition
    • Marshall’s scissors analogy
    • Example: Demand and supply schedule for apples
    • Diagram: equilibrium price with demand and supply
    • Total demand and total supply
    • Table: equilibrium between demand and supply
    • Equilibrium price of firm and industry under perfect competition
    • Key Points: Price Determination Under Perfect Competition
  • Changes in Equilibrium  
    • Meaning
    • Effect of shift in demand
    • Effect of shift in supply
    • Real-Life Application
    • Key Points: Changes in Equilibrium
  • Effect of Simultaneous change in Demand and Supply on Equilibrium Price  
    • Effects of Demand Shifts (Supply Constant)
    • Effects of Supply Shifts (Demand Constant)
    • Combined Effects
    • Stepwise Clarity
    • Real-Life Application
    • Key Points: Effect of Simultaneous change in Demand and Supply on Equilibrium Price
  • Time Element in the Theory of Price Determination  
    • Meaning and importance of time element
    • Classification of time periods (Marshall)
    • Market Period or Very Short Period
    • Short Period
    • Long Period
    • Secular Period
    • Key Points: Time Element in the Theory of Price Determination
  • Determination of Equilibrium Prices  
    • Market period price determination
    • Perishable goods
    • Durable goods
    • Factors affecting reserve price
    • Short Period Price Determination
    • Long Period Price Determination
    • Key Points: Determination of Equilibrium Prices
  • Normal Price and Law of Returns  
    • Concept of normal price and laws of returns
    • Normal price and law of increasing returns
    • Normal price and law of diminishing returns
    • Normal price and law of constant returns
    • Key Points: Normal Price and Law of Returns
  • Comparison between Market Price and Normal Price  
    • Meaning of Market Price and Normal Price
    • Main differences between Market Price and Normal Price
    • Graphical idea
    • Real-Life Application
    • Key Points: Comparison between Market Price and Normal Price
  • Practical Applications of Tools of Demand and Supply Analysis  
    • Meaning of price control
    • Diagram: price control and shortage
    • Black market
    • Rationing
    • Numerical illustration: Kerosene example
    • Price support for agricultural produce
    • Minimum wage legislation
    • Key Points: Practical Applications of Tools of Demand and Supply Analysis
  • Determination of Short Run Equilibrium of a Firm  
    • Short-run equilibrium of the industry
    • Demand curve of an individual firm
    • Short-run equilibrium of the firm
    • Three short-run positions of the firm
    • Shut-down and break-even points
    • Key Points: Determination of Short Run Equilibrium of a Firm
  • Determination of Long Run Equilibrium of a Firm  
    • Long run
    • Long-run equilibrium of a firm under perfect competition
    • Conditions for long-run equilibrium of a firm
    • Diagram: Long-run equilibrium of a firm
    • Adjustment process: from super-normal profit or loss to normal profit
    • Long-run equilibrium of the industry
    • Real-Life Application
    • Key Points: Determination of Long Run Equilibrium of a Firm
14 Price Output Determination Under Monopoly [Revision]
  • Imperfect Competition  
    • Monopoly  
      • Meaning
      • Definitions: Monopoly
      • Features
      • Types
      • Price discrimination under monopoly
      • Nature of demand and revenue under monopoly
      • Costs under monopoly
      • Key Points: Monopoly
  • Determination of Price and Equilibrium Under Monopoly  
    • Meaning of monopoly and objective
    • Price and output behaviour of a monopolist
    • Profit maximisation and equilibrium under monopoly
    • Two approaches to determine equilibrium price and output
    • Real-Life Application
    • Key Points: Determination of Price and Equilibrium Under Monopoly
    • Total Revenue and Total Cost Approach  
      • Introduction
      • Understanding the TR-TC diagram
      • Behaviour across output levels
      • "Trial-and-Error" Method
      • Key Points: Total Revenue and Total Cost Approach
  • Monopoly Equilibrium and Laws of Costs  
    • Effect of laws of costs on monopoly equilibrium
    • Increasing costs (Law of Diminishing Returns)
    • Diminishing costs (Law of Increasing Returns)
    • Constant costs
    • Pricing Misconceptions
    • Merits of Monopoly
    • Demerits of Monopoly
    • Key Points: Monopoly Equilibrium and Laws of Costs
  • Price Discrimination or Discriminating Monopoly  
    • Definitions: Price Discrimination
    • Types of Price Discrimination
    • Conditions for Price Discrimination
    • Degrees of Price Discrimination
    • Key Points: Price Discrimination or Discriminating Monopoly
  • Price and Output under Discriminating Monopoly  
    • Meaning of Discriminating Monopoly
    • Three Profit-Maximizing Decisions
    • When Price Discrimination Pays Off
    • Key Points: Price and Output under Discriminating Monopoly
  • Measures of Monopoly Power  
    • Formula
    • Concentration Ratio
    • Profit-Rate (J.S. Bains)
    • Lerner’s Index (Classic Measure)
15 Price Output Determination Under Monopolistic Competition and Oligopoly [Revision]
  • Imperfect Competition  
    • Introduction
    • Definition: Imperfect Competition
    • Economist's contribution
    • Conditions leading to imperfect competition
    • Real-Life Application
    • Key Points: Imperfect Competition
    • Monopolistic Competition  
      • Introduction
      • Definition: Monopolistic competition
      • Main Features
      • Edward  Hastings Chamberlin
      • Nature of Demand and Cost Curves
      • Real-Life Application
      • Key Points: Monopolistic Competition
    • Oligopoly  
      • Meaning of Oligopoly
      • Definitions: Oligopoly
      • Features
      • Types
      • Classification
      • Indeterminacy of Price and Output under Oligopoly 
      • Reasons for Indeterminate Price and Output
      • Real-Life Application
      • Key Points: Oligopoly
  • Equilibrium Price and Output under Monopolistic Competition  
    • Short-Run Equilibrium (Individual Firm)
    • Long-Run Equilibrium (Individual & Group)
    • Key Points: Equilibrium Price and Output under Monopolistic Competition
  • Group Equilibrium in Monopolistic Competition  
    • Understanding Monopolistic Competition
    • Assumptions for Group Equilibrium
    • Pathway to Equilibrium
    • Key Points: Group Equilibrium in Monopolistic Competition
  • Product Differentiation  
    • Meaning of Product Differentiation
    • Peculiarities
    • Demand Curve Explained
    • Equilibrium with Differentiation
    • Key Points: Product Differentiation
  • Selling Costs  
    • Definitions: Selling Costs
    • Definition: Production Cost
    • Selling Cost Basics
    • Assumptions
    • Nature
    • Production vs. Selling Costs
    • Average Selling Cost (ASC) Curve
    • Equilibrium with Selling Costs
    • Key Points: Selling Costs
  • Price and Output Determination under Oligopoly  
    • Independent pricing in oligopoly
    • Collusive pricing
    • Price leadership
    • Real-Life Application
    • Key Points: Price and Output Determination under Oligopoly
  • Price Rigidity-Sweezy's Kinky Demand Curve Model or Equilibrium under Independent Action  
    • Sweezy's Kinked Demand Curve
    • Core Mechanism
    • Assumptions of the Linked Demand Curve Hypothesis
    • Cost Shifts
    • Demand Shifts
    • Reasons for Stability
    • Key Points: Price Rigidity-Sweezy's Kinky Demand Curve Model or Equilibrium under Independent Action
  • Cournot's Model  
    • Introduction to Cournot Duopoly Model
    • Formula: General Oligopoly
    • Assumptions
    • Diagrammatic Representation
    • Real-Life Application
    • Key Points: Cournot's Model
  • Collusive Oligopoly  
    • Introduction to Collusive Oligopoly
    • Reasons for Collusion Among Firms
    • Escape: Non-Price Competition
    • Formation Of Cartels
    • Key Points: Collusive Oligopoly
  • Mergers  
    • Introduction to Mergers
    • Types of Mergers
    • Real-Life Application
    • Key Points: Mergers

2: Theory of Income and Employment [Revision]

CISCE Class 12 Economics Syllabus
16 Theory of Income and Employment [Revision]
  • Basic Model of Income Determination  
    • Objectives of  Income Determination
    • JM Keynes
    • Keynesian Model
    • Steps
    • Real-Life Application
    • Key Points: Basic Model of Income Determination
  • Aggregate Demand and Its Components  
    • Formula for aggregate demand
    • Core Idea
    • Planned vs Actual Demand
    • Components Table
    • Simple Closed Economy
    • Key Points: Aggregate Demand and Its Components
  • Propensity to Consume or Consumption Function  
    • Consumption function
    • Definitions: Consumption function
    • Formula: Average Propensity to Consume
    • Formula: Marginal Propensity to Consume
    • Graphical meaning: APC
    • Graphical meaning: MPC
    • Properties of Keynesian consumption function
    • Linear consumption function
    • Characteristics of Propensity to Consume
    • Tabular Representation of Propensity to Consume
  • Propensity to Save  
    • Saving function
    • Formula: Average propensity to save
    • Formula: Marginal propensity to save
    • Relationships between Consumption and Saving Functions
    • Deriving Saving Function Graphically
  • Investment Expenditure  
    • Introduction to Investment Expenditure
    • Private and Public Investment
    • Induced and Autonomous Investment
    • Key Points: Investment Expenditure
  • Determination of Equilibrium Income and Output  
    • Introduction
    • Key Components
    • Diagrammatic Explanation
    • Disequilibrium Adjustments
    • Two Approaches Summary
    • Key Points: Determination of Equilibrium Income and Output
  • Saving-investment Approach  
    • Introduction
    • Key Equations
    • Disequilibrium Effects
    • Adjustment Process
    • Key Points: Saving-Investment Approach
  • Investment Multiplier and Its Mechanism  
    • Definition: Investment Multiplier
    • Formula: Investment Multiplier
  • Solved Problems on Consumption and Income  
    • Problem 1
    • Problem 2
    • Problem 3
    • Problem 4
    • Problem 5
    • Problem 6
    • Problem 7
    • Problem 8
    • Problem 9
    • Problem 10
    • Problem 11
  • The Concept of Full Employment  
    • Introduction of Full Employment
    • Key Concept
    • Two Economic Perspectives
    • Real-Life Application
    • Key Points: The Concept of Full Employment
  • Important Terms of Employment and Unemployment  
    • Full Employment
    • Categories of Unemployment
    • Real-Life Application
    • Key Point Summary
  • Excess Demand  
    • Concept of Excess Demand
    • Causes of Excess Demand
    • Measures to Fix Excess Demand
    • Key Points: Excess Demand
  • Deficient Demand  
    • Concept of Deficient Demand
    • Concept of Deflationary Gap
    • Two Key Conditions
    • Causes
    • Effects
    • Measures to Correct Deficient Demand
    • Key Points: Deficient Demand
17 Basic Concepts of Macro Economics [Revision]
  • Variables  
    • Definition: Variables
    • Concept of a Variable
    • Classifications of Variables
    • Meaning of Stock Variable
    • Meaning of Flow Variable
    • Analogy: Water‑Tank or Camera
    • Key Differences between Stock and Flow
    • Key Points: Variables
  • Partial and General Equilibrium  
    • Definition: Partial Equilibrium
    • Meaning of Partial Equilibrium
    • Definition: General Equilibrium
    • Meaning of General Equilibrium
    • Approaches to general equilibrium analysis
    • Real-Life Application
    • Key Points: Partial and General Equilibrium
  • Static Analysis  
    • Concept of Static Analysis
    • Definition: Static Analysis
    • Diagram – Static equilibrium
    • Comparative Static Analysis
    • Diagram – New equilibrium after demand increase
    • Real-Life Application
    • Key Points: Static Analysis
  • Dynamic Analysis  
    • Definitions: Dynamic Analysis
    • Meaning of Dynamic Analysis
    • Dynamic analysis with price determination
    • Features of Dynamic Economics
    • Key Points: Dynamic Analysis
  • Difference between Static and Dynamic Analysis  
    • Key Points: Difference between Static and Dynamic Analysis
18 Aggregate Demand and Supply-Determinants of Equilibrium [Revision]
  • Effective Demand  
    • Introduction
    • Definitions: Effective Demand
    • Historical background
    • Meaning of Effective Demand
    • Key Points: Effective Demand
  • Determinants of Effective Demand > Aggregate Demand Function  
    • Introduction
    • Definitions: Aggregate Demand Function
    • Formula: Aggregate Demand Function
    • Steps / Process: The AD Schedule
    • Diagrammatic Representation
    • Real-Life Applications
    • Key Points: Determinants of Effective Demand > Aggregate Demand Function
  • Determinants of Effective Demand > Aggregate Supply Function  
    • Introduction
    • Definitions: Aggregate Supply Function
    • Formula: Aggregate Supply Function
    • Core Concept Explanation
    • Diagrams
    • Aggregate Supply Schedule
    • Steps / Process: Different Shapes of ASF
    • Key Points: Determinants of Effective Demand > Aggregate Supply Function
  • Determination of Effective Demand  
    • Determination of effective demand using a table
    • Diagram: point of effective demand
    • Effective demand and full employment
    • Real-Life Application
    • Key Points: Determination of Effective Demand
  • Importance of Effective Demand  
    • Determines level of employment
    • Rejection of Say’s Law
    • Refutes Pigou’s wage‑cut argument
    • Highlights the importance of investment
    • Emphasis on the demand side (short run)
    • Explains the paradox of poverty amidst plenty
    • Real-Life Application
    • Key Points: Importance of Effective Demand
  • Critical Evaluation of Effective Demand  
    • Superfluous use of the word “effective”
    • Partial treatment of unemployment
    • Limited applicability to underdeveloped countries
    • Cause and effect relationship reversed
    • Problem with expectations in effective demand
    • Doubtful direct relation between income, demand and employment
    • Key Points: Critical Evaluation of Effective Demand
19 Consumption Function (Propensity to Consume) [Revision]
20 Concept of Investments-Types and Determinants [Revision]
21 Multiplier - I : Static and Dynamic [Revision]
22 Full Employment and Voluntary Unemployment [Revision]
23 Problems of Deficient Demand and Excess Demand [Revision]
24 Measures to Correct Deficient and Excess Demand [Revision]

3: Money and Banking [Revision]

CISCE Class 12 Economics Syllabus
25 Money: Meaning and Functions [Revision]
  • Barter system  
    • Introduction
    • Definition: Barter System
    • Difficulties in Barter System
    • Real-Life Application
    • Key Point Summary
  • Concept of Money  
    • Introduction
    • Definition: Money
    • Features: Flowchart
    • Real-Life Application
    • Key Point Summary
  • Modern Forms of Money  
    • Modern Money Form
    • Similarities and Dissimilarities between Coins and Paper Notes
  • Types of Money  
    • Types
  • Functions of Money  
    • Primary Functions
    • Secondary Functions
    • Contingent Functions
    • Real-Life Application
    • Key Point Summary
  • Importance of Money  
  • Supply of Money  
    • Introduction
    • Components of Money Supply
    • Measures of Money Supply in India
    • High-powered Money
  • Inflation  
    • Meaning of Inflation
    • Demand-pull Inflation
    • Cost-push Inflation
26 Banks: Commercial Bank and Central Bank [Revision]

4: Balance of Payment and Exchange Rate [Revision]

CISCE Class 12 Economics Syllabus
27 Balance of Payment and Exchange Rate [Revision]

5: Public Finance [Revision]

CISCE Class 12 Economics Syllabus
28 Fiscal Policy [Revision]
29 Government Budget [Revision]

6: National Income [Revision]

CISCE Class 12 Economics Syllabus
30 National Income and Circular Flow of Income [Revision]
31 National Income Aggregates [Revision]
32 Methods of Measuring National Income [Revision]
33 National Income and Economic Welfare [Revision]

Textbook SolutionsVIEW ALL [2]

Question PapersVIEW ALL [8]

Advertisements
Share
Notifications

Englishहिंदीमराठी
Login
Create free account


      Forgot password?
Course
Use app×