Economics covers aspects like generation, distribution and the ongoing consumption of goods and services. Economics of Class 12th is largely application based. It not just boosts the sense of awareness but makes one acknowledge the very foundation of our nation. Economics has always been an integral part of not just the school curriculum but also day to day functioning of a system, be it a nation, a work atmosphere etc. While the levels of understanding may vary as you begin from lower classes in school and take it up in university, the core values and modules remain the same.
Even class 12th Economics is all about a holistic approach towards the subject, combining Macro Economics and Micro Economics. It gives an overview of global economics as well as the origin, growth and status of the Indian economy from the grassroots level.
Syllabus of Class 12th Economics
The chapters in the NCERT Books Class 12 Economics PDF are as follows –
Part A – Macro Economics
- Fundamentals of Macro Economics
- Concepts of national income
- GNP, Gross Domestic product, NNP, National Domestic Product
- How to calculate national income?
- Expenditure and Income perspectives
- Depreciation in market
- Commercialised money
- Supply chain associated with money
- Net demand among citizens
- Status quo currency in hands of the public
- Role of Central Bank and its modern-day functioning
- Average and marginal consumption and savings
- Employment – Normal unemployment and involuntary unemployment
- Appreciation and depreciation of demand
- Correcting and structuring government spending
- Budgeting done by the government
- Revenue expenditure
- Capital Expenditure
- Deficit – Fiscal, revenue and primary
- Fixed and floating exchange rates
Part B – Indian Economics
- Indian economic reforms since the year 1991
- 1947 – 1990 developmental roadmap
- Five-year plans and the purpose they serve
- Overview of modelling of Indian economy since independence
- National agricultural strategy
- Laws and policies executed in agriculture
- Role and importance of industries
- Foreign trade in detail
- Implementation of GST
- Absolute and relative terms of poverty
- Rural Development alleviation
- Human capital and its role in the development
- Generation, growth and sustenance of employment
- Health infrastructure and political infrastructure
- Sustainable national development
- Environmental factors, example – global warming
- Diplomatic ties and soft power with neighbours
- Indian – China status
- India – Pakistan Status
- Indicators of holistic national development
Part C – Project-based assignments for a better and hands-on understanding of certain practical topics. The students are free to choose a book of their choice and make detailed and well-thought assessments based on that publication.
How to prepare for economics in class 12th?
- A subject as flowy as Economics is very difficult to mug up because it weaves a story. So covering the syllabus daily and not leaving it till the very end is crucial. Learn the definitions and take notes wherever possible for long term reference.
- Before attending a lecture about a certain topic, make sure to gain an overview of the same. Being aware beforehand will make it easier to grasp the concepts and relate things in real-time.
- Segregating topics and taking them on one by one is key. Since the various parts differ so much from each other, it is imperative to study one topic completely and then move on to the next one.
- Refer to a different number of books to gain multiple views and standpoints on one single topic. This will help in writing longer and in-depth answers in the exam.
- Economics is a subject that has a wide array of problems and their solutions are equally different. Understanding the essential requirements of a particular question is very important. The data, analysis and direction are different for every question.
- The numerous models that are given in the books are there to compel you to think differently. Get a grip over these models and apply them to the questions, relating each aspect to the other.
What to do in your exams?
- Make graphs wherever possible – Economics is all about measuring the growth of systems so making graphs would give the idea that you understand the requirement of the question. It also maps your answer well and binds it all together.
- In the questions that offer internal choice, make sure to select your choice smartly and make bullet points to pan out the outline of these answers. Having some idea about what you are gonna write eventually will make it easy to pen down the final answer.
- Follow a given set path – Completing one whole section in totality and then moving on to the next section will aid in not having any backlogs so that you do not miss out on any question in the end. It does not matter what section you begin with as long as you complete it before moving on.
- Writing answers in point form will boost clarity and highlight the crucial points that you aim to bring forward. Since CBSE provides an answer keyword sheet, highlighting the points would make it easier for the board checker to distribute marks. Long, monotonous answers are a big no. They not only look boring but also confuse the reader, making no valid, solid point in the end.
- Use the reading time wisely – The first 15 minutes that are given for reading should be utilised intelligently. In these 15 minutes, one can pan out the major outline of all answers and devise an action plan regarding approaching the question paper. This time is best for getting rid of all confusion and dilemma and focusing all your energy on your strong points.
- Re-reading questions – Read the longer questions multiple times to think of everything that you have to or can include in that question. Sometimes it takes a minute or two to come up with points but these very points can be very beneficial in the end.
Economics is a very easy subject if you try to understand the underlying concepts well. It is not about learning every word in the book by heart but about making sense of each topic and applying it to the questions. Focus and unparalleled hard work will always pay off.