AHSEC Class 12 Economics New Syllabus - 2024 | HS 2nd Year Economics Syllabus

ECONOMICS

REVISED SYLLABUS FOR HIGHER SECONDARY COURSE

Rationale : Economics is one of the social sciences which has a lot of influence on every human being. Yetit received little attention in the school curriculum in India. As economic life and the economy go through changes, the need to ground education in children’s own experience becomes essential. While doing so, it is imperative to provide them with opportunities to acquire analytical skills to observe and understand the economic realities. Bringing economics as an abstract knowledge in the early stages of school education would promote rote learning of the subject. At the higher secondary stage, learners are in a position to understand abstract ideas, exercise the power of thinking and to develop their own perception. It is at this stage, the learners are exposed to the rigour of the discipline of economics in a systematic way.

Economics courses are being introduced in such a way that, in the initial stage, the learners are introduced to the economic realities that the nation is facing today, along with some basic statistical tools to understand these broader economic realities. In the later stage, the learners are to be introduced to economics as a theory of abstraction.The economics courses also contain many projects and activities. These will provide opportunities for the learners to explore various economic issues both from their day-to-day lifea nd also issues which are broader and invisible in nature. The academic skills that they acquire in these courses would help to develop the projects and activities. The syllabus is also expected to provide opportunities to use information and communication technologies to facilitate their learning process.

Objectives :

•  Understanding of some basic economic concepts and developing economic reasoning
• which the learners can apply in their day-to-day life as citizens, workers and consumers.
•  Realisation or learners’ role in nation building and sensitise them to the economic issues that the nation is facing today.
•  To equip learners with basic tools of economics and statistics to analyse economic issues. This is pertinent for even those who may not pursue this course beyond the higher secondary stage.
•  To develop an understanding that there can be more than one view on any economic issue and to develop the skills to argue logically with reasoning. 

The economics subject should be taught in two years at the higher secondary stage. The details of course for each year are as follows :

ECONOMICS

SYLLABUS FOR HIGHER SECONDARY FINAL YEAR COURSE

 Marks 100[ (80 Theory )+ 20 (Project)] 

Unit wise Distribution of Marks and Periods :

Unit :1 National Income and Related Aggregates Marks 10 Periods 30

1. Macroeconomics: Meaning, emergence of macroeconomics; Major sectors in an economy 

(Household, Firms, Government, External)

2. Basic concepts in Macroeconomics : consumption goods, capital goods, final goods, intermediate goods; stocks and flows; Investment, Gross investment, Net investment and depreciation.

-Circular flow of income (two sector model) Methods of calculating National

Income- Value added or Product method, Expenditure Method, Income Method.

-Factor Cost, Basic Prices and Market Prices.

-Aggregates related to National Income:

Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP) and Net Domestic Product (NDP) at market price, at factor cost; Personal  Income, Personal Disposable Income, National Disposable Income and Private 

income; Real and Nominal GDP.

-GDP and Welfare.

Unit 2 : Determination of Income and Employment. Marks 12 Periods 25

• Aggregate demand and its components.

• Consumption function, Propensity to consume and propensity to save (average and

Marginal), Investment function.

• Income determination in two sector model

• Determination of Equilibrium Income in the short run: macroeconomic equilibrium with  price level fixed, effect of an autonomous change in aggregate demand on income and  output, investment multiplier and its mechanism.

• Meaning of full employment, Deficit demand, excess demand.

Unit 3: Money and Banking Marks 6 Periods 12

• Money - Meaning and its functions

• Demand for money; motives for demand for money. 

• Supply of money; Various measures of supply of money. 

• Central bank and its functions

• Commercial Banks- Meaning and functions. Credit creation by the commercial banks.

• Limits to credit creation and money multiplier.

• Policy tools to control money supply.

• Demonetization 

Unit 4: Government Budget and the Economy Marks 6 Periods 12

• Government budget- meaning, objectives and components.

• Classification of receipts revenue receipts and capital receipts.

• Classification of expenditure - revenue expenditure and capital expenditure,

• Balanced Budget, Surplus Budget and Deficit Budget; measures to correct government 

deficit- Fiscal Policy: Changes in government expenditure and changes in tax, public debt; Fiscal Responsibility and Budget management Act, 2003; GST (Concept only).

• Measures of Government deficit- Revenue deficit, Fiscal deficit, Primary deficit

Unit 5: Open Economy Marks 6 Periods 12

• Balance of Payments: meaning, Current Account, Capital Account, Balance of payments 

surplus and deficit

• The foreign exchange market, Foreign exchange rate: fixed exchangecate, flexible 

exchange rate and managed floating exchange rate.

• Determination of forcing exchange rate under fixed and flexible exchange rate.

• Merits and demerits of flexible and fixed exchange rate.

Part B: Indian Economic Development

Unit 6: Development Experience (1947-1990) Marks 7 Periods 13

• A brief introduction of the states of Indian economy on the eve of the independence.

• Indian economic system and common goals of Five Years Plans.

• Main features, problems and policies of agriculture (institutional aspects and new

agricultural strategy)

• Industry and Trade: Industrial Policy Resolution 1956; Small Scale Industry-Role and 

Importance; Trade Policy-Import Substitution.

Unit 7: Economic Reforms since 1991 Marks 5 Periods 10

• Rationale of Economic Reforms; Liberalisation, Privatisation and Globalisation; appraisals 

economic reforms in India.

• Features and appraisals of liberalization, globalisation and privatisation (LPG Policy)

Unit 8: Current Challenges facing Indian Economy Marks 22 Periods 55

• Human Capital Formation: Human capital, Sources of Human capital, Human Capital and 

Human Development, State of Human capital Formation in India Education Sector in India.

• Rural Development: Key Issues- credit and marketing in rural areas. 

• Agriculture market system, Diversification into Productive a ctives, Sustainable development and organic farming

• Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies.

• Environment and Sustainable development: Environment- Definition and functions, Sustaiable dwelopment-meaning, strategies for sustainable development, nature of  environmental challenges facing india.

[ N.B.: at the time of discussion of the above topics in unit 8, the faculty/ teachershould also make references about the Assam Economy]

Unit 9: Development Experiences of India: A comparison with neighbors Marks 6 Periods 7

• India and Pakistan

• India and China

• With reference to issues: Demographic indicators, Economic growth, Sectoral 

Development & Human Development Indicators.

Part C: Project in Economics Marks 20 Periods 20

Guidelines for Project Work in Economics (Class XII)

The objectives of the project work are to enable learners to:

• Probe deeper into theoretical concepts learnt in classes Xl and XII

• Analyse and evaluate real world economic scenarios using theoretical constructs and

 Arguments

• Demonstrate the learning of economic theory

• Follow up aspects of economics in which learners have interest.

• Develop the communication skills to argue logicallyThe expectations of the project work

are that:

• Learners will complete only ONE project in each academic session

• Project should be of 3500- 4000 words (excluding diagrams & graphs), preferablyhand-

written

• lt will be an independent, self -directed piece of study.

Role of the teacher:

The teacher plays a critical role in developing thinking skills of learners. A teacher should :

• Help each learner select the topic based on recently published extracts from the news,

media, government policies, RBI bulletin, NITI Aayog reports, IMF/World Bank reports

etc., afterdetailed discussions and deliberations of the topic

• Play the role of a Facilitator and Supervisor to monitor the project work of the learner

through periodic discussions

• Guide the research work in terms of sources for the relevant data

• Educate learner about plag1arism and the importance of quoting the source of the informati0nto ensure authenticity of research work

• Prepare the learner for the presentation of the project work

• Arrange a presentation of the project file.

Scope of the Project:

Learners may work upon the following lines as suggested flow chart:

⬇️

Choose a title/topic

⬇️

Collection of the research material/data

⬇️

Organization of material/data

⬇️

Present material/data 

⬇️

Analysing the material/data for conclusion

⬇️

Draw the relevant conclusion

⬇️

Presentation of the project work

Expected Checklist:

• Introduction of topic/title

• Identifying the causes, consequences and/or remedies

• Various stakeholders and effect on each of them

• Advantages and disadvantages of situations or issues identified

• Short-term and long-term implications of economic strategies suggested in the courseof research

• Validity, reliability, appropriateness and relevance of data used for research work and

Presentation in the project file

• Presentation and writing that is succinct and coherent in project file

• Citation of the materials referred to, in the file in footnotes, resources section, bibliography.

Mode of presentation/ submission of the Project:

At the end of the stipulated term, each learner will present the research work in the Project File to the External and Internal examiner. The questions should be asked from the Research Work/ Project File of the learner. The internal examiner should ensure that the study submitted by the learner is his/her ownoriginal work. In case of any doubt, authenticity should be checked and verified.

Marking Scheme :

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