ICSE Class 12 Syllabus for Economics

The ISC (Indian School Certificate) Class 12 Economics syllabus is designed to provide students with a comprehensive understanding of economic theories, concepts, and real-world applications. It covers both microeconomics and macroeconomics, focusing on Indian and global economic issues. Here’s a detailed overview:

ISC Class 12 Economics Syllabus

**1. Microeconomics

1. Introduction to Microeconomics:

   • Definition and Scope: Overview of microeconomics and its significance.
   • Basic Concepts: Goods and services, utility, and the concept of scarcity.

2. Theory of Consumer Behavior:

   • Utility Analysis: Total and marginal utility, law of diminishing marginal utility, and consumer equilibrium.
   • Indifference Curve Analysis: Budget constraint, consumer choice, and equilibrium.

3. Theory of Production and Costs:

   • Production: Factors of production, production function, and laws of production.
   • Costs of Production: Fixed and variable costs, total cost, average cost, and marginal cost.
   • Cost Curves: Short-run and long-run cost curves.

4. Market Structure and Pricing:

   • Perfect Competition: Characteristics, price determination, and efficiency.
   • Monopoly: Features, price discrimination, and monopoly pricing.
   • Monopolistic Competition: Characteristics, product differentiation, and pricing strategies.
   • Oligopoly: Features, market behavior, and game theory.

5. Market Failure and Government Intervention:

   • Market Failure: Causes and types of market failure.
   • Government Intervention: Role of government in correcting market failure, public goods, and externalities.

**2. Macroeconomics

1. Introduction to Macroeconomics:

   • Definition and Scope: Overview of macroeconomics and its importance.
   • Basic Concepts: National income, aggregate demand, and aggregate supply.

2. National Income Accounting:

   • Measurement of National Income: Methods (income, expenditure, and production methods).
   • Components of National Income: GDP, GNP, NNP, and their measurements.
   • Income Distribution: Concepts of income inequality and poverty.

3. Determination of Income and Employment:

   • Aggregate Demand and Aggregate Supply: Determinants and equilibrium.
   • Income Determination: Keynesian theory, multiplier effect, and the concept of full employment.
   • Employment and Unemployment: Types of unemployment, measurement, and government policies.

4. Money and Banking:

   • Money Supply: Functions of money, measurement, and components.
   • Banking System: Types of banks, functions, and monetary policy.
   • Central Bank: Role of the Reserve Bank of India (RBI), monetary policy tools, and objectives.

5. Fiscal Policy:

   • Government Budget: Types of budgets, components, and fiscal policy.
   • Public Debt: Types, sources, and impact on the economy.
   • Budgetary Policy: Objectives and effects of government expenditure and taxation.

6. International Trade and Finance:

   • International Trade: Theories of international trade, trade policies, and balance of payments.
   • Exchange Rates: Determination, types, and impact on trade.
   • Globalization and Trade Agreements: Role of international organizations (WTO, IMF), trade agreements, and their effects.

7. Economic Development and Planning:

   • Economic Development: Concepts, indicators, and measures.
   • Economic Planning: Objectives, types, and role of planning in economic development.
   • Development Policies: Government policies and their impact on development.

Assessment:

• Written Examination:

  • Theory Paper: Questions on microeconomics and macroeconomics, including theoretical concepts, applications, and problem-solving.
  • Data Interpretation: Analysis of economic data and graphs.

• Internal Assessment:

  • Projects and Presentations: Based on real-world economic issues, case studies, and research.
  • Class Assignments: Essays, problem sets, and discussions on economic concepts and current events.

The ISC Class 12 Economics syllabus aims to provide students with a thorough understanding of economic principles and their application to real-world scenarios. It encourages analytical thinking and practical understanding of economic issues, preparing students for further studies and careers in economics, business, and related fields.