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CBSE Class 12 Economics Syllabus 2023-24

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CBSE Class 12 Economics Syllabus 2023-24 includes both the books prescribed by CBSE, New Delhi. You can download the Economics class 12 syllabus 2023-24 from CBSE official website or myCBSEguide app as a PDF. The myCBSEguide app not only provides you with the CBSE class 12 Economics model question papers but also provides class 12 Economics chapter-wise test papers, class 12 Economics best revision notes and other study material for class 12 Economics students.

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Class 12 Economics Syllabus 2023-24

Here is the detailed syllabus. To download class 12 Economics CBSE’s latest sample question papers for the 2023 exams, please install the myCBSEguide App which is the best mobile app for CBSE students.

CBSE Class 12
Economics (Code No. 030)
Syllabus (2023-24)

Theory: 80 Marks (3 Hours)
Project: 20 Marks

Part AIntroductory Macroeconomics
National Income and Related Aggregates1030
Money and Banking0615
Determination of Income and Employment1230
Government Budget and the Economy0617
Balance of Payments0618
Part BIndian Economic Development
Development Experience (1947-90) and Economic Reforms since 19911228
Current Challenges facing Indian Economy2050
Development Experience of India – A Comparison with Neighbours0812
Theory Paper (40+40 = 80 Marks)40200
Part CProject Work2020

Part A: Introductory Macroeconomics

Unit 1: National Income and Related Aggregates (30 Periods)

What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation.

Circular flow of income (two-sector model); Methods of calculating National Income – Value Added or Product method, Expenditure method, Income method.

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; Real and Nominal GDP
GDP Deflator, GDP and Welfare

Unit 2: Money and Banking (15 Periods)

Money – meaning and functions, supply of money – Currency held by the public and net demand deposits held by commercial banks.

Money creation by the commercial banking system.

Central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker’s Bank, Control of Credit through Bank Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.

Unit 3: Determination of Income and Employment (30 Periods) 

Aggregate demand and its components.
Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.

Problems of excess demand and deficient demand; measures to correct them – changes in government spending, taxes and money supply.

Unit 4: Government Budget and the Economy (17 Periods)

Government budget – meaning, objectives and components.

Classification of receipts – revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.

Unit 5: Balance of Payments (18 Periods)

Balance of payments account – meaning and components;
Balance of payments – Surplus and Deficit
Foreign exchange rate – meaning of fixed and flexible rates and managed floating.
Determination of exchange rate in a free market, Merits and demerits of flexible and fixed exchange rate.
Managed Floating exchange rate system

Part B: Indian Economic Development

Unit 6: Development Experience (1947-90) and Economic Reforms since 1991: (28 Periods)

A brief introduction of the state of Indian economy on the eve of independence.
Indian economic system and common goals of Five Year Plans.

Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.

Economic Reforms since 1991:

Features and appraisals of liberalisation, globalisation and privatisation (LPG policy); Concepts of demonetization and GST

Unit 7: Current challenges facing Indian Economy (60 Periods)

Human Capital Formation: How people become resource; Role of human capital in economic development; Growth of Education Sector in India
Rural development: Key issues – credit and marketing – role of cooperatives; agricultural diversification; alternative farming – organic farming
Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies
Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming

Unit 8: Development Experience of India: (12 Periods)

A comparison with neighbours
India and Pakistan
India and China
Issues: economic growth, population, sectoral development and other Human Development Indicators

Part C: Project in Economics (20 Periods)

CBSE Class 12 Economics Syllabus Prescribed Books:

  1. Statistics for Economics, NCERT
  2. Indian Economic Development, NCERT
  3. Introductory Microeconomics, NCERT
  4. Macroeconomics, NCERT
  5. Supplementary Reading Material in Economics, CBSE

Note: The above publications are also available in Hindi Medium.

CBSE Class 12 Economics Syllabus Question Paper Design

Marks: 80
Duration: 3 hrs.

SNTypology of QuestionsMarksPercentage
1Remembering and Understanding:
Exhibit memory of previously learned material by recalling facts, terms, basic concepts, and answers.
Demonstrate understanding of facts and ideas by organizing, comparing, translating, interpreting, giving descriptions, and stating main ideas
2Applying: Solve problems to new situations by applying acquired knowledge, facts, techniques and rules in a different way.1822.5%
3Analysing, Evaluating and Creating:
Examine and break information into parts by identifying motives or causes. Make inferences and find evidence to support generalizations.
Present and defend opinions by making judgments about information, validity of ideas, or quality of work based on a set of criteria.
Compile information together in a different way by combining elements in a new pattern or proposing alternative solutions.

Guidelines for Project Work in Economics Syllabus

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

  • probe deeper into theoretical concepts learnt in classes XI 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 logically

The expectations of the project work are that:

  • learners will complete only ONE project in each academic session
  • project should be of 3,500-4,000 words (excluding diagrams & graphs), preferably hand-written
  • it will be an independent, self-directed piece of study

Role of the teacher:

The teacher plays a critical role in developing thinking skills of the 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., after detailed 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 plagiarism and the importance of quoting the source of the information to 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 a suggested flow chart:

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

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 own original work. In case of any doubt, authenticity should be checked and verified.

Marking Scheme Class 12 Economics syllabus:

Marks are suggested to be given as –

S. No.HeadingMarks Allotted
1.Relevance of the topic3
2.Knowledge Content/Research Work6
3.Presentation Technique3
Total20 Marks

Suggestive List of Projects in Class 12 Economics :

Micro and Small Scale IndustriesFood Supply Channel in India
The contemporary Employment situation in IndiaDisinvestment policy of the government
Goods and Services Tax Act and its Impact on GDPHealth Expenditure (of any state)
Human Development IndexInclusive Growth Strategy
Self-help groupTrends in Credit availability in India
Monetary Policy Committee and its functionsRole of RBI in Control of Credit
Government Budget & its ComponentsTrends in budgetary condition of India
Exchange Rate determination – Methods and TechniquesCurrency War – reasons and repercussions
Livestock – Backbone of Rural IndiaAlternate fuel – types and importance
Sarva Siksha Abhiyan – Cost Ratio BenefitsGolden Quadrilateral- Cost ratio benefit
Minimum Support PricesRelation between Stock Price Index and Economics Health of a Nation
Waste Management in India – Need of the hourMinimum Wage Rate – Approach and Application
Digital India- Step towards the futureRain Water Harvesting – A solution to water crises
Vertical Farming – an alternate waySilk Route- Revival of the past
Make in India – The way aheadBumper Production- Boon or Bane for the farmer
Rise of Concrete Jungle- Trend AnalysisOrganic Farming – Back to Nature
Aatmanirbhar Bharate-Rupee (e- ₹)
Sri Lanka’s Economic CrisisSustainable Development Goals (SDG’s)
Environmental CrisisComparative Study of Economies
(Maximum three economies)
New Education Policy (NEP) 2020: A Promise for a New Education SystemG-20: Inclusive and Action Oriented
Amrit Kaal: Empowered and Inclusive EconomyCashless Economy
Any other newspaper article and its evaluation on basis of economic principlesAny other topic

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