UK Board Class 12 Economics Syllabus

Economics is one of the social sciences, which has great influence on every human being. 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.

At senior secondary stage, the 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 rigor of the discipline of economics in a systematic way.

The economics courses are 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 introduced to economics as a theory of abstraction.

Class 12 Uttarakhand Board Economics Syllabus

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 life and also from issues, which are broader and invisible in nature. The academic skills that they learn 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 some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers, and consumers.
• Realization of learners’ role in nation building and sensitivity to the economic issues that the nation is facing today.
• Equipment with basic tools of economics and statistics to analyze economic issues. This is pertinent for even those who may not pursue this course beyond the senior secondary stage.
• Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically with reasoning.

Money creation by the commercial banking system.
The central bank and its functions (an example of the Reserve Bank of India): Bank of the issue, Govt.
Bank, Banker’s Bank, Control of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.

Unit 7: Determination of Income and Employment: 27 Periods

Aggregate demand and its components.
The 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.8
Problems of excess demand and deficient demand; measures to correct the – changes in
government spending, taxes and money supply.

Unit 8: Government Budget and the Economy: 15 Periods

Government budget – meaning, objectives, and components.
Classification of receipts – revenue receipts and capital receipts; classification of expenditure–revenue expenditure and capital expenditure.
Measures of government deficit – revenue deficit, fiscal deficit, primary deficit their meaning.

Unit 9: Balance of Payments 15 Periods

The balance of payments account – meaning and components; the balance of payments deficit-meaning.
Foreign exchange rate – the meaning of fixed and flexible rates and managed to float.
Determination of exchange rate in a free market.

Part C: Developing Project in Economics: 20 Periods

Prescribed Books:

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

Guidelines for Project Work in Economics (Class XII)

• Students are supposed to pick any ONE of the two suggested projects.
• The project should be of 30-40 pages (approx), preferably hand-written.
• Teachers should help the students to select the topic after detailed discussions and deliberations. The teacher should play the role of a facilitator and should supervise and monitor the project work of the student. The teacher must periodically discuss and review the progress of the project.
• The teacher must play a vital role in a guide in the research work for the relevant data, material, and information regarding the project work. Also, the students must be guided to quote the source (in the Bibliography/References section) of the information to ensure authenticity.
• The teacher must ensure that the students actually learn the concepts related to the project as he/she would be required to face questions related to the project in the viva-voce stage of the final presentation of the project. An empirical study based / investing project work may be appreciated.

Project (Option One): What’s Going Around Us

The purpose of this project is to –

• Enable the student to understand the scope and repercussions of various Economic events and happenings taking place around the country and the world. (eg. The Dynamics of the Goods & Services Tax and likely impacts on the Indian Economy or the Economics behind the Demonetisation of 500 and 1000 Rupee Notes and the Short Run and Long Run impact on the Indian Economy or The impact of BREXIT from the European Union etc.)
• Provide an opportunity to the learner to develop economic reasoning and acquire analytical skills to observe and understand the economic events.
• Make students aware of the different economic developments taking place in the country and across the world.
• Develop the understanding that there can be more than one view on any economic issue and to develop the skill to argue logically with reasoning.
• Compare the efficacy of economic policies and their respective implementations in real-world situations and analyze the impact of Economic Policies on the lives of common people.
• Provide an opportunity to the learner to explore various economic issues both from his/her day to day life and also issues which are of a broader perspective.
  The scope of the project: Student may work upon the following lines:
• Introduction
• Details of the topic
• Pros and Cons of the economic event/happening
• Major criticism related to the topic (if any)
• Students’ own views/perception/ opinion and learning from the work
• Any other valid idea as per the perceived notion of the student who is actually working and presenting the Project-Work.
  Mode of presentation and submission of the Project: At the end of the stipulated term, each student will present the work in the Project File (with viva voce) to the external examiner.

Marking Scheme Class 12 Economics UK Broad Syllabus

The external examiner should value the efforts of the students on the criteria suggested.11
Suggestive List

1. Micro and small scale industries
2. Food supply channel in India
3. The contemporary employment situation in India
4. Disinvestment policy
5. Health expenditure (of any state)
6. Goods and Services Tax Act
7. Inclusive growth strategy
8. Human Development Index
9. Self-help groups
10. Any other topic

1. Project (Option Two): Analyse any concept from the syllabus
   The purpose of this project is to –

• Develop interest of the students in the concepts of Economic theory and application of the concept to the real-life situations.
• Provide an opportunity to the learners to develop economic reasoning vis-a-vis to the given concept from the syllabus.
• Enable the students to understand abstract ideas, exercise the power of thinking and to develop his/her own perception
• To develop the understanding that there can be more than one view on any economic issue and to develop the skill to argue logically with reasoning
• Compare the efficacy of economic policies in real-world situations
• To expose the student to the rigor of the discipline of economics in a systematic way
• Impact of Economic Theory/ Principles and concepts on the lives of common people

The scope of the project:

Following essentials are required to be fulfilled in the project.
Explanation of the concept:
– Meaning and Definition
– Application of the concept
– Diagrammatic Explanation (if any)
– Numerical Explanation related to the concept etc. (if any)
– Students’ own views/perception/ opinion and learning from the topic.

Mode of presentation and submission of the Project:
At the end of the stipulated term, each student(s) will present their work in the Project File (with viva voce) to the external examiner.

Marking Scheme:

Marks are suggested to be given as –

The external examiner should value the efforts of the students on the criteria suggested.12
Suggested List:

• Price Determination
• Price Discrimination
• Opportunity Cost
• Production Possibility Curve
• Demand and its determinants
• Supply and its determinants
• Production – Returns to a Factor
• Cost function and Cost Curves
• Monopoly
• Oligopoly
• Monopolistic Competition
• Credit Creation
• Money Multiplier
• Central Bank and its functions
• Government Budget & its Components
• Budget deficit
• Exchange Rate Systems
• Foreign Exchange Markets
• Balance of payments
• Any other topi