In the Board\u2019s question paper in Economics of Class XII, there will be a few higher order thinking questions.\u00a0 The objective is to assess the students\u2019 understanding and analytical ability.
\nIn the course content for Economics, an attempt is made to introduce basic concepts used in the study of this subject.\u00a0 Many of these concepts are also interrelated.
\nMemorising these concepts and their relationship will not help in understanding the economic laws and principles.\u00a0 These have to be understood in totality by asking questions such as why and how and going a step further by applying them to various situations.
\nSome of these concepts are:
\no\u00a0\u00a0\u00a0 Marginal and average cost etc and their relationship.
\no\u00a0\u00a0\u00a0 Concept of equilibrium in microeconomics and in macroeconomics.
\no\u00a0\u00a0\u00a0 Concepts of elasticity.
\no\u00a0\u00a0\u00a0 Concepts of domestic product and national product.
\no\u00a0\u00a0\u00a0 Intermediate and final products.
\no\u00a0\u00a0\u00a0 Concepts of inflation, depreciation of domestic currency, etc.
\nJust memorising the meaning of concepts does not help in understanding the subject and the use of these concepts.\u00a0 For instance just memorising the meaning of average and marginal costs and their relationship will not help you in answering question, like.
\no\u00a0\u00a0\u00a0 Why must marginal cost curve pass through the minimum point of average cost curve?\u00a0 Or
\no\u00a0\u00a0\u00a0 If marginal revenue falls, will total revenue fall? Or
\no\u00a0\u00a0\u00a0 Are the wages and salaries received by Indians working in American Embassy in India a part of Domestic Product of India?\u00a0 Or
\no\u00a0\u00a0\u00a0 What are the main reasons for the present price rise in India?\u00a0 Or
\no\u00a0\u00a0\u00a0 Why must aggregate demand and aggregate supply be equal when the economy is\u00a0 in an equilibrium?
\nTo give a practice of the application of these concepts and to test whether the students have really understood them, the situations from day to day life should be put before them.\u00a0 They should then be asked to analyse them. Some topics can also be taken up for debate, such as \u201cAre borrowings bad?\u201d or \u201cIs inflation harmful?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"