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ISC Class XI Board Exam 2024 : Economics Syllabus

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Stanes ICSE School, Coimbatore
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ECONOMICS (856) Aims: 4. To acquaint candidates with the main institutions through which the productive process is carried out. 5. To develop an understanding of the role of institutions in the functioning of an economy. 1. To enable candidates to acquire knowledge (information) and develop an understanding of facts, terms, concepts, conventions, trends, principles, generalisations, assumptions, hypotheses, problems, processes, etc. in Economics. 2. To acquaint candidates with tools of economic analysis. 6. To enable candidates to compare their own economic structure with that of the other areas of the world. 3. To develop an understanding of important economic problems. CLASS XI consumption, saving, Business cycle, Aggregate demand and Aggregate supply. There will be two papers in the subject: Paper I - Theory: 3 hours 80 marks Meaning and difference between Micro and Macro Economics. A conceptual understanding of the terms: Human wantsclassification; factors of production; utility types and features, total utility, marginal utility and diminishing marginal utility; price definition and general rise and fall in price; value real vs nominal value; wealth explanation of the term, classification (personal and social); welfare economic welfare, social welfare and relation between wealth and welfare; money barter economy vs money economy; market meaning and size; capital meaning; investment meaning, investment as a process of capital formation; income meaning, factor incomes; production meaning; consumption meaning; saving meaning; individual saving and aggregate savings. The above terms to be explained with the help of relevant examples. Paper II- Project Work 20 marks PAPER - I (THEORY) 80 Marks Part I (20 marks) will consist of compulsory short answer questions testing knowledge, application and skills relating to elementary / fundamental aspects of the entire syllabus. Part II (60 marks) will consist of eight questions out of which candidates will be required to answer five questions, each carrying 12 marks. Note: The syllabus is intended to reflect a study of the theory of Economics with specific reference to the Indian Economy. Therefore, examples and specific references to the Indian Economy must be made wherever relevant. 1. Understanding Economics (i) Definition of Economics: Adam Smith, Alfred Marshall, Lionel Robbins, Samuelson. Basic understanding of economics and economic phenomena to be explained especially in the context of the concept of scarcity and allocation of resources. Students may be introduced to the main points on which the various definitions of economics could be analyzed. Features of definitions and two- three criticisms. (iii) Basic problems of an economy: what to produce; how to produce; for whom to produce; efficient use of resources. The basic problem of scarcity and choice must be emphasized. As this problem is universal in character, i.e. faced by all economies, irrespective of the economic system they follow, it must be explained using the concept of Production Possibility Curve. The three problems - what to produce, how to produce and for whom to produce - must be (ii) Micro and Macro Economics Meaning and Difference. Basic concepts: utility, price, value, wealth, welfare, money, market, capital, investment, income, production, 102

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