ECONOMICS

CLASS–XI

One paper 3 Hours 100 Marks 180 Marks

Units STRUCTURE OF COURSES Marks Periods

PART – I : MICRO ECONOMICS
1. Introduction to Microeconomics 5 10
2. Demand, Supply & Market Mechanism 10 23
3. Elasticity 5 10
4. Behaviour of Consumers and Producers 15 32
5. Forms of Market & Price Determination 10 10
6. Financial Inclusion in Manipur 5 5
PART – II : STATISTICS FOR ECONOMICS
1. Introduction to Statistics for Economics 5 5
2. Collection, Organisation and Presentation of Data 18 30
3. Statistical Averages 15 30
4. Correlation and Index Numbers 12 20
5. Project on Application of Statistics in Economics – 5

PART – I : MICRO ECONOMICS

Unit – 1: Introduction to Microeconomics 5 Marks
• Definition of Economics, Positive & Normative Economics, Micro & Macro
Economics, Factors of Production - Land, Labour, Capital, entrepreneur, Central
problems of an economy: What, how and for whom to produce; Concepts of
Prtoduction Possibility Frontier and Opportunity Cost, Difference between Accounting
Cost and Opportunity Cost, Economic Systems – Basic Features.

Unit – 2: Demand, Supply & Market Mechanism 10 Marks

• Demand : Demand and its determinants, Law of Demand, Individual and Market
Demand, Demand Schedule, Demand Curve, movement along and shifts in the
demand curve. Exception to Law of Demand.
• Supply : Supply and its Determinants, Law of Supply, Individual and Market Supply,
Supply Schedule, Supply Curve, movements along and shifts in supply curve,
Exception to the Law of Supply.
• Market Mechanism : Equilibrium and Disequilibrium, shortage and surplus,
Application of Demand and Supply Analysis.
Unit – 3: Elasticity 5 Marks
(a) Price Elasticity of Demand.
(b) Income Elasticity of Demand.
(c) Cross Elasticity of Demand.
*(Definitions only)
Factors Affecting the Elasticity of Demand.
Methods of Calculating Price Elasticity –
1. Percentage Method.
2. Geometric Method.
3. Total Expenditure Method.
Simple Numerical Problems on Each Method.
Elasticity of Supply – Measurement of Elasticity of Supply,
1. Percentage Method.
2. Geometric Method.

Unit – 4: Behaviour of Consumers and Producers 15 Marks

• Consumer Behaviour – Meaning of Utility, Total Utility, Marginal Utility, Law
of Diminishing Marginal Utility, Consumer’s Equilibrium.
• Cost – Concepts and Relationship between Short Run and Long Run Costs (all
costs Total Cost, Total Fixed Cost, Total Variable Cost; Average Fixed Cost, Average
Variable Cost and Marginal Cost).
• Revenue – Total Revenue, Average Revenue and Marginal Revenue. Producer’s
Equilibrium-meaning and its conditions-under (a) Total Revenue - Total Cost Approach
and (b) Marginal Revenue- Marginal Cost Approach.

Unit – 5: Forms of Market & Price Determination 10 Marks

• Forms of Market – Perfect Competition, Monopoly, Monopolistic Competition,
Obligopoly and Monopsony - their meaning and basic features.
• Price determination under Perfect Competition.

Unit – 6: Financial Inclusion in Manipur 5 Marks

• Concepts and objectives of financial inclusion.
• Achievements of financial inclusion in Manipur

PART – II : STATISTICS FOR ECONOMICS

Unit – 1: Introduction to Statistics for Economics 5 Marks
• Meaning, Scope, Importance and limitations of Statistics with special reference
to Economics.
Unit – 2: Collection, Organization and Presentation of Data 18 Marks
• Collection of Data – Sources of Data – Primary and Secondary, Method of
Collecting Data. Some Important Sources of Secondary Data.
• Organization of Data – Meaning and Types of Variables, Frequency.
• Presentation of Data – Tabulation, Diagrammatic presentation (bar diagrams,
pie-diagrams, line graphs, histogram, polygon and O-give curves).

Unit – 3: Statistical Averages 15 Marks

• Mean, Mode, Median and Quartiles.
Unit – 4: Correlation and Index Numbers 12 Marks

• Meaning and significance, Scatter diagram, Measure of Correlation – Karl Pearson’s

method (two variable ungrouped data) Spearman’s Rank Correlation..
• Introduction to Index Numbers : meaning, Laspeyre’s, Paasche’s & Fisher’s Index;
Wholesale Price Index, Consumer Price Index and Index of Industrial Production
uses of Index Numbers.

Unit – 5: Project Work

(The list of Projects is only Exemplary & not exhaustive. Project work should be
done during the course of studies. One student should complete at least one project
from the following list)
(i) Consumer Awareness amongst households through collection of Primary Data
by designing a questionnaire.
(ii) Productivity Awareness amongst enterprises through use of statistical data from
statistical tables from newspapers/RBI Bulletin/Budget/Census Reports/Economic
Survey, etc.
(iii) Demand, Supply and Market Equilibrium : Each student shall choose any vegetable
of her/his choice. Interview three consumers to find out what their demand would
be at 5 different price levels of the commodity. Interview 3 vegetable vendors
to find out what they would supply at each of the same 5 price levels.
Based on the data collected, a student will :
(a) Construct individual and market demand and supply schedules.
(b) Determine if there is an equilibrium price that will prevail in the market and
explain how the market will react if the price is above and below the determined
equilibrium price.
The results of project should highlight :
• Understanding of the concepts of demand, supply and equilibrium price.
• Construction of an individual and market demand and supply schedules.
• Understanding of how equilibrium price is determined in the market.
 (iv) Producer’s Equilibrium :
Visit a local shop/industry/school/restaurant and understand its production process.
Interview the owner to understand what the accountancy profit in for the production
unit.
Your discussions should also be able to detail :
(a) The fixed and variable factors and their associated costs.
(b) The normal profit of the production unit.
(c) Are there any implicit costs.
The conclusions should show :
• Understanding of a production process.
• Reorganization of fixed and variable factors in a production process.
• Association of fixed and variable costs of production.
• Determination of revenue of production unit.
(v) Role of PDS in assuring supply of necessities in rural areas. If don’t understand
the context of this project we are already giving on market equilibrium.
Students will visit the local ration shops to collect information on :
(a) Number of consumers
(b) Availability/Shortage of necessary goods.

PRESCRIBED TEXTBOOKS :
1. Statistics for Economics
Published by : NCERT

2. Introduction to Microeconomic Theory

By: H.L. Ahuja
Published by: S. Chand & Co., Ltd., New Delhi.

3. Financial Inclusion in Manipur:

By: Dr. Arambam Sanatomba Singh
Published by : Ereima Book Club, Hiyangthang, Imphal West
REFERENCE BOOKS :
1. Introductory Microeconomics
By : T.R. Jain & V.K. Ohri
Published by: VK Global Publication Pvt. Ltd., New Delhi.
2. Introductory Microeconomics
By : Radha Bahuguna
Published by: Dhanpat Rai & Co., New Delhi.
3. Statistics for Economics
By : Radha Bahuguna
Published by: Dhanpat Rai & Co., New Delhi.
4. Statistics for Economics
By : T.R. Jain & V.K. Ohri
Published by: VK Global Publication Pvt. Ltd., New Delhi.
——§§§——
 DESIGN OF
QUESTION PAPER
Subject : ECONOMICS
Unit/Paper : Theory
Class : XI
Time : 3 Hours
Full Marks : 100

WEIGHTAGE TO OBJECTIVES:
Objectives Marks Percentage
Knowledge(K) 20 20
I Understanding (U) 46 46
Application (A) 30 30
Skill (S) 4 4
Total: 100 100
WEIGHTAGE TO FORMS OF QUESTIONS:
FORM OF QUESTIONS No. of questions Time(in minutes) Marks Percentage
Essay/Long Ans: (E/LA) 4 82 32 32
II Short Answer Type-I (SA-I) 8 44 32 32
Short Answer Type-II (SA-II) 10 30 20 20
Very Short Answer(VSA) 8 12 8 8
MCQ 8 12 8 8
Total: 38 180 m 100 100
WEIGHTAGE TO CONTENT:
Unit CONTENTS : Marks Percentage
Part –I Microeconomics
1 Introduction to Microeconomics 5 5
2 Demand, Supply & Market Mechanism 10 10
3 Elasticity 5 5
III 4 Behavior of Consumers & Producers 15 15
5 Form of Market & Price Determination 10 10
6 Financial Inclusion in Manipur 5 5
Part – II Statistics for Economics
1 Introduction to Statistics for Economics 5 5
2 Collection, Organisation and Presentation of Data 18 18
3 Statistical Averages 15 15
4 Correlation and Index Numbers 12 12
5 Project on Application of Statistics in Economics
Total: 100 100
IV SCHEME OF SECTIONS : NIL
V SCHEME OF OPTIONS : 50% in SA-I & 100% in Essay Type Questions.
DIFFICULTY LEVEL :
VI Difficult : 30%
Average : 50%
Easy : 20%
Abbreviation: K(Knowledge), U(Understanding), A(Application),S(Skill), E(Essay Type),
SA(Short Answer Type), VSA(Very Short Answer Type),
O(Objective Type). MCQ (Multiple Choice Question).
 ECONOMICS
CLASS–XII

One paper 3 Hours 100 Marks 180 Periods

Units STRUCTURE OF COURSES Marks Periods

PART – I : MACRO ECONOMICS
1. Introduction to Macroeconomics 5 5
2. National Income and related Aggregates : Basic
Concepts and Measurement 12 25
3. Theory of Income and Employment : Basic Concepts
and Determination of Income and Employment. 15 25
4. Money and Banking 10 20
5. Monetary Policy, Fiscal Policy and Government Budget 8 15
PART – II : INDIAN ECONOMIC DEVELOPMENT
1. Introduction to Indian Economic Development 5 5
2. Structural Changes in the Indian Economy After
Liberalization 10 25
3. Current Challenges facing Indian Economy 15 25
4. Planning and Economic Development in India 10 20
5. Economic Growth and Development 5 5
6. Manipur Economy under India’s Five Year Plans
and NITI Aayog 5 5
7. Project Work – 5

PART – I : MACRO ECONOMICS

Unit – 1: Introduction to Macroeconomics 5 Marks
Macroeconomics : Its meaning and scope viz., Central Problem:- Growth, Inflation,
Employment. Some basic concepts of macroeconomics: Business Cycle, Aggregate
Demand, Aggregate Supply, Consumption Goods, Capital Goods, Final Goods, Intermediate
Goods, Stocks and Flows; Gross Investment and Depreciation.

Unit – 2: National Income and related Aggregates : 12 Marks

Basic Concepts and Measurement
Circular flow of income; Method of calculating National income – Value Added or
Product method, Expenditure method, Income method. Concepts and aggregates related
to National Income : Gross National Product (GNP), Net National Product (NNP),
Gross and Net Domestic Product (GDP and NDP) – at Market Price and at Factor
Cost; National Disposable Income (Gross and Net), Personal Income and Personal
Disposable Income; Real and Nominal GDP; GDP and Welfare.
Simple Numerical Examples.
Unit – 3: Theory of Income and Employment : Basic Concepts and Determination of Income
and Employment. 15 Marks
Aggregate Demand, Aggregate Supply and their components. Consumption Function
and Investment Function, Propensity to Consume and Propensity to Save, Equilibrium
Output, Types of Unemployment.

Unit – 4: Money and Banking 10 Marks

Money – Meaning, Functions and types. Supply of money – Currency held by the public
and net demand deposits held by commercial banks – Definition and Functions, Money
and Credit Creation by Commercial banks. Central bank – Meaning and Functions.

Unit – 5: Monetary Policy, Fiscal Policy and Government Budget 8 Marks

Monetary Policy – Meaning, types and tools.
Fiscal Policy – Meaning, types and tools.
Government budget – meaning, objectives, components and types, classification of receipts –
revenue receipt and capital receipt; classification of expenditure – revenue expenditure
and capital expenditure. Various measures of government deficit - revenue deficit, fiscal
deficit, primary deficit; their meaning and implictions.

PART – II : INDIAN ECONOMIC DEVELOPMENT

Unit – 1: Introduction to Indian Economic Development 5 Marks
• Parameters of Development - Per Capita Income, Human Development in India.
• A brief introduction of the state of the Indian economy on the eve of independence.
Main features, problems and policies of Agriculture and Foreign Trade.

Unit – 2: Structural Changes in the Indian Economy After Liberalization

10 Marks
Meaning, Need, Significance and Features of Liberalization, Globalization, Disinvestment
and Privatization, Present Features of Indian Economy.
Unit – 3: Current Challenges facing Indian Economy 15 Marks
• Rural development : Key issues – credit and marketing – role of cooperatives;
agricultural diversification; alternative farming - organic farming.
• Human Capital Formation : How people become resource; Role of human capital
in economic development; Growth of Education Sector in India.
• Informal Economy, Employment: Problems and Policies.
• Sustainable Economic Growth : Meaning, Effects of Economic Development on
Resources and Environment.
Unit – 4: Planning and Economic Development in India 10 Marks
Objectives, Targets, Achievements and drawbacks of different Five Year Plans in India
(A brief account).
Unit – 5: Economic Growth and Development 5 Marks
Economic Growth and Development-Meaning and Difference, Comparative study of
India and China on the following indicators : (i) Unemployment, (ii) GDP growth, (iii)
GDP per capita, (iv) GDP purchasing power parity, (v) amount in direct foreign investment,
(vi) inflation, (vii) poverty.

Unit – 6: Manipur Economy under India’s Five Year Plans and NITI Aayog. 5 Marks
- Objectives, Targets, Performances and Achievements of Five Year
Plans of Manipur.
- Structures, Objectives and Functions of NITI Aayog.
Unit – 7: Project Work
(The list of Projects is only exemplary not exhaustive. Project work should be done
during the course of studies. One student should complete at least one project from the
following list) :
(a) Macroeconomics :
(i) Effect of changing rate on interest on automobiles sale.
(ii) Collect logos of 10 Nationalized Commercial Banks also collect data on rates
of interest (last 1 year) (CRR, SLR).
(iii) Information and pictures projecting evolution of money.
(b) Economic Growth and Development :
Identify any two indicators of Economic Growth and three indicators of Economic
Development.
Collect data on these indicators for the last five years for at least four countries
of which two are developing and two are developed.
Analyse the data that is collected to see the difference between economic growth
and economic development.
(c) Globalization :
Divide the class into suitable groups. Each group shall make a wall magazine or
collage that will citically analyse the impact of globalization on them and their families’
lives.
(d) Unemployment & Poverty :
Conduct a comparative study of any 2 localities and present the data by questionnaire
or interview method to find out type of unemployment that exists and how it leads
to poverty.

PRESCRIBED TEXTBOOKS :
1. Indian Economic Development
Published by : NCERT, New Delhi.

2. Introduction to Macroeconomics
By: H.L. Ahuja
Published by: S. Chand & Co., Ltd., New Delhi.
3. Economic Planning and Development in Manipur
By: Dr Arambam Sanatomba Singh
Published by : Ereima Book Club, Hiyangthang, Imphal West
REFERENCE BOOKS :
1. Introductory Macro-Economics
By : Radha Bahuguna
Published by: Dhanpat Rai & Co., New Delhi.

2. Introductory Macro-Economics
By : T.R. Jain & V.K. Ohri
Published by: VK Global Publication Pvt. Ltd., New Delhi.

3. Indian Economic Development

By : Radha Bahuguna
Published by: Dhanpat Rai & Co., New Delhi.

4. Indian Economic Development

By : T.R. Jain & V.K. Ohri
Published by: VK Global Publication Pvt. Ltd., New Delhi.

——§§§——
 DESIGN OF
QUESTION PAPER
Subject : ECONOMICS
Unit/Paper : Theory
Class : XII
Time : 3 Hours
Full Marks : 100

WEIGHTAGE TO OBJECTIVES:
Objectives Marks Percentage
Knowledge(K) 20 20
I Understanding (U) 46 46
Application (A) 30 30
Skill (S) 4 4
Total: 100 100
WEIGHTAGE TO FORMS OF QUESTIONS:
FORM OF QUESTIONS No. of questions Time(in minutes) Marks Percentage
Essay/Long Ans: (E/LA) 4 82 32 32
II Short Answer Type-I (SA-I) 8 44 32 32
Short Answer Type-II (SA-II) 10 30 20 20
Very Short Answer(VSA) 8 12 8 8
MCQ 8 12 8 8
Total: 38 180 m 100 100
WEIGHTAGE TO CONTENT:
Unit CONTENTS : Marks Percentage
Part - I MACROECONOMICS
1 Introduction to Macroeconomics 5 5
2 National Income and related Aggregate : Basic 12 12
Concepts & Measurement
3 Theory of Income and Employment : Basic 15 15
Concepts & Determination of Income and Employment.
4 Money and Banking 10 10
5 Monetary policy, fiscal policy and Government Budget 8 8
Part - II INDIAN ECONOMIC DEVELOPMENT
III
1 Introduction to Indian Economic Development 5 5
2 Structural Changes in the Indian Economy After liberalization 10 10
3 Current Challenges facing Indian Economy 15 15
4 Planning and Economic Development in India 10 10
5 Economic Growth and Development. 5 5
6 Manipur Economy under India’s Five Year Plans and NITI Aayog 5 5
7 Project Work - -
Total: 100 100
IV SCHEME OF SECTIONS : NIL
V SCHEME OF OPTIONS : 50% in SA-I & 100% in Essay Type Questions.
VI DIFFICULTY LEVEL :
Difficult : 30%
Average : 50%
Easy : 20%
Abbreviation: K(Knowledge), U(Understanding), A(Application),S(Skill), E(Essay Type),
SA(Short Answer Type), VSA(Very Short Answer Type), O(Objective Type).
MCQ (Multiple Choice Question).