NCERT Syllabus for Class 12 Economics 2022-2023, Check all Details and Download PDF

NCERT Syllabus for Class 12 Economics 2022-2023

Part A:  Introductory 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.

• 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 and Welfare 

• Meaning and functions
• Supply of money - Currency held by the public and net demand deposits held by commercial banks. 

• 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, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement. 

• 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.

• 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.

• 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 

• 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

• 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

• 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

• Statistics for Economics, NCERT
• Indian Economic Development, NCERT
• Introductory Microeconomics, NCERT
• Macroeconomics, NCERT
• Supplementary Reading Material in Economics, CBSE
   

NCERT Syllabus for Class 12 Economics 2022-2023: PDF Download

Guidelines for Economic Project Work (Class 12)

• Further exploration of theoretic principles covered in courses XI and XII
• Using theoretical frameworks and argumentation, analyze and assess real-world economic scenarios
• Show that you understand economic theory.
• Follow up on economics topics that students are interested in
• Acquire the communication abilities to make logical arguments

Role of Teachers-

• After thorough discussions and deliberations of the topic, assist each learner in choosing a topic based on recently published news media excerpts, government policies, RBI bulletin, NITI Aayog reports, IMF/World Bank reports, etc.
• Assume the roles of a facilitator and supervisor to track the project work of the learner through periodic discussions.
• Direct the research process with respect to sources for the pertinent information
• Prepare the student for the presentation of the project

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