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CLASS-XII
PAPER : ECONOMICS
BOARD
SCHEME:
Marks :
100
NATIONAL INCOME ACCOUNTING
1.Production Process(Marks :
7)
2.Nature of Goods and
Services(Marks : 8)
produced
3.Generation of Income(Marks
: 10)
4.Measurement of Income
(Marks : 20)
5.Calculation of Net Domestic
(Marks : 05)
Product in India
INTRODUCTORY ECONOMIC THEROY
6.Introduction (Marks
05)
7.Demand, Supply and Price
(Marks : 25)
8.Distribution (Marks :
10)
9.Macro - Economic Theory
(Marks : 10)
THEORY PART
Unit 1 : Production Process
(Marks : 7)
Basic Concepts.
Nature of production
process, organisation of labour and
technology.
Production, expenditure and
income flows.
Production of goods and
services for self consumption and for
exchange.
Categories of producers :
Government; Corporate and Household
enterprises.
Unit 2 :Nature of Goods and Services
Produced (Marks : 8) Categories of goods produced
- Economic and Non -
economic goods.
- Consumer and producer
goods
- Intermediate and Final
goods.
Value of output and value
added.
Unit 3 :Generation of Income (Marks :
10)
Generation of income in the
production process.
Domestic factor incomes :
- Compensation of
employees
- Operating surplus :
income from property and income from
entrepreneurship.
- Mixed Income
Unit 4 :Measurement of Income (Marks :
20)
Methods of measuring
National Income :
- Value added method
- Income method ; and
- Expenditure method.
Final Expenditure
- Final consumption
expenditure :
-General Government
-Private
- Gross capital formation
- Public
- Private
- Net exports of goods and
services.
Reconciliation of the three
measures of National Income.
Unit 5: Calculation of Net Domestic
Products in India
(Marks : 5
) The concepts of gross
domestic product, net domestic product and
National Income.
Distinction between net
domestic product at factor cost and net domestic
product at market prices.
Estimation of National
Income in India.
Note :The students may be
familiarised with the national account
statistics of the CSO.
However, no questions will
be set on this.
INTRODUCTORY ECONOMIC
THEORY
Unit
6 :Introduction (Marks : 5)
The Economic problem and
method of economic theory.
Unit
7 : Demand, Supply and Price (Marks :25
)
Law of demand, price
elasticity of demand, shifts in
demand
Revenue : total, average and
marginal.
Production : Laws of returns
and returns to scale.
Total, average and marginal
product; Total, average and marginal cost.
Law of supply, price
elasticity of supply, shifts in supply.
Equilibrium price and
quantity under perfect competition.
Shifts in demand and supply
and changes in the equilibrium price.
Other market forms Concepts
and features of monopoly and monopolistic
competition.
Unit 8: Distribution (Marks
:10 )
Pricing of factors of
production (rent, wages, interest and profits)
under competitive condition.
Unit 9 : Macro –
Economic Theory (Marks : 10)
Aggregate demand and
aggregate supply and their components.
Meaning of excess and
deficient demand. Determination of aggregate
output and employment, concepts of involuntary
unemployment.
- Measure to correct
excess demand.
- reduced budget deficit.
- higher rates of interest
and restricted availabilities of credit.
- an enlarged import
surplus
- Measure to correct
deficient demand :
- step up investment.
- lower rates of interest
and increased availability of credit : and
- an enlarged export
surplus.
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