Q: Economics paper has, most of the time, relied on theoretical applications. However CBSE board decided to bring in a few changes in the paper. What are the changes made in the Economics paper 2011?
A: In the Board’s question paper in Economics of Class XII, there will be higher order thinking questions of 15 to 20 marks.The objective is to assess the students’ understanding, analytical ability and interpretation.In the course content for Economics, an attempt is made to introduce basic concepts used in the study of this subject. Many of these concepts are also interrelated.
Memorising these concepts and their relationship will not help in understanding the economic laws and principles.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. Some of these concepts are:
- Marginal and average cost etc and their relationship
- Concept of equilibrium in microeconomics and in macroeconomics
- Concepts of elasticity
- Concepts of domestic product and national product
- Intermediate and final products
- Concepts of inflation, depreciation of domestic currency, etc