ISC Class 12 Economics Syllabus 2024-25: Download Class 12th Economics Syllabus PDF

Micro Economic Theory

• Demand: meaning, factors affecting demand; Demand function; Law of Demand; derivation of demand curve; movement and shift of the demand curve; exceptions to the Law of Demand. Law of Diminishing Marginal Utility, Law of Equimarginal Utility, consumer’s equilibrium through utility approach (Cardinal) and indifference curve analysis (Ordinal).  
• Elasticity of demand: meaning, types of elasticity of demand, measurement of elasticity of demand; factors affecting elasticity of demand
• Supply: meaning; difference between stock and supply; determinants of supply; Law of Supply; movement and shift of the supply curve; elasticity of supply
• Market Mechanism: Equilibrium and disequilibrium; Equilibrium price and effect of changes in demand and supply on the equilibrium price. Simple applications of tools of demand and supply
• Concept of production and production function: (short run and long run production function), returns to a factor, returns to scale (meaning only) total, average and marginal physical products; Law of Variable Proportions and its three stages
• Cost and revenue: Basic concepts of cost; fixed cost, variable cost, total cost, marginal cost and average cost – their relationships; opportunity cost; short run and long run cost curves. Revenue: meaning; average revenue, marginal revenue and total revenue and their relationships under perfect competition and imperfect competition, Producer’s equilibrium
• Main market forms: perfect competition, monopolistic competition, oligopoly, monopoly, monopsony; characteristics of the various market forms; equilibrium of a firm in perfect competition under short run and long run.

Theory of Income and Employment: Basic concepts and determination of Income and Employment

• Money: meaning, functions of money, supply of money
• Banks: functions of commercial bank; high powered money, credit creation by commercial banks; Central Bank: functions.

Balance of Payment and Exchange: Rate Balance of Payment – meaning, components; foreign exchange – meaning, determination of exchange rate (Flexible).

• Fiscal Policy: meaning and instruments of fiscal policy.
• Government Budget: meaning, types and components.

• Circular flow of Income- A simple model explaining the circular flow of income with two, three and four sector models with leakages and injections.
• Concepts and definition of NY, GNP, GDP, NNP, private income, personal income, personal disposable income, National Disposable Income and per capita income; relationship between the income concepts
• Methods of measuring National Income: product or value-added method; income method and expenditure method with simple numericals based on them

Download ISC Class 12 Economics Syllabus 2024-2025 PDF

S.NO

UNIT

TOTAL WEIGHTAGE

1

MICROECONOMIC THEORY (40 Marks)

(i) Demand

16 Marks

(ii) Elasticity of Demand

(iii) Supply

(iv) Market Mechanism

12 Marks

(v) Concepts of Production

(vi) Cost and Revenue

(vii) Main Market Forms and Equilibrium of a Firm

12 Marks

MACROECONOMICS (40 Marks)

2

Theory of Income and Employment

8 Marks

3

Money and Banking

8 Marks

4

Balance of Payments and Exchange Rate

6 Marks

5

Public Finance

6 Marks

6

National Income

12 Marks

Total

80 Marks

Theory Paper

80 marks

Project Work

• Overall format
• Content
• Findings
• Viva-voce based on the Project

20 marks

1

4

2

3