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12th Standard Economics English Medium Chapters / Lessons 2022-2023


Nature and Scope of Economics

Basic Economics problems

Theory of Consumer Behaviour

Demand and supply

Equilibrium Price

Production

Cost and Revenue

Market Structure and Pricing

Marginal Productivity Theory of Distribution

Simple Theory of lncome Determination

Monetary Policy

Fiscal Policy



12th Standard Economics English Medium Chapters / Lessons 2022-2023


Nature and Scope of Economics
Basic Economics problems
Theory of Consumer Behaviour
Demand and supply
Equilibrium Price
Production
Cost and Revenue
Market Structure and Pricing
Marginal Productivity Theory of Distribution
Simple Theory of lncome Determination
Monetary Policy
Fiscal Policy

12th Standard Economics English Medium Chapters / Lessons 2022-2023 Syllabus

Nature and Scope of Economics

Definition of Economics - The divisions and nature of economics, and their relationship with other subjects. Static and dynamic concepts - Scope of micro and macro Economics - Methods of economic Analysis - Nature of Economic Laws Applicability and Uses of Economics - Basic concepts in economics

Basic Economic Problems

Basic economic problems of all societies - Different economic systems - Production possibility curve

Theory of Consumer Behavior

Characteristics of human wants - Concept of utility Marshallian approach - Consumers' surplus and indifference curves theory - Indifference curve theory

Demand and Supply

The concept of demand and the causes for the demand curve sloping downwards; Exceptions to demand curve' Income demand and cross demand; Demonstration effect of Doosenbery, Changes in demand - Factors determining demand - Elasticity of demand, Factors determining Elasticity of demand - Practical applications of elasticity of demand.

Equilibrium Price

Concept of equilibrium - Concepts of static equilibrium and dynamic equilibrium - Diagram of equilibrium price - Time periods and price fixation

Production

The concept of production - The factors of production - Production function- Stigler's definition- Cobb – Douglas production Function - Laws of returns and laws of returns to scale - Large scale production internal and external economics and diseconomies - Difference between Laws of Returns and Laws of Returns to Scale.

Cost and Revenue

The concepts of cost and revenue - The different kinds of costs and revenues - To develop skills to draw diagrams and to prepare tables - Derivation of profit Least cost combination of factors.

Market Structure and Pricing

Structure and different kinds of markets - The characteristic features of perfect and imperfect competition - Monopoly price discrimination and monopolistic competition - Price discrimination - Product differentiation selling costs Wastes of monopolistic competition - Monophony meaning and definition Duopoly and oligopoly

Marginal Productivity Theory of Distribution

General theory of income distribution - Marginal physical productivity Marginal revenue productivity Value of marginal productivity - The marginal productivity theory of factor pricing and its criticism - Theories of distribution

Simple Theory of income Determination

The theory of income determination - Aggregate demand and aggregate supply, consumption function, investment function, Govt.'s Spending - Shifts in aggregate demand - Multiplier and accelerator Interaction of multiplier and accelerator

Monetary Policy

Money - Functions of money, money supply - Monetary policy - Inflation and Deflation.

Fiscal Policy

The concept of public finance and its' importance, taxes - Budget - Fiscal policy - Limitations of fiscal policy.

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12th Standard Economics English Medium Chapters / Lessons 2022-2023

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