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ECONOMICS (856)
Aims:
1. To enable candidates to
acquire knowledge (information) and develop an understanding
of facts, terms, concepts, conventions, trends, principles,
generalisations, assumptions, hypotheses, problems, processes,
etc. in Economics. 2. To acquaint candidates with tools of
economic analysis. 3. To develop an understanding of important
economic problems. 4. To acquaint candidates with the main
institutions through which the productive process is carried
out. 5. To develop an understanding of the role ofinstitutions
in the functioning of an economy. 6. To enable
candidates to compare their own economic structure with that
of the other areas of the world.
CLASS XI
There will be one paper of 3
hours duration of 100 marks divided into 2 parts. Part 1 (30
marks) will consist of compulsory short answer questions
testing knowledge, application and skills relating to
elementary/ fundamental aspects of the entire syllabus. Part 2
(70 marks) will consist of eight questions out of which the
candidate will be required to answer five questions. Each
question in this Part shall carry 14 marks. ote: The syllabus
is intended to reflect a study of the theory of Economics with
specific reference to the Indian Economy. Therefore, examples
and specific references to the Indian Economy must be made
wherever relevant. 1. Understanding Economics (i) Definition
of Economics: Adam Smith, Alfred Marshall, Lionel Robbins,
Samuelson. Basic understanding of economics and economic
phenomena to be explained especially in the context of the
concept of scarcity and allocation of resources. Students may
be introduced to the main points on which the various
definitions of economics could be analyzed. Features of
definitions and two- three criticisms. (ii) Basic
concepts: utility, price, value, wealth, welfare, money,
market, capital, investment, income, production,
consumption, saving. A conceptual understanding of the terms:
utility – types and features, total utility, marginal utility
and diminishing marginal utility; price – definition and
general rise and fall in price; value – real vs nominal
value; wealth – explanation of the term, classification
(personal and social); welfare – economic welfare, social
welfare and relation between wealth and welfare; money –
barter economy vs money economy; market – meaning and size;
capital – meaning; investment – meaning, investment as a
process of capital formation; income – meaning, factor
incomes; production – meaning; consumption – meaning; saving –
meaning and saving vs savings. The above terms to be explained
with the help of relevant examples. (iii) Basic problems of an
economy: what to produce; how to produce; for whom to produce;
efficient use of resources; economic growth and development.
The basic problem of scarcity and choice must be emphasized.
As this problem is universal in character, i.e. faced by all
economies, irrespective of the economic system they follow, it
must be explained using the concept of Production Possibility
Curve. The three problems - what to produce, how to produce
and for whom to produce - must be highlighted. The role of
technology and a shift in the Production Possibility Curve
must be explained. A brief explanation of the term ‘economic
growth’, ‘economic development’ and distinction between the
two is required. 66 (iv) Types of economies: developed, under
developed and developing; Economic systems: capitalism,
socialism and mixed economy; mechanism used to solve the basic
problems faced by each economy. Characteristics of developed
and developing economies; Development experience of India: a
comparison with neighbouring countries (Pakistan and China) in
terms of growth, population and sectoral development
(introducing regional and global economic grouping such as
SAARC, European Union, ASEA7, G-8, G-20 - basic knowledge);
different types of economic systems; definition, features,
merits and demerits of capitalism, socialism and mixed
economic system; mechanisms used to solve the basic problems
under each economic system to be explained with the help of
case studies. The role of government along with the price
mechanism to be emphasized. 2. Indian Economy - Challenges (i)
Population: Theories of Population (Malthusian and Optimum);
Theory of Demographic Transition; population growth over the
years; census of 2001; age, sex composition; density of
population and occupational distribution; the current National
Policy on Population. Overpopulation and under population -
merits and demerits. A brief introduction of features of
Malthusian, Optimum and Demographic theories of population.
Conceptual understanding of the following: changes in age, sex
ratio, density of population and the occupational distribution
(emphasis to be laid on trends and not on statistical data).
Effects of population growth on the economy. The manner in
which demographic profile of Indian population is changing,
must be explained. Main features of the latest 7ational Policy
on Population of the Government of India. (ii) Problem of
unemployment: meaning, types; causes and measures to remove
unemployment; government measures to remove unemployment post
1991. Basic knowledge of the concept of full employment. The
nature of unemployment problem in India and types of
unemployment - seasonal, involuntary, voluntary, disguised,
cyclical, structural, open, frictional and underemployment to
be explained. An analysis of the causes of the problem and
main points of the recent employment policy of the Indian
government to be analyzed with the help of statistical
information on the subject. (iii) Poverty: meaning of poverty
line; vicious circle of poverty; causes of poverty; attempted
solutions including governmental measures. Poverty should be
defined on the basis of calorie intake (and not in monetary
terms). The meaning of poverty - absolute poverty and relative
poverty to be explained. The concept of poverty line with
reference to calorie intake, the vicious circle of poverty,
both on demand side as well as on supply side with solutions
for breaking the vicious circle of poverty. The various
programmes (post 1991) and the latest policy of the government
to solve this problem. (iv) Inequalities in income
distribution; causes; consequences and measures to reduce
inequalities. Meaning of inequality in income distribution -
rural-rural, urban-urban and rural-urban (emphasis to be laid
on trends and not on statistical data). A basic understanding
of the problem of inequalities in income distribution to be
emphasized. A brief analysis of the causes and consequences.
The various programmes (post 1991) and the latest policy of
the government to solve this problem. (v) Indian Agriculture:
role of agriculture in Indian Economy - an overview; Indian
agricultural policy; importance of land reforms, agricultural
inputs and Green Revolution, modern agricultural practices;
sources of agricultural finance: institutional vs.
noninstitutional; food security; public distribution system in
India. An overview of the role of agriculture in the Indian
economy with respect to its contribution to national income,
industry and employment. Why land reform is needed to overcome
the problem of sub-division and fragmentation of agricultural
holdings which have been the cause of low productivity of
Indian agriculture (including the problem created due to
absentee landlordism). The important role played by the Green
Revolution in solving food problem. Special focus on modern
agricultural practices, for e.g. biotechnology, agricultural
research and agricultural marketing The sources of
agricultural finance - institutional vs.
non-institutional. The role of Public Distribution System in
providing food security in India. The various programmes (post
1991) and the latest policy of the government. (vi) Industrial
sector: role and performance of public sector in Indian
economy; problems of public sector enterprises; the issue of
privatization in the light of liberalization. The role of
industrial sector in India’s development to be explained. The
rationale behind public sector enterprises in India. Various
problems being faced by these enterprises (emphasis to be laid
on trends and not on statistical data). The question of
privatization - its pros and cons, disinvestment of PSU to be
explained. The Industrial Policy of 1991, 7ew Economic Policy
and the latest Industrial Policy of the government. (vii)
Capital formation in India: why the rate of savings and
capital formation is low in India. Human capital formation.
Capital formation - meaning, process, causes of low rate of
savings and capital formation, remedies. A basic understanding
of these issues to be given with the help of latest
statistical data. Human capital formation: how people become
resource; role of human capital in economic development:
growth of education sector in India. 3. Money and Banking (i)
Money: meaning, functions of money. Meaning, evolution of
money, kinds of money, functions of money (primary, secondary
and contingent) to be explained. (ii)Banks: functions of
commercial bank; reserve money, credit creation by commercial
banks; Central Bank: need, functions. Basic understanding of
the functions of commercial banks, credit creation process.
The regulatory role of the Central Bank, its functions and the
way it controls the flow of credit needs to be explained. A
brief mention may be made of CRR, SLR, Bank Rate policy and
Open Market Operations. (iii) Inflation: definition, types,
causes: cost-push, demand-pull; effects of inflation on
differentgroups of society; fiscal, monetary and other
measures to control inflation. Definition, types of inflation.
The factors on the demand side - demand pull inflation and on
the supply side - the cost push inflation, must be explained.
The effects of inflation on salaried classes, borrowers,
lenders, hoarding, inventory, etc. to be explained. A brief
explanation of the measures to check inflation – fiscal,
monetary and other measures. 4. Statistics (i) Statistics:
definition, scope and limitations of statistics. Statistics:
definition, scope and limitations of statistics. Special
emphasis to be laid on importance of statistics in economics.
(ii) Measures of Central Value: average defined; type of
averages: arithmetic mean; simple and weighted; median and
mode; ungrouped and grouped data; numericals, relationship
between mean, median and mode. Measures of Central Value:
average defined; type of averages: arithmetic mean; simple and
weighted; median and mode; ungrouped and grouped data.
7umericals only on mean, median and mode for both ungrouped
and grouped data. Relationship between mean, median and mode –
the nature of the frequency distribution – symmetrical,
positively skewed and negatively skewed. (iii) Measures of
dispersion: definition, methods of studying variation - range;
standard deviation; the mean or average deviation; coefficient
of variation; the Lorenz curve. 7umericals on measures of
dispersion required. (iv) Correlation: introduction, scatter
diagram; Karl Pearson’s coefficient of correlation; Spearman’s
coefficient of correlation. Significance of correlation to be
explained along with types and degrees. 7umericals on
coefficient of correlation required. (v) Index numbers: simple
and weighted - meaning, types and purpose. Problems involved
in constructing a Price Index Number. What does an Index
number show, measure or indicate (like a Price Index 7umber).
Difference between simple and weighted – Price weighted or
quantity weighted. Problems involved in constructing Price
Index 7umber – the choice of the base year, the number of
commodities to be included (coverage), choice of prices and
the method to be used.
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GUESS
PAPERS FOR India, Syllabus of Indian School, colleges and
Universities
ALL THE BEST
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