Economics

Provided below is the complete and latest (2022-23) class 11 syllabus for Economics, as set by the Central Board of Secondary Education. The primary objective of the syllabus is to inculcate a basic understanding of economic concepts and development of economic reasoning which students can apply in their everyday life as citizens and consumers.

Part A: Statistics for Economics  

Unit 1: Introduction 

• Meaning of Economics
• What is Economics? 
• Functions of Economics
• Scope of Economics
• Importance of Statistics In Economics  

Unit 2: Collection, Organisation and Presentation of Data 

• Collection of Data 
  • Sources of Data – Primary and Secondary
  • How Basic Data is Collected with Concepts of Sampling
  • Methods of Collecting Data
  • Some Important Sources of Secondary Data-
    • Census of India 
    • National Sample Survey Organisation

• The Organisation of Data
  • Meaning and Types of Variables
  • Frequency Distribution
• Presentation of Data
  • Tabular Presentation 
  • Diagrammatic Presentation of Data
    • Frequency diagrams (polygon, histogram, and ogive) 
    • Geometric forms (bar diagrams and pie diagrams)
    • Arithmetic line graphs (time series graph)

Unit 3: Statistical Tools and Interpretation 

• Measures of Central Tendency-
  • Mode 
  • Arithmetic Mean
  • Median 

• Correlation 
  • Scatter Diagram
  • Meaning and Properties
  • Spearman’s Rank Correlation
  • Karl Pearson’s Method (Two Variables Ungrouped Data) 
  • Measures of Correlation

• Introduction to Index Numbers – 
  • Types 
  • Meaning
  • Uses of Index Numbers
  • Consumer Price Index and Index of Industrial Production
  • Wholesale Price Index
  • Inflation and Index Numbers

Part B: Introductory Microeconomics  

Unit 4: Introduction 

• What is an economy? 
• Meaning of microeconomics and macroeconomics
• Positive and normative economics 
• Concepts of production possibility frontier and opportunity cost
• Central problems of an economy- what, how and for whom to produce 

Unit 5: Consumer’s Equilibrium and Demand 

• Consumer’s Equilibrium 
  • Meaning of Utility
  • Law of Diminishing Marginal Utility
  • Marginal Utility
  • Conditions of Consumer’s Equilibrium Using Marginal Utility Analysis

• Indifference curve analysis of consumer’s equilibrium
  • Preferences of the Consumer (Indifference Curve, Indifference Map) 
  • The Consumer’s Budget (Budget Set and Budget Line)
  • Conditions of Consumer’s Equilibrium

• Market Demand
• Demand
• Demand Schedule
• Determinants of Demand
• Movement Along And Shifts in The Demand Curve
• Price Elasticity of Demand 
• Demand Curve And its Slope
• Measurement of Price Elasticity of Demand 
• Factors Affecting Price Elasticity of Demand
• Total Expenditure Method
• Percentage-Change Method 

Unit 6: Producer Behaviour and Supply 

• Meaning of Production Function 
  • Long-Run 
  • Short-Run

• Marginal Product
• Average Product
• Total Product
• Returns to a Factor 

• Cost
  • Total Cost
  • Short-Run Costs 
  • Total Variable Cost
  • Total Fixed Cost
  • Average Fixed Cost
  • Average Cost
  • Marginal Cost-Meaning and Their Relationships
  • Average Variable Cost 

• Revenue 
  • It’s Meaning and Their Relationship
  • Total, Average and Marginal Revenue 
  • Supply
  • Producer’s Equilibrium-Meaning And Its Conditions in Terms of Marginal Revenue marginal Cost
  • Determinants of Supply
  • Market Supply
  • Supply Curve And Its Slope
  • Supply Schedule
  • Shifts in Supply Curve
  • Movements along Slope
  • Measurement of Price Elasticity of Supply
  • Price Elasticity of Supply
  • Percentage-Change Method

Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications. 

• Perfect Competition and its Features
• Determination of Market Equilibrium and Effects of Shifts in Demand and Supply. 
• Simple Applications of Demand 
• Supply 
  • Price Floor
  • Price Ceiling