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Economics

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Table of Content

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