CBSE CLASS XI

ECONOMICS (Code No. 030)

(2021-22)

TERM-II

Economics is one of the social sciences, which has a great influence on every human being. As economic life and the economy go through changes, the need to ground education in children’s own experience becomes essential. While doing so, it is imperative to provide them opportunities to acquire analytical skills to observe and understand the economic realities.

At senior secondary stage, the learners are in a position to understand abstract ideas, exercise the power of thinking and to develop their own perception. It is at this stage, the learners are exposed to the rigour of the discipline of economics in a systematic way.

The economics courses are introduced in such a way that in the initial stage, the learners are introduced to the economic realities that the nation is facing today along with some basic statistical tools to understand these broader economic realities. In the later stage, the learners are introduced to economics as a theory of abstraction.



The economics courses also contain many projects and activities. These will provide opportunities for the learners to explore various economic issues both from their day-to-day life and also from issues, which are broader and invisible in nature. The academic skills that they learn in these courses would help to develop the projects and activities. The syllabus is also expected to provide opportunities to use information and communication technologies to facilitate their learning process.

Objectives:

• Understanding of some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers and consumers.
• The realisation of learners’ role in nation-building and sensitivity to the economic issues that the nation is facing
• Equipment with basic tools of economics and statistics to analyse economic issues. This is pertinent for even those who may not pursue this course beyond senior secondary
• Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically.

Part A: Statistics for Economics

Unit 3: Statistical Tools and Interpretation

Measures of Dispersion – absolute dispersion standard deviation); relative dispersion co- efficient of variation)



Correlation – meaning and properties, scatter diagram; Measures of correlation – Karl Pearson’s method (two variables ungrouped data)

Introduction to Index Numbers – meaning, types – wholesale price index, consumer price index, uses of index numbers; Inflation and index numbers.

Part B: Introductory Microeconomics

Unit 6: Producer Behaviour and Supply

Meaning of Production Function – Short-Run and Long-Run Total Product, Average Product and Marginal Product.

Returns to a Factor.Cost: Short run costs – total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.

Revenue – total, average and marginal revenue – meaning and their relationship.

Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in the supply curve, price elasticity of supply; measurement of price elasticity of supply – percentage-change method.

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

Perfect competition – Features; Determination of market equilibrium and effects of shifts in demand and supply.

Simple Applications of Demand and Supply: Price ceiling, price floor.

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