ISC Class 11 Syllabus 2028 Economics

ISC
INDIAN SCHOOL CERTIFICATE
EXAMINATION

YEAR 2028

ECONOMICS
(856)

Developed by:
Research, Development and Curriculum Division (RDCD)
CISCE

January 2026
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aspirations.

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 of institutions 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 two papers in the subject:
Paper I - Theory: 3 hours ……80 marks
Paper II- Project Work ……20 marks

PAPER I (THEORY) : 80 MARKS
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) Micro and Macro Economics – Meaning and Difference. Basic concepts: utility, price, value, wealth,
welfare, money, market, capital, investment, income, production, consumption, saving, Business
cycle, Aggregate demand and Aggregate supply.
Meaning and difference between Micro and Macro Economics. A conceptual understanding of the
terms: Human wants- classification; factors of production; 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; individual saving and aggregate 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.
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 in shift and
rotation in the Production Possibility Curve (assumptions and features) must be explained.

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(iv) Types of economies: 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; India: introducing regional and global
economic grouping such as SAARC, European Union, ASEAN, 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 examples. The role of government along with the price
mechanism to be emphasized. Price mechanism as a tool to solve economic problem.

2. Indian Economic Development
(i) Introduction.
Indian economy post liberalization: Main features, problems and policies of agriculture, industry and
foreign trade.
(ii) Parameters of Development.
Parameters of development: per capita income (definition and limitations); meaning and construction
of Human Development Index (HDI). India and HDI as per the UNDP report.
(iii) Planning and Economic Development in India.
Planning and economic development in India: a brief explanation. Major objectives of all the Five-
Year Plans. NITI Aayog: objectives and role.
(iv) Structural Changes in the Indian Economy after liberalization.
Need, meaning, significance and features of liberalization, globalization and privatization of the
Indian Economy; disinvestment: meaning.
(v) Current challenges facing the Indian Economy.
Poverty – absolute and relative, vicious circle of poverty, main programmes for poverty alleviation: A
critical assessment of PAPs (Poverty Alleviation Programmes); Rural development- Rural Credit
(need, purpose and sources); Agricultural marketing: defects and government measures to improve
agricultural marketing; role of cooperatives, agricultural diversification; alternate farming /organic
farming: meaning and importance.
Human Capital formation: How people become resource; role of human capital in economic
development; Growth of education sector in India; Education – formal and informal (Meaning only);
Unemployment- types of unemployment, causes for unemployment, Policy measures (after 2000).
(vi) Economic Growth and Development.
Economic Growth and Development – Meaning and difference.
(vii) Sustainable Development.
Effect of Economic Development on Resources and Environment.
Understanding the concept of Sustainable development; Need for sustainable development for
improving the quality of life - looking at the deteriorating quality of air, water, food over time,
developing an appreciation to sustain at least what exists for the generations to come.
Global warming – meaning and effects.

3. 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) Collection, organization and presentation of data.
Collection of data - Sources of data: primary, secondary. Methods of collecting data: Some important
sources of collecting secondary data; ways of collecting primary data; organization of data: meaning
and types of variables, frequency; presentation of data: tabular and diagrammatic presentation (bar
diagram, pie, line, histogram, polygon and ogive curve).

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(iii) 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. Numericals 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.
(iv) Measures of dispersion: definition, methods of studying variation - range; standard deviation; quartile
deviation; the mean or average deviation; coefficient of variation.
Numericals on measures of dispersion required.
(v) Correlation: introduction, scatter diagram; Karl Pearson’s coefficient of correlation; Spearman’s
coefficient of correlation.
Meaning and significance of correlation to be explained along with types and degrees. Scatter
diagram, Karl Pearson’s method (two variables, ungrouped data); Spearman’s Rank Correlation to
be explained with the help of numericals.
(vi) 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 Number). Difference
between simple and weighted – Price weighted or quantity weighted. Laspayre’s, Paasche and
Fisher’s methods of index numbers (to be explained with the help of numericals). Wholesale Price
Index, Consumer Price Index and Index of Industrial Production should be explained. Uses of Index
Numbers. Problems involved in constructing Price Index Number – the choice of the base year, the
number of commodities to be included (coverage), choice of prices and the method to be used.
(vii) Some Mathematical Tools used in Economics.
Equation of a straight line and slope of a straight line.

PAPER II (PROJECT WORK) : 20 MARKS
Candidates will be expected to have completed two projects from any topic covered in Theory.
Mark allocation for each Project [10 marks]:

Overall format 1 mark

Content 4 marks
Findings 2 marks

Viva-voce based on the Project 3 marks

A list of suggested Projects is given below:
1. Study consumer awareness amongst households through designing a questionnaire and collection of
primary data.
2. Prepare a report on productivity awareness among enterprises through use of statistical data from statistical
tables published in Newspapers / RBI Bulletin / Budget /Census report / Economic survey, etc.
3. Make a study of two cooperative institutions (example milk cooperatives, etc.) with a view to compare
the organizational and financial structure of the organizations, production capacity and output, marketing
strategies, sales, market share, etc.
4. Study in detail the South Asian Association for Regional Cooperation (SAARC) and its impact on Indian
economy.

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5. Prepare a report on the various poverty alleviation and employment generation programmes started in
India, with special focus on MNREGA.
6. Compare the status of women of your State with that at the National level for the last ten years, on the
basis of educational level, employment, etc.
7. Prepare a report on the forest cover in India, highlighting the following aspects:
(a) Five States/Union Territories having higher and lower forest cover and compare the extent of forest
coverage.
(b) Causes for decrease in forest cover in the Country.
(c) Measures adopted by the Central/State Governments to increase the forest cover.

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