PSEB 11th Class Syllabus 2023 Economics

Syllabus
ECONOMICS (HUMANITIES/COMMERCE GROUP)
CLASS – XI

Time Allowed: 3 Hrs Theory: 80 Marks
Internal Assessment : 20 Marks
Marks Total: 100 Marks
Part A
Introductory Microeconomics
Unit 1: Introduction
What is Economics? Definitions of Economics (Wealth, Material Welfare, Scarcity and
Growth Definitions). Economic Activities. Nature of Economics, Economic Policies,
Economic Systems. Positive and Normative economics. Meaning of Microeconomics and
Macroeconomics; Difference and interdependence between Micro and Macro Economics.
Scope, Importance, subject matter and limitations of Micro Economics.
What is an economy? Central problems of an economy: what, how and for whom to produce.
Production Possibility curve, slope of production possibility curve, concept of opportunity
cost and marginal opportunity cost. Shifts and rotations of production possibility curve.
Solution of various central problems with production possibility curve.
Unit 2: Consumer's Equilibrium and Theory of Demand
Consumer's equilibrium – meaning of consumer’s equilibrium, meaning of utility and various
types of utility and their inter relationship. Law of diminishing marginal utility and Law of
Equi-Marginal utility. Conditions of consumer's equilibrium using marginal utility analysis in
case of one and two commodities.
Theory of Demand: Meaning, types of demand, Demand schedule, Demand Curve and its
slope, Law of Demand- its assumptions and exceptions. Determinants of demand. Movement
along and shifts in demand curve.
Price elasticity of demand – Meaning, degrees of price elasticity of demand, factors affecting
price elasticity of demand; measurement of price elasticity of demand with percentage
method along with numericals.
Unit 3: Producer Behaviour and Supply
Theory of Production: Meaning of Production and production function. concepts of total
product, Average Product and Marginal Product. Concept of short Run and long run in
production and laws of return to a variable factor and return to scale. Economies and
Diseconomies of scale.
Theory of Cost: Meaning and types of cost. Short run costs - total cost, total fixed cost, total
variable cost; Average cost; Average fixed cost, average variable cost and marginal cost.
Relationship between various types of cost. Long run cost curves.
Theory of Supply: Meaning and types. Supply schedule and Supply Curve and its slope.
Determinants of supply. Movements along and shifts in supply curve. Price elasticity of
supply; measurement of price elasticity of supply with percentage method. Factors affecting
price elasticity of supply.

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Concepts of Revenue – Meaning and types of revenue. Total, average and marginal revenue -
meaning and their relationship. Revenue curves under different market situations.
Producer's equilibrium-meaning and its conditions in terms of marginal revenue and marginal
cost approach. Concept of Gross profits and Net profits.
Unit 4: Forms of Market and Price Determination under Perfect Competition
Forms of Market: Meaning and features of a Market. Forms of Market: Perfect Competition,
Monopoly and Monopolistic Competition and their features.
Price Determination under Perfect competition- Determination of equilibrium through market
forces and effect of shifts in demand and supply curves on equilibrium price and equilibrium
quantity.
Part B
Statistics for Economics
In this course, the learners are expected to acquire skills in collection, organisation and
presentation of quantitative and qualitative information pertaining to various simple
economic aspects systematically. It also intends to provide some basic statistical tools to
analyse, and interpret any economic information and draw appropriate inferences. In this
process, the learners are also expected to understand the behaviour of various economic data.
Unit 5: Introduction
Statistics in Economics: Meaning, scope, functions, nature, limitations and importance of
statistics in Economics. Concept of statistics in singular and plural sense with their
characteristics.
Unit 6: Collection, Organisation and Presentation of data
Collection of data - sources of data - primary and secondary data: their meaning, difference
between primary and secondary data, methods for collection primary and secondary data
along with their suitability, advantages and limitations. Some important sources of secondary
data: Census of India and National Sample Survey Organisation.
Theory of Census and Sampling: Meaning of census and sample method along with their
suitability, merits and demerits. Method of sampling: Random sampling, Stratified sampling,
Systematic sampling, Quota sampling, Convenience sampling and Purposive sampling.
Sampling and Non-Sampling errors.
Organisation of Data: Meaning and types of variables; Meaning and types of series:
Individual, Discrete and Continuous series (various types of continuous series). Various
concepts related with the formation of series.
Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data: (i)
Geometric forms (bar diagrams and pie diagrams), (ii) Frequency diagrams (histogram,
polygon and ogive) and (iii) Arithmetic line graphs (time series graph).
Unit 7: Measures of Central Tendency and Dispersion
Measures of Central Tendency: Meaning of Central Tendency, Features, Arithmetic Mean
(simple), Median and other positional averages (Quartile, Decile and Percentile) and Mode
(by inspection method only). Relationship between various measures of central tendency and
choice of best measure of central tendency.
Measures of Dispersion: Meaning, Absolute measures of Dispersion (Range, Quartile’s
Range, Quartile Deviation, Mean Deviation, Standard Deviation). Relative measures of
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Dispersion (Co-efficient of range, co-efficient of quartile-deviation, Coefficient of Mean
deviation, Coefficient of Standard Deviation and Coefficient of variation). Lorenz Curve.
Part C
Punjab Economy
Unit 8: An Overview of Punjab Economy
Physical Resources of Punjab, Manpower Resources of Punjab, Agriculture Development of
Punjab since 1966, Industrial Development of Punjab and Financial System of Punjab.

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