ISC Class 11 Syllabus 2027 Economics

ISC YEAR 2027

INDIAN SCHOOL CERTIFICATE
EXAMINATION

ECONOMICS
(856)

February 2025
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endeavours, empowering them to contribute towards
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introspective living, by creating exciting learning
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Minimum monitoring.
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Catering to the needs of the children.
Giving freedom to experiment with new ideas
and practices.
Diversity and plurality - the basic strength for
evolution of ideas.
Schools to motivate pupils towards the
cultivation of:
Excellence - The Indian and Global
experience.
Values - Spiritual and cultural - to be the bedrock
of the educational experience.
Schools to have an 'Indian Ethos', strong roots in
the national psyche and be sensitive to national
aspirations.

ECONOMICS (856)

Aims:
1. To enable candidates to acquire knowledge 4. To acquaint candidates with the main
(information) and develop an understanding of institutions through which the productive
facts, terms, concepts, conventions, trends, process is carried out.
principles, generalisations, assumptions, 5. To develop an understanding of the role of
hypotheses, problems, processes, etc. in institutions in the functioning of an economy.
Economics.
6. To enable candidates to compare their own
2. To acquaint candidates with tools of economic economic structure with that of the other areas
analysis. of the world.
3. To develop an understanding of important
economic problems.

CLASS XI
There will be two papers in the subject: utility and diminishing marginal utility; price
– definition and general rise and fall in
Paper I - Theory: 3 hours ……80 marks
price; value – real vs nominal value; wealth
Paper II- Project Work ……20 marks – explanation of the term, classification
(personal and social); welfare – economic
PAPER - I (THEORY) – 80 MARKS welfare, social welfare and relation between
1. Understanding Economics wealth and welfare; money – barter economy
vs money economy; market – meaning and
(i) Definition of Economics: Adam Smith, size; capital – meaning; investment –
Alfred Marshall, Lionel Robbins, Samuelson. meaning, investment as a process of capital
Basic understanding of economics and formation; income – meaning, factor
economic phenomena to be explained incomes; production – meaning;
especially in the context of the concept of consumption – meaning; saving – meaning;
scarcity and allocation of resources. individual saving and aggregate savings.
Students may be introduced to the main The above terms to be explained with the
points on which the various definitions of help of relevant examples.
economics could be analyzed. Features of
definitions and two- three criticisms. (iii) Basic problems of an economy: what to
produce; how to produce; for whom to
(ii) Micro and Macro Economics – Meaning and
produce; efficient use of resources.
Difference. Basic concepts: utility, price,
value, wealth, welfare, money, market, The basic problem of scarcity and choice
capital, investment, income, production, must be emphasized. As this problem is
consumption, saving, Business cycle, universal in character, i.e. faced by all
Aggregate demand and Aggregate supply. economies, irrespective of the economic
system they follow, it must be explained using
Meaning and difference between Micro the concept of Production Possibility Curve.
and Macro Economics. A conceptual The three problems - what to produce, how to
understanding of the terms: Human wants- produce and for whom to produce - must be
classification; factors of production; utility – highlighted. The role of technology in shift
types and features, total utility, marginal

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and rotation in the Production Possibility poverty alleviation: A critical assessment of
Curve (assumptions and features) must be PAPs (Poverty Alleviation Programmes);
explained. Rural development- Rural Credit (need,
purpose and sources); Agricultural
(iv) Types of economies: developed and
marketing: defects and government measures
developing; Economic systems: capitalism,
to improve agricultural marketing; role of
socialism and mixed economy; mechanism
cooperatives, agricultural diversification;
used to solve the basic problems faced by
alternate farming /organic farming: meaning
each economy.
and importance.
Characteristics of developed and developing
Human Capital formation: How people
economies; India: introducing regional and
become resource; role of human capital in
global economic grouping such as SAARC,
economic development; Growth of education
European Union, ASEAN, G-8, G-20 (basic
sector in India; Education – formal and
knowledge); different types of economic
informal (Meaning only); Unemployment-
systems; definition, features, merits and
types of unemployment, causes for
demerits of capitalism, socialism and mixed
unemployment, Policy measures (after 2000).
economic system; mechanisms used to solve
the basic problems under each economic (vi) Economic Growth and Development.
system to be explained with the help of Economic Growth and Development –
examples. The role of government along with Meaning and difference.
the price mechanism to be emphasized. Price
mechanism as a tool to solve economic (vii) Sustainable Development.
problem. Effect of Economic Development on
Resources and Environment.
2. Indian Economic Development
Understanding the concept of Sustainable
(i) Introduction. development; Need for sustainable
Indian economy post liberalization: Main development for improving the quality of life
features, problems and policies of - looking at the deteriorating quality of air,
agriculture, industry and foreign trade. water, food over time, developing an
(ii) Parameters of Development. appreciation to sustain at least what exists
Parameters of development: per capita for the generations to come.
income (definition and limitations); meaning Global warming – meaning and effects.
and construction of Human Development
Index (HDI). India and HDI as per the 3. Statistics
UNDP report. (i) Statistics: definition, scope and limitations of
(iii)Planning and Economic Development in statistics.
India.
Statistics: definition, scope and limitations of
Planning and economic development in statistics. Special emphasis to be laid on
India: a brief explanation. Major objectives importance of statistics in economics.
of all the Five-Year Plans. NITI Aayog:
objectives and role. (ii) Collection, organization and presentation of
data.
(iv) Structural Changes in the Indian Economy
after liberalization. Collection of data - Sources of data:
primary, secondary. Methods of collecting
Need, meaning, significance and features of data: Some important sources of collecting
liberalization, globalization and privatization secondary data; ways of collecting primary
of the Indian Economy; disinvestment: data; organization of data: meaning and
meaning. types of variables, frequency; presentation of
(v) Current challenges facing the Indian data: tabular and diagrammatic presentation
Economy. (bar diagram, pie, line, histogram, polygon
Poverty – absolute and relative, vicious and ogive curve).
circle of poverty, main programmes for

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(iii) Measures of Central Value: average defined; Equation of a straight line and slope of a
type of averages: arithmetic mean; simple straight line.
and weighted; median and mode; ungrouped
and grouped data; numericals, relationship PAPER II–PROJECT WORK– 20 MARKS
between mean, median and mode.
Candidates will be expected to have completed two
Measures of Central Value: average defined; projects from any topic covered in Theory.
type of averages: arithmetic mean; simple
and weighted; median and mode; ungrouped Mark allocation for each Project [10 marks]:
and grouped data. Numericals only on
Overall format 1 mark
mean, median and mode for both ungrouped
and grouped data. Relationship between Content 4 marks
mean, median and mode – the nature of the Findings 2 marks
frequency distribution – symmetrical, Viva-voce based on the Project 3 marks
positively skewed and negatively skewed.
(iv) Measures of dispersion: definition, methods A list of suggested Projects is given below:
of studying variation - range; standard 1. Study consumer awareness amongst households
deviation; quartile deviation; the mean or through designing a questionnaire and collection
average deviation; coefficient of variation. of primary data.
Numericals on measures of dispersion 2. Prepare a report on productivity awareness
required. among enterprises through use of statistical data
from statistical tables published in Newspapers /
(v) Correlation: introduction, scatter diagram; RBI Bulletin / Budget /Census report / Economic
Karl Pearson’s coefficient of correlation; survey, etc.
Spearman’s coefficient of correlation.
3. Make a study of two cooperative institutions
Meaning and significance of correlation to (example milk cooperatives, etc.) with a view to
be explained along with types and degrees. compare the organizational and financial
Scatter diagram, Karl Pearson’s method structure of the organizations, production
(two variables, ungrouped data); Spearman’s capacity and output, marketing strategies, sales,
Rank Correlation to be explained with the market share, etc.
help of numericals.
4. Study in detail the South Asian Association for
(vi) Index numbers: simple and weighted - Regional Cooperation (SAARC) and its impact
meaning, types and purpose. Problems on Indian economy
involved in constructing a Price Index
5. Prepare a report on the various poverty
Number.
alleviation and employment generation
What does an Index number show, measure programmes started in India, with special focus
or indicate (like a Price Index Number). on MNREGA.
Difference between simple and weighted – 6. Compare the status of women of your State with
Price weighted or quantity weighted. that at the National level for the last ten years, on
Laspayre’s, Paasche and Fisher’s methods of the basis of educational level, employment, etc.
index numbers (to be explained with the help
of numericals). Wholesale Price Index, 7. Prepare a report on the forest cover in India,
Consumer Price Index and Index of highlighting the following aspects:
Industrial Production should be explained. (a) Five States/Union Territories having higher
Uses of Index Numbers. Problems involved in and lower forest cover and compare the
constructing Price Index Number – the extent of forest coverage.
choice of the base year, the number of (b) Causes for decrease in forest cover in the
commodities to be included (coverage), Country.
choice of prices and the method to be used. (c) Measures adopted by the Central/State
(vii)Some Mathematical Tools used in Governments to increase the forest cover.
Economics.

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