WBCHSE Class 12 Syllabus for Economics

ECONOMICS (ECON)
Class - XII
Full Marks 100

a. Group A 50

b. Group B 30

c. Project 20

GROUP - A
ECONOMIC THEORY
SECTION1. MICROECONOMICS

1. Concepts of Function, Curves, Straight line, Slopes (non evaluative part)

2. Demand- Factors determining demand- Demand Function-Demand Schedule- Law
of Demand- Individual Demand- Market Demand- Demand Curve-Change in Demand
and Change in Quantity Demanded-Utility- Marginal Utility- Law of diminishing marginal
utility- Law of demand- Explanation to the Law of demand- Income Effect- Substitution
Effect- Exceptions to law of Demand- Inferior Goods-Giffen Goods- Consumer Surplus

3. Concept of Elasticity- Elasticity of Demand- Price, Income, Cross- Factors Affecting
Elasticity of Demand- Measurement of Elasticity of Demand- Arc, Point- Unitary,
Elastic, Inelastic, Perfectly elastic, Completely Inelastic Demand Curves- Implications
of Elasticity.

4. Production Function- Short Run- Long Run- Law of variable Proportions- Returns to
Scale- Economies, Diseconomies-Shapes of Average Product, Total Product and
Marginal Product curves- Relationships among Those.

5. Cost of Production- Long Run- Short Run- Cost Curves- Relationships among AC,
AVC, MC, AFC , TC, TVC, TFC- Interrelationship between Short Run Production and

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Short Run Cost- Relationship between short run and Long run Costs- Derivation of
Long Run Cost Curves from Short Run Cost Curves.

6. Revenue- Total –Average- Marginal- Relationships among them- Relationship between
AR MR and E- Revenue Under Variable Price and Fixed Price Situation.

7. Profit Maximization- Producers equilibrium- Shut down condition.

8. Supply- Supply function- Determinants of Supply- Law of Supply- Individual Supply
Curve- Market Supply Curve- Elasticity of Supply- Change in Supply and Change in
quantity supplied- Supply curve of an individual Firm in case of Fixed Price Situation.

9. Different types of market- Perfect competition, monopoly, monopolistic competition,
oligopoly, duopoly, price discrimination, bilateral monopoly, and monophony.

10. Market Equilibrium under Perfect Competition
Characteristics of Perfect Competition- Firm as a Price taker- Conformity with Fixed
Price Situation- Price Determination- Interaction between Market Demand and market
Supply-Equilibrium of a Firm- Short Run- Shut down Point- Supply Curve-Supply
Curve of Industry-Long Run equilibrium- Normal Profit.

11. Equilibrium under Monopoly.

12. Cost Determined Pricing
Mark Up-Arbitrage.

13. Factor Market-
Land market- Rent- Ricardian Theory- Modern Theory-Labour- Labour Demand Curve-
Labour Supply Curve-Marginal Productivity Theory of Distribution-Capital- Liquidity
Preference theory of interest.

SECTION2. MACROECONOMICS

14. National Income and Related Aggregates
Circular Flow of Income- Calculation of National Income- Value Added or product
method, Expenditure method- Income method.

15. Determination of Income and Employment

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Keynesian Approach- Aggregate Demand and its Components-Consumption and
Consumption Function- Propensity to consume- Savings and Savings Function-
Propensity to Save- Equilibrium level of Income- Investment Multiplier
Concept of Full Employment-Problem of deficient demand- Excess Demand – Inflation-
Demand Pull- Cost Push

16. Money and Banking
Functions of Commercial Banks- Creation of Money or Credit or Deposit by
Commercial Bank- Credit/Deposit/ Money Multiplier
Functions of Central bank- Credit Control Tools and Methods of Credit Control

17. Fiscal Policy
Expansionary Fiscal Policy- Government Expenditure Multiplier
Deficit Financing.
Recession- Fiscal Policy to Correct Recession
Inflation- Fiscal Policy to Correct Inflationary Pressure.

18. International Trade and Balance of Payments
Balance of Trade- Surplus- Deficit- Balance of Payments- Current Account- Capital
account- Unilateral Transfer- Deficit BOP- Method to Correct Imbalance in BOP-
Foreign Exchange Rate- Flexible Exchange Rate- Floating Exchange rate-Managed
Floating Exchange rates.

GROUP B

INDIAN ECONOMY INCLUDING STATISTICAL TOOLS

SECTION1. STATISTICAL TOOLS

1. Measures of dispersion- Range- Standard Deviation- Lorenz Curve- Gini Coefficient

SECTION 2.INDIAN ECONOMY WITH SPECIAL REFERENCE TO WEST BENGAL
(Poverty, Inequality, Unemployment and Financial Sector)

2. Poverty, Inequality and Unemployment in Indian Economy- Measures and Extent of
Inequality- Policies regarding inequality- Different Measures of Poverty- Poverty situation
in India and West Bengal- Government efforts to combat poverty- Prevailing
Unemployment Situation in India and West Bengal- Different Unemployment reducing
Programme- Impact of Economic Reforms.

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3. Impact of Economic Reforms on Banking, Insurance and International Trade- Banking
Sector reforms- Private Initiatives in Insurance and Insurance Regulatory and
Development Authority- GATT, WTO, TRIPS and TRIMS- Trade Liberalisation in India.

PROJECT (20 marks)

There may be 2 types of Project, one based on Field Works and other based on
Secondary Data.

Some suggested Field Works are:

1. Survey on Unemployment Situation in a Locality.

2. Survey of Poor People to Understand the Impact of Poverty.

3. Survey of Households to Assess the Impact of Private Banks/ Public Sector
Banks.

Suggested Projects on the Basis of Secondary data are:

1. Unemployment Situation on the Basis of NSSO Data.

2. Expansion of Banking Sector on the Basis of RBI Data.

3. Export Import on the Basis of Foreign Trade Data.

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