CBSE Class 12 Economics Syllabus 2023-24

CBSE has released the Latest Updated Syllabus for the New Academic Session 2023-24 on March 31st, 2023, for class 12.

CBSE Board has released the latest Class 12 Economics syllabus which is to be strictly followed. Below please find our detailed analysis of Board Paper pattern, Unit-wise summary for the New Session 2023-24.

We have also updated Oswal Gurukul Books as per the Latest Paper Pattern prescribed by Board for each Subject Curriculum.

Students can directly access the CBSE Economics Syllabus for Class 12 of the academic year 2023-24 by clicking on the link below.

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Table Of Contents−

CBSE Class 12 Economics Latest Syllabus 2023-24

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Units   Periods Marks
Part A Introductory Macroeconomics    
  National Income and Related Aggregates 10 30
  Money and Banking 06 15
  Determination of Income and Employmentt 12 30
  Government Budget and the Economy 06 17
  Balance of Payments 06 18
    40  
       
Part B Indian Economic Development    
 

Development Experience(1947-90)

and Economic Reforms Since 1991

 12 28
 

Current Challenges facing Indian Economy

 20 50
  Development Experience of India - A Comparison with Neighbours 08 12
  Theory Paper (40+40=80 marks) 40  
      200
       
Part C Project Work 40 20

CBSE Class 12 Economics Syllabus 2023-24: Unit-wise Summary

Part A:

Introductory Macroeconomics

Unit 1: National Income and Related Aggregates

30 Periods

What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation.

Circular flow of income (two sector model); Methods of calculating National Income - Value Added or Product method, Expenditure method, Income method.

Aggregates related to National Income:
Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and Nominal GDP GDP Deflator, GDP and Welfare

Unit 2: Money and Banking

15 Periods

Money – meaning and functions, supply of money - Currency held by the public and net demand deposits held by commercial banks.

Money creation by the commercial banking system.

Central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.

Unit 3: Determination of Income and Employment

30 Periods

Aggregate demand and its components.

Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.

Problems of excess demand and deficient demand; measures to correct them - changes in government spending, taxes and money supply.

Unit 4: Government Budget and the Economy

17 Periods

Government budget - meaning, objectives and components.

Classification of receipts - revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.

Unit 5: Balance of Payments

18 Periods

Balance of payments account - meaning and components;
Balance of payments – Surplus and Deficit

Foreign exchange rate - meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market, Merits and demerits of flexible and fixed exchange rate. Managed Floating exchange rate system

Part B:

Indian Economic Development

Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:

28 Periods

A brief introduction of the state of Indian economy on the eve of independence. Indian economic system and common goals of Five Year Plans.

Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.

Economic Reforms since 1991:
Features and appraisals of liberalisation, globalisation and privatisation (LPG policy); Concepts of demonetization and GST

Unit 7: Current challenges facing Indian Economy

60 Periods

Human Capital Formation: How people become resource; Role of human capital in economic development; Growth of Education Sector in India

Rural development: Key issues - credit and marketing - role of cooperatives; agricultural diversification; alternative farming - organic farming

Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies

Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming

Unit 8: Development Experience of India:

12 Periods

A comparison with neighbours
India and Pakistan
India and China
Issues: economic growth, population, sectoral development and other Human Development Indicators

Part C: Project in Economics

20 Periods

CBSE Class 12 Economics Question Paper Design 2023-24

SN Typology of Questions Marks Percentage 
1 Remembering and Understanding: Exhibit memory of previously learned material by recalling facts, terms, basic concepts, and answers. Demonstrate understanding of facts and ideas by organizing, comparing, translating, interpreting, giving descriptions, and stating main ideas 44 55%
2 Applying: Solve problems to new situations by applying acquired knowledge, facts, techniques and rules in a different way 18 22.5%
3 Analysing, Evaluating and Creating: Examine and break information into parts by identifying motives or causes. Make inferences and find evidence to support generalizations. Present and defend opinions by making judgments about information, validity of ideas, or quality of work based on a set of criteria. Compile information together in a different way by combining elements in a new pattern or proposing alternative solutions. 18 22.25%
Total 80 100%

The Changes for Class 12 (2023-24) Year-end Board Examinations are as under:

(Class-12)
Particulars Academic Session 2022-23 Academic Session 2023-24
Composition of question paperyear-end examination/ Board Examination (Theory)
  • Competency Based Questions are 30% in the form of Multiple-Choice Questions, Case Based Questions, Source Based Integrated Questions or any other type.
  • Objective Question are 20%
  • Remaining 50% Questions are Short Answer/Long Answer Questions
  • Competency Focused Questions in the form of MCQs/Case Based Questions, Source-based Integrated Questions or any other type = 40%
  • Select response type questions(MCQ) = 20%
  • Constructed response questions (Short Answer Questions/Long Answer type Questions, as per existing pattern) = 40%

2022-23 Reduced Syllabus

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