CBSE Class 11 Economics

Syllabus for Class 11 Economics and Statistics for Economics

Part A: Statistics for Economics

In this course, you 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, you are expected to understand the behaviour of various economic data.

Unit 1: Introduction

• What is Economics?
• Meaning, scope and importance of statistics in Economics

Unit 2: Collection, Organisation and Presentation of Data

Collection of data – sources of data – primary and secondary; how basic data is collected; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.

Part A: Statistics for Economics

In this course, you 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, you are expected to understand the behaviour of various economic data.

Unit 1: Introduction

• What is Economics?
• Meaning, scope and importance of statistics in Economics

Unit 2: Collection, Organisation and Presentation of Data

Collection of data – sources of data – primary and secondary; how basic data is collected; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.

Organisation of Data: Meaning and types of variables; Frequency Distribution.

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 3: Statistical Tools and Interpretation

Measures of Central Tendency – mean (simple and weighted), median and mode

Measures of Dispersion – absolute dispersion (range, quartile deviation, mean deviation and standard deviation); relative dispersion (co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of variation); Lorenz Curve: Meaning and its application.

Correlation – meaning, scatter diagram; Measures of correlation – Karl Pearson’s method (two variables ungrouped data) Spearman’s rank correlation.

Introduction to Index Numbers – meaning, types – wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers.

Part B: Indian Economic Development

Unit 4: Development Experience (1947-90) and Economic Reforms since 1991

A brief introduction of the state of Indian economy on the eve of independence. Common goals of Five Year Plans.

Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy, etc.), industry (industrial licensing, etc.) and foreign trade.

Economic Reforms since 1991:

Need and main features – liberalisation, globalisation and privatisation; An appraisal of LPG policies

Unit 5: Current challenges facing Indian Economy

Poverty – absolute and relative; Main programmes for poverty alleviation: A critical assessment;

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

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

Employment: Formal and informal, growth and other issues: Problems and policies.

Inflation: Problems and Policies

Infrastructure: Meaning and Types: Case Studies: Energy and Health: Problems and Policies- A critical assessment;

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

Unit 6: Development Experience of India

• A comparison with neighbours
• India and Pakistan
• India and China
• Issues: growth, population, sectoral development and other developmental indicators.

Part C: Developing Projects in Economics

The students may be encouraged to develop project, as per the suggested project guidelines. Case studies of a few organisations / outlets may also be encouraged. Under this the students will do only ONE comprehensive project using concepts from both part A and part B.
Some of the examples of the projects are as follows (they are not mandatory but suggestive):

1. A report on demographic structure of your neighbourhood.
2. Changing consumer awareness amongst households.
3. Dissemination of price information for growers and its impact on consumers.
4. Study of a cooperative institution: milk cooperatives, marketing cooperatives, etc.
5. Case studies on public private partnership, outsourcing and outward Foreign Direct Investment.
6. Global warming.
7. Designing eco-friendly projects applicable in school such as paper and water recycle.

The idea behind introducing this unit is to enable the students to develop the ways and means by which a project can be developed using the skills learned in the course. This includes all the steps involved in designing a project starting from choosing a title, exploring the information relating to the title, collection of primary and secondary data, analysing the data, presentation of the project and using various statistical tools and their interpretation and conclusion.

Unit 1 & 2: Introduction, Collection, Organisation and Presentation of Data (15 Marks)

• What is Economics? Meaning, scope, functions and importance of statistics in Economics
• Collection of data - sources of data - primary and secondary; how basic data is collected with concepts of Sampling; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.
• Organisation of Data: Meaning and types of variables; Frequency Distribution.
• 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).

Note for Students: This unit introduces the foundational role of statistics in economic analysis and provides the essential skills for gathering and organizing economic information.

Unit 3: Statistical Tools and Interpretation (25 Marks)

• Measures of Central Tendency - Arithmetic mean, Median and Mode
• Correlation – meaning and properties, scatter diagram; measures of correlation - Karl Pearson's method (two variables ungrouped data) Spearman's rank correlation (Non-Repeated Ranks and Repeated Ranks).
• Introduction to Index Numbers - meaning, types - Wholesale Price Index, Consumer Price Index and index of industrial production, uses of index numbers; Inflation and Index Numbers, Simple Aggregative Method.

Note for Students: Students will learn to use mathematical tools to interpret data patterns and understand how economic variables like inflation and production are measured over time.

Unit 4: Introduction to Microeconomics (04 Marks)

• Meaning of microeconomics and macroeconomics; positive and normative economics
• What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of Production Possibility Frontier and Opportunity Cost.

Note for Students: This introductory unit explores the basic choices every society must make regarding resource allocation and the fundamental distinction between micro and macro perspectives.

Unit 5: Consumer's Equilibrium and Demand (14 Marks)

• Consumer's equilibrium - meaning of Utility, Marginal Utility, Law of Diminishing Marginal Utility, conditions of consumer's equilibrium using marginal utility analysis.
• Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium.
• Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method and total expenditure method.

Note for Students: Focus on understanding how individuals make purchasing decisions to maximize satisfaction and how market demand responds to changes in price and other factors.

Unit 6: Producer Behaviour and Supply (14 Marks)

• Meaning of Production Function – Short-Run and Long-Run
• Total Product, Average Product and Marginal Product.
• Returns to a Factor
• Cost – Short run costs - Total Cost, Total Fixed Cost, Total Variable Cost; Average Cost; Average Fixed Cost, Average Variable Cost and Marginal Cost - meaning and their relationships.
• Revenue – Total Revenue, Average Revenue and Marginal Revenue - meaning and their relationship.
• Producer's Equilibrium - meaning and its conditions in terms of Marginal Revenue Marginal Cost.
• Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - percentage-change method.

Note for Students: This unit covers the logic of production, including how firms manage costs and revenues to achieve maximum profit in the short and long run.

Unit 7: Forms of Market and Price Determination (08 Marks)

• Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply. (Short Run Only)
• Simple Applications of Demand and Supply: Price ceiling, Price floor.

Note for Students: Learn how market prices are set through the interaction of buyers and sellers, and the impact of government interventions like price controls.

Part C: Project Work (20 Marks)

• Project in Economics: Guidelines as given in Class XII curriculum.

Note for Students: The project provides an opportunity to apply theoretical economic concepts to real-world scenarios through independent research and data analysis.