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12th Standard Higher secondary Second Year

Economics -

1 Nature and Scope of Economics


-> Nature and Scope of Economics
-> Definitions of Economics
-> Adam Smith’s Definition (Wealth Definition)
-> Alfred Marshall’s Definition (Welfare Definition)
-> Lionel Robbins’ definition (Scarcity Definition)
-> Samuelson’s Definition (Modern Definition of Economics)

2 Basic Economic Problems


-> Main Divisions of Economics
-> Economics : positive or normative science ?
-> Economics in relation to other social sciences
-> Economics and Politics , Economics and History
-> Economics and Ethics , Economics and psychology
-> Economics, mathematics and statistics
-> Economics as a science
-> Methods of Economic Analysis
-> Economic Laws and Importance of Economic Laws
-> Characteristics and Classification of Wealth
-> Goods
-> Income and Types of Income
-> Economics : Value and Price
-> Markets and Classification of Markets
-> Importance of Economics
-> Basic Economic Problems and Economic Systems
-> Capitalist Economy : salient features, Merits and Disadvantages
-> Socialist Economy : salient features, Merits and Disadvantages
-> Mixed Economy : salient features, Merits and Demerits
-> Production Possibility Curve

3 Theory of Consumer Behaviour


-> Theory of Consumer Behaviour
-> Economics - Consumer Behaviour - Characteristics of wants
-> Economics - Consumer Behavior - Classification of Wants
-> Concept of Utility - Total, Marginal Utility
-> Law of Diminishing Marginal Utility(DMU) - Definition, Explanation, Importance, Criticism
-> Law Of Equi-Marginal Utility - Definition, Explanation, Importance, Criticism
-> Limitations of the Equi-Marginal Utility Law
-> Importance of Equi-Marginal Utility Law
-> Consumer’s surplus - Definition, Explanation, Importance, Criticism
-> Indifference Curve Approach - Definition, Schedule, curve, map

4 Demand and Supply


-> Law of Demand with Schedule and curve
-> Exceptions to the Law of Demand
-> Factors determining demand
-> Elasticity of Demand and Types of Elasticity of Demand
-> Importance of Elasticity of demand
-> Factors determining supply
-> Elasticity of supply : concept, Types, Factors determining

5 Equilibrium Price


-> Equilibrium Price
-> Shift in Demand and Supply
-> Economics : Time Periods and Price Fixation

6 Production


-> Production
-> Factors of production : Land, Labour, Capital and Organisation
-> Forms of Capital and Characteristics of capital
-> Labour : Characteristics and Division of Labour
-> Identifying the optimum combination of factors of production
-> Short-run and Long-run production function
-> Short-run production function - The law of variable proportions
-> Long-run production function - Increasing, Constant, Decreasing Returns to Scale
-> Characteristics of an isoquant
-> Producer’s Equilibrium and The Cobb Douglas Production Function
-> Economies of Scale - Internal - Internal, External economies

7 Cost and Revenue


-> Cost function, concepts and classifications
-> Short run average cost curves - Average Fixed, Average variable and Average Total Cost
-> Marginal Cost
-> Long run Average Cost Curve (LAC)
-> Accounting Cost and Economic cost
-> Concepts Of Revenue - Average, Marginal Revenue(AR,MR)
-> Measurement of Profit

8 Market Structure and Pricing


-> Meaning, Definition and Characteristics of Market
-> Classification of Markets according to Area, time, Competition
-> Features and Conditions of perfect competition
-> Nature of Revenue curves
-> Monopoly : Characteristics and Causes
-> Monopoly : Price and Output Determination - Advantages, Disadvantages
-> Methods of Controlling Monopoly
-> Definition and Conditions of Price Discrimination
-> Characteristics of Monopolistic Competition
-> Determination of Equilibrium price and output under monopolistic competition
-> Wastages of Monopolistic competition
-> Characteristics of Oligopoly

9 Marginal Productivity Theory of Distribution


-> Marginal Productivity Theory of Distribution
-> The Ricardian theory of Rent
-> Modern Theory of Rent and Quasi-Rent
-> Theories of wages
-> Early theories of wages
-> Recent Theories of wages
-> Theories of Interest
-> Loanable funds theory (Neo – classical theory) of Interest
-> Liquidity preference theory (Keynesian theory) of interest
-> Rent theory of profits

10 Simple Theory of Income Determination


-> Simple Theory of Income Determination
-> Say’s Law of Market
-> Keynesian Theory of Income Determination
-> Keynesian Theory Aggregate Demand : Consumption Function
-> Keynesian Theory Aggregate Demand : Inducement to invest (Investment function)
-> Rate of interest: Liquidity Preference Theory
-> Functions of Money
-> Economics : Importance of Money
-> Money supply and Reserve Money of India

11 Monetary Policy


-> Monetary Policy of India
-> Monetary Transmission
-> Economics : Inflation and Deflation, Types of Inflation
-> Effects of changes in prices
-> Definition of Fiscal Policy or public finance
-> Subject matter of public finance(Fiscal Policy)
-> Meaning and definition of a tax
-> Canons of Taxation
-> Kinds or Types of tax
-> Meaning, Definition and Kinds(Types) of Budget

12 Fiscal Policy


-> Fiscal policy - Meaning, Objectives, Limitations of Fiscal policy

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