The syllabus of Economics Class 12 ISC, as per the new guidelines has following chapters. In accordance with the new ISC guidelines and pattern for exams for Academic Year 2022-23, we have prepared ICSE Class 12 Economics Term I Notes and MCQs which are relevant for the student of Class 12, who are studying in ISC or ICSE Board as per the latest pattern 2022-23.
ICSE or ISC Class 12 Economics Syllabus
ISC Class 12 Economics Syllabus 2022-23 (Class 12 Term wise Curriculum) comprises of the following chapters. You can read Economics Class 12 ISC Term-wise MCQs and Notes by clicking the relevant part of the Syllabus.
Economics Class 12 ISC MCQs – Term 1
- Demand and Law of Demand MCQ Class 12
- Theory of Consumer Behaviour Class 12 MCQ
- Elasticity of Demand
- Supply – Law of Supply and Price Elasticity of Supply
- Market Mechanism
- Law of Returns
- Cost and Revenue Analysis
- Forms of Market
- Producer’s Equilibrium
- Determination of Equilibrium Price and Output under Perfect Competition
Economics Class 12 ISC MCQs – Term 2
- Theory of Income and Employment Class 12 MCQ
- Money : Meaning and Functions
- Banks : Commercial Bank and Central bank
- Balance of Payments and Exchange Rate
- Government Budget
- MCQ on Fiscal Policy Class 12 Economics
- National Income and Circular flow of Income
- National Income Aggregates Class 12 MCQ
- Methods of Measuring National Income Class 12 MCQ
Economics Class 12 ISC Notes – Term 1
Micro Economic Theory
This chapter, Demand, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Meaning of Demand
- Factors affecting demand
- Demand function
- Law of Demand
- Derivation of demand curve
- Movement of the demand curve
- Shift of the demand curve
- Exceptions to the Law of Demand.
- Law of Diminishing Marginal Utility
- Law of Equi-marginal Utility
- Consumer’s equilibrium through utility approach (Cardinal)
- Indifference curve analysis (Ordinal).
- Diagrams explaining the Law of Demand
- Reasons for downward slope of demand curve
- Derivation of demand curve using demand schedule.
- Derivation of market demand curve from individual demand curve.
This chapter, Cardinal Utility Analysis, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Meaning of utility
- Total utility and Marginal utility,
- relationship of TU and MU,
- Law of Diminishing Marginal Utility
- Consumer’s equilibrium – one commodity
- Law of Equimarginal Utility (statement, schedule)
- conditions of consumer’s equilibrium using marginal utility
This chapter, Ordinal Utility Analysis, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Meaning and properties (including MRS and DMRS) of Indifference Curve
- Indifference map,
- consumer’s budget line,
- Consumer’s equilibrium – condition
This chapter, Demand, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Meaning of Elasticity of demand
- Types of elasticity of demand
- Measurement of elasticity of demand
- Factors affecting elasticity of demand.
- Point method – percentage method of measurement of the elasticity of demand
- Expenditure method of measurement of the elasticity of demand
- Geometric method of measurement of the elasticity of demand
- Cross and income elasticity of demand
- Degrees of elasticity of demand
This chapter, Supply, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Meaning of Supply
- Difference between stock and supply
- Determinants of supply
- Law of Supply
- Movement of the supply curve;
- Shift of the supply curve
- Elasticity of supply
- Difference between stock (intended supply) and supply (actual supply
- Law of Supply, supply schedule and supply curve.
- Derivation of market supply curve from individual supply curve.
- Movement and shift of the supply curve,
- Exceptions to the Law of Supply.
- Elasticity of Supply: Meaning and measurement of elasticity of supply by percentage method and geometric method.
This chapter, Market Mechanism, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Market Mechanism – Equilibrium and disequilibrium
- Equilibrium price
- Effect of changes in demand and supply on the equilibrium price.
- Price control with the help of demand and supply curves
- Rationing with the help of demand and supply curves
- Price ceiling with the help of demand and supply curves
- Floor price with the help of demand and supply curves
This chapter, Concept of production and production function, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Concept of Production Function – Short run and long run production function
- Returns to a factor
- Total, Average and Marginal physical products
- Law of Variable Proportions
This chapter, Cost and revenue, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2022-23. These include the following : –
- Basic concepts of cost
- Fixed cost, variable cost, total cost, marginal cost and average cost – their relationships
- Opportunity cost
- Short run and long run cost curves.
- Meaning of Revenue
- Average revenue, marginal revenue and total revenue and their relationships under perfect competition and imperfect competition,
- Producer’s equilibrium.
- Basic concepts of private cost, economic cost, social cost, money cost, real cost, explicit cost, implicit cost.
This chapter, Main market forms, covers certain important topics, which are covered under syllabus for ISCE Class 12 and are coming in Term I examination for the academic year 2021-22. These include the following : –
- Perfect competition and its characterstics
- Monopolistic competition and its characterstics
- Oligopoly and its characterstics
- Monopoly and its characterstics
- Equilibrium of a firm in perfect competition under short run and long run.
- Features of perfect competition
- Features of monopolistic competition
- Features of oligopoly
- Features of monopoly
- Features of monopsony