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ISC Class 12 Economics Previous Year Board and School Prelim Question Papers
Economics is the study of how government, firms, household, individuals and society allocate their limited resources. Economics teaches a student how to develop conceptualized models of behavior, to changes in policy and market. Today, economists not only advise the Prime Minister and political parties on economic issue but also the Central Bank, investment banks, Real Estate and public and private businesses. Besides this economics also provide knowledge for making decisions in day to day life. The subject gives both theoretical as well as practical experience to the students. Unlike other subjects like Physics, Chemistry etc. economics does not have already developed policies and principles.
Economics being such an extensive, utilitarian and powerful subject requires hard work from students. However students can score very good marks in the economics just by understanding the theory and practicing different varieties of questions.
The aim of TestPaperz is to provide complete practice to ISC Class 12 Economics students, so that before sitting for the final examination, students are well aware of the types of questions and can prepare on how to answer them. We have aggregated various previous year question papers and sample papers which can be downloaded for free. Click below to download:
ISC Class 12 Economics is divided into two papers. Paper I which is the theory paper of 80 marks and paper II which is the project work of 20 marks. The theory paper is subdivided into 2 parts, Part1 (20 marks) and Part2 (60 marks).
ISC Class 12 Economics syllabus broadly includes-
Micro Economic Theory
Demand: Meaning of demand, Factors affecting demand; Law of Demand and its exceptions; Function of demand; derivation of Demand curve; Demand curve movement and shift;
Law of Equimarginal Utility, Law of Diminishing Marginal Utility, consumer’s equilibrium through indifference curve analysis (Ordinal) and utility approach (Cardinal)
Meaning and types of Elasticity of demand and its measurement ; Factors affecting elasticity of demand.
Meaning of supply and difference from Stock; Supply determinants; Law of Supply; supply elasticity; movement and shift of supply curve
Market Mechanism: Equilibrium of market and Disequilibrium of market; Equilibrium price and changes in equilibrium price due to shift in demand and supply, basic application of tools of demand and supply .
Production function and production Concept, returns to a factor, average, total and marginal physical products Law of Variable Proportions( along with three stages)
Preliminary concepts of cost and revenue; variable cost, fixed cost, marginal cost, total cost and average cost and their relationships; long run and short run cost curves; opportunity cost.
Meaning of Revenue; Marginal, average and total revenue and their relationship in perfect and imperfect competition scenarios, producers equilibrium.
Different market forms: perfect competition, monopolistic competition, oligopoly and their characteristics, Under perfect competition equilibrium of a form in short run and long run.
Theory of Income and Employment
Fundamental concepts and determination of employment and income.
Money and Banking
Money its meaning, functions and supply.
Banks: commercial bank functions; high powered money and credit creation by Commercial Banks; functions of Central Bank
Balance of Payment and Exchange Rate
Meaning of Balance of Payment and its components; meaning of Foreign Exchange rate and its determination.
Fiscal Policy: Meaning of fiscal policy and its instruments. Meaning of government budget, types and its components.
Circular flow of Income.
Concepts and definition of national income, Gross national product, Gross domestic product, Net national product, personal income, private income, Personal and National Disposable Income, per capita income; relationship between various income concepts.
National income measurement- Product or Value added method, income method and expenditure method. Simple numericals based on these income measurement methods
For detailed and exact syllabus please refer to CISCE Website
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