ISC EXAM CLASS 12TH LATEST UPDATE

Finally, wait is over and The Council for the Indian School Certificate Examinations (CISCE) has officially released the date sheet for ISC (Class 12) board examinations for 2025. This year class 12th board exam will be started from 13 February 2025 and will last upto 05 April 2025, it will take around 52 days to complete the class 12th board exam. The first exam will be held on 13 February 2025 for Environmental Science subject and the last exam will be held on 05 April 2025 for Art subject. The Indian School Certificate Examination results will be declared in the month of May.

Official Syllabus

There will be two papers in the subject :

Paper I - Theory: 3 hours ……80 marks

Paper II - Project Work ……20 marks

PAPER - I (THEORY) – 80 Marks

Part I (20 marks) will consist of compulsory short answer questions testing knowledge, application, and skills relating to elementary/fundamental aspects of the entire syllabus.

Part II (60 marks) will consist of eight questions out of which candidates will be required to answer five questions, each carrying 12 marks.

Note: The syllabus is intended to reflect a study of the theory of Economics with specific reference to the Indian Economy. Therefore, examples and specific references to the Indian Economy must be made wherever relevant.

1. Micro Economic Theory

(i) Demand: meaning, factors affecting demand; Demand function; Law of Demand; derivation of demand curve; movement and shift of the demand curve; exceptions to the Law of Demand. 

Law of Diminishing Marginal Utility, Law of Equimarginal Utility, consumer’s equilibrium through utility approach (Cardinal), and indifference curve analysis (Ordinal).

The concept of demand: meaning. A demand function to be specified incorporating the determinants of demand. Diagrams should be used in explaining the Law of Demand, the reasons for the downward slope of the demand curve, and its derivation using the demand schedule. Derivation of the market demand curve from the individual demand curve.

(a) Cardinal Utility Analysis: meaning of utility, total utility, marginal utility, the relationship of TU and MU, Law of Diminishing Marginal Utility (schedule and diagram, Only assumptions to be taught, criticisms not required), Consumer’s equilibrium – one commodity (schedule and diagram), Law of Equimarginal Utility statement, schedule) and conditions of consumer’s equilibrium using marginal utility;

(b) Ordinal Utility Analysis: Indifference Curve – its meaning and properties (including MRS and DMRS), indifference map, consumer’s budget line, and Consumer’s equilibrium – condition (to be explained with the help of a diagram).

(ii) Elasticity of demand: meaning, types of elasticity of demand, measurement of elasticity of demand; factors affecting elasticity of demand.

Various methods of measurement of the elasticity of demand: point method - percentage method, expenditure method, and geometric method. (Numericals required on percentage method only). The cross and income elasticity of demand must be explained. Degrees of elasticity of demand to be explained. Use diagrams wherever necessary.

(iii) Supply: meaning; difference between stock and supply; determinants of supply; Law of Supply; movement and shift of the supply curve; elasticity of supply

Difference between stock (intended supply) and supply (actual supply) with the help of relevant examples. A supply function should be specified and explained. 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

ISC EXAM CLASS 12TH LATEST UPDATE

Finally, wait is over and The Council for the Indian School Certificate Examinations (CISCE) has officially released the date sheet for ISC (Class 12) board examinations for 2025. This year class 12th board exam will be started from 13 February 2025 and will last upto 05 April 2025, it will take around 52 days to complete the class 12th board exam. The first exam will be held on 13 February 2025 for Environmental Science subject and the last exam will be held on 05 April 2025 for Art subject. The Indian School Certificate Examination results will be declared in the month of May.

Official Syllabus

There will be two papers in the subject :

Paper I - Theory: 3 hours ……80 marks

Paper II - Project Work ……20 marks

PAPER - I (THEORY) – 80 Marks

Part I (20 marks) will consist of compulsory short answer questions testing knowledge, application, and skills relating to elementary/fundamental aspects of the entire syllabus.

Part II (60 marks) will consist of eight questions out of which candidates will be required to answer five questions, each carrying 12 marks.

Note: The syllabus is intended to reflect a study of the theory of Economics with specific reference to the Indian Economy. Therefore, examples and specific references to the Indian Economy must be made wherever relevant.

1. Micro Economic Theory

(i) Demand: meaning, factors affecting demand; Demand function; Law of Demand; derivation of demand curve; movement and shift of the demand curve; exceptions to the Law of Demand. 

Law of Diminishing Marginal Utility, Law of Equimarginal Utility, consumer’s equilibrium through utility approach (Cardinal), and indifference curve analysis (Ordinal).

The concept of demand: meaning. A demand function to be specified incorporating the determinants of demand. Diagrams should be used in explaining the Law of Demand, the reasons for the downward slope of the demand curve, and its derivation using the demand schedule. Derivation of the market demand curve from the individual demand curve.

(a) Cardinal Utility Analysis: meaning of utility, total utility, marginal utility, the relationship of TU and MU, Law of Diminishing Marginal Utility (schedule and diagram, Only assumptions to be taught, criticisms not required), Consumer’s equilibrium – one commodity (schedule and diagram), Law of Equimarginal Utility statement, schedule) and conditions of consumer’s equilibrium using marginal utility;

(b) Ordinal Utility Analysis: Indifference Curve – its meaning and properties (including MRS and DMRS), indifference map, consumer’s budget line, and Consumer’s equilibrium – condition (to be explained with the help of a diagram).

(ii) Elasticity of demand: meaning, types of elasticity of demand, measurement of elasticity of demand; factors affecting elasticity of demand.

Various methods of measurement of the elasticity of demand: point method - percentage method, expenditure method, and geometric method. (Numericals required on percentage method only). The cross and income elasticity of demand must be explained. Degrees of elasticity of demand to be explained. Use diagrams wherever necessary.

(iii) Supply: meaning; difference between stock and supply; determinants of supply; Law of Supply; movement and shift of the supply curve; elasticity of supply

Difference between stock (intended supply) and supply (actual supply) with the help of relevant examples. A supply function should be specified and explained. 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. The elasticity of Supply: Meaning and measurement of elasticity of supply by percentage method and geometric method.

(iv) Market Mechanism: Equilibrium and disequilibrium; Equilibrium price and effect of changes in demand and supply on the equilibrium price. Simple applications of tools of demand and supply.

A basic understanding of the concept of equilibrium. The effects of changes in demand and supply - both along the curves and shift of the curves to be explained. Basic understanding of Price control, rationing, Price ceiling, and Floor price with the help of demand and supply curves.

(v) Concept of production and production function (short-run and long-run production function), returns to a factor, total, average, and marginal physical products; Law of Variable Proportions and its three stages.

A production function (concept only). Law of Variable Proportions: statement, assumptions, schedule (for the purpose of understanding and not for testing), diagram, and explanation of the three stages.

(vi) Cost and revenue: 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. Revenue: meaning; average revenue, marginal revenue, and total revenue and their relationships under perfect competition and imperfect competition.

Basic concepts – private cost, economic cost, social cost, money cost, real cost, explicit cost, implicit cost.

Cost concepts – Fixed cost, variable cost, total cost, marginal cost, average cost with schedule and diagram; the relationship between average cost, marginal cost, and total cost (only concepts of long run and short run cost curves, derivations not required). Opportunity cost – meaning only. Difference between accounting cost and opportunity cost.

Revenue – Average revenue, marginal revenue, total revenue – concepts and relationships under perfect competition and imperfect competition.

(vii) Main market forms: perfect competition, monopolistic competition, oligopoly, monopoly, monopsony; characteristics of the various market forms.

Features of perfect competition, monopolistic competition, oligopoly, monopoly, and monopsony (meaning only).

2. Theory of Income and Employment

Basic concepts and determination of Income and Employment

The concept of demand (ex-ante) and effective (export) demand. Aggregate demand and its components, propensity to consume and propensity to save (average and marginal), equilibrium output.

3. Money and Banking

(i) Money: meaning, functions of money, supply of money. Meaning, kinds of money, functions of money (primary, secondary, and contingent) to be explained; supply of money (only meaning of M₀, M₁, M₂, M₃ & M₄).

(ii) Banks: functions of the commercial bank; high powered money, credit creation by commercial banks; Central Bank: functions.

Basic understanding of the functions of commercial banks, and credit creation process with limitations. The regulatory role of the Central Bank, its functions, and the way it controls the flow of credit needs to be explained. A brief mention may be made of quantitative CRR, SLR, Bank Rate policy (repo rate and reverse repo rate), and Open Market Operations) and qualitative methods.

4. Balance of Payment and Exchange Rate

Balance of Payment – meaning, components; foreign exchange – meaning, determination of exchange rate (Flexible).

Balance of Payment - Meaning and components; Causes of disequilibrium and how the disequilibrium can be corrected; Foreign Exchange Rate – meaning, meaning of fixed and flexible exchange rate, determination of exchange rate in a free market. Concepts of depreciation, appreciation, devaluation, and revaluation (meaning only).

5. Public Finance

(i) Fiscal Policy: meaning and instruments of fiscal policy.

Meaning and instruments of fiscal policy – Public Revenue: Meaning, taxes (Meaning and types), the difference between direct and indirect taxes; Public Expenditure: Meaning and importance; Public Debt: Meaning and redemption; Deficit Financing: meaning.

(ii) Government Budget: meaning, types, and components.

Meaning and types of Government budget – union, state; components – revenue and capital. Concept of deficit budget: revenue deficit, fiscal deficit, primary deficit – their meaning and implications.

6. National Income

(i) Circular flow of Income.

A simple model explaining the circular flow of income with two, three, and four-sector models with leakages and injections.

(ii) Concepts and definition of NY, GNP, GDP, NNP, private income, personal income, personal disposable income, National Disposable Income, and per capita income; the relationship between the income concepts.

A brief understanding of the mentioned national income aggregates is needed. The concepts of GNP and NNP should be explained both at factor cost and market prices, real GDP, nominal GDP, National Disposable Income (Gross and Net), GDP and Welfare, and GDP as an indicator of Economic welfare.

(iii) Methods of measuring National Income: product or value-added method; income method and expenditure method with simple numerical based on them.

Simple numerals based on all the methods are to be covered for a better understanding of the concept. Precautions and difficulties of measuring National Income for each method.

PAPER II – PROJECT WORK – 20 Marks

Candidates will be expected to have completed two projects from any topic covered in Theory.

The practical work will be assessed by the teacher and a Visiting Examiner appointed locally and approved by the Council.

Mark allocation for each Project [10 marks] :

A list of suggested Projects is given below :

1. Study a Public Sector Enterprise with reference to its relevance to the Indian Economy and its future prospects. Analyze the trend of its growth for the last ten years.

2. Conduct a Socio-Economic survey of a locality (minimum sample size should be 30 households) with reference to:

(a) Demographic features.

(b) Consumption Pattern – Expenditure on necessities, comforts, and luxuries.

(c) Occupational structure.

3. Compare the contribution made by different sectors of the economy towards GDP growth during the planning period.

4. Prepare a report on the competition in the Aviation Sector in India with reference to:

(a) Performance of the Public Sector and Private Sector.

(b) Operational strategies adopted by budget/low-cost carriers.

5. Make a comparative analysis of the lending performance of five Commercial Banks in the past six years with reference to the changing CRR and SLR.

6. Many thinkers believe that we are rapidly depleting our natural resources. Assume that there are only two inputs (labor and natural resources) producing two goods (wheat and gasoline) with no improvement in technology over time. Show what would happen to the Production Possibility Curve over time as natural resources are exhausted. How would invention and technological improvement modify your answer? On the basis of this example, explain why it is said: “economic growth is a race between depletion and invention.”

7. Make a comparative study of the allocation of financial resources of the Central Government Budget on Agriculture, Defence, Industry, and Education in the last ten years. Prepare a report on your observations.

8. Prepare a trend Analysis of the Growth and Productivity of any one industry such as Textile / Automobiles / Electronic and Telecommunication, etc. in India for the past ten years.

NOTE: No question paper for Practical work will be set by the Council.

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