Want know whats new in Economics In revised syllabus for std XI?

Mrs. Ketki Neeraj Kulkarni
Sunday, 7 June 2020

Economics is an important subject to be studied in fast changing world that faces many challenges in different sectors of the economy. If we want our economy to grow, we need to first understand the basics of it. In revised syllabus (2020-21) for std XII this aspect has been well taken care of.

The syllabus for Std XI & Std XII has been revised from the academic year 2019-20 & 2020-21 respectively. Innovation and practical application has been kept as a centre point while reframing the syllabus. To get the changes read this article...

Economics is an important subject to be studied in fast changing world that faces many challenges in different sectors of the economy. If we want our economy to grow, we need to first understand the basics of it. In revised syllabus (2020-21) for std XII this aspect has been well taken care of.

Let us now briefly review the book and its content.

About cover page:
The cover page consists of the ‘Rupee’ sign in which we see various concepts like SEBI, GST, Utility, RBI, GDP, BOP, Consumer demand and so on.. Thus readers can easily guess as to what all has been included in revised syllabus. All these concepts help us understand how an economy functions.

About the syllabus:
Total number of chapters has been reduced from 13 (old syllabus) to 10 (revised syllabus). Micro economics consists of all fundamental laws such as Law Of Diminishing Marginal Utility, Law of Demand, Law of supply etc which the students of Economics/Commerce should know. So no major changes have been made in the new syllabus in Micro Economics section. 

There have been considerable changes made in Macro economics section. In macro economics, the chapters such as Index Numbers, Financial Markets, Foreign Trade in India have been added. This is a remarkable change in the syllabus as students come across these concepts in newspapers or any other media but may not understand them. This introduction will definitely ignite their minds.

Knowledge of Index Numbers is important while studying the economy as it is important while deciding policies, understanding trends in prices, imports and exports, deciding about volume and nature of production, forecasting various economic activities etc.

Chapter on Public Finance covers the sources of tax and non-tax revenue for the government. The knowledge of Principles of taxation, GST, Budget is very important for students of commerce & Economics.

Chapter on Money Market and Capital Market (Financial markets) covers the role of banking sector and NBFCs, money market instruments, role of commercial and central bank, role of capital market and problems related to raising long term finance. This knowledge is important for the students to understand the functioning of economy in a better way.

Chapter on Foreign Trade will help students understand the concepts such as Balance of Payment, Balance of Trade and trends in India’s exports and imports.

Significance:
In current scenario and most importantly being the students of Economics, we have to know those basic economic concepts and functioning of economy. This revised version of our syllabus will definitely be helpful in understanding those concepts better.

Though it is a sheer coincidence, amid current pandemic, when people are talking about probable global recession, effect on trade and overall economic impact, it will be easier for the students to understand them better with new syllabus
.
The syllabus is revised in such a way that it will develop students’ analytical and comprehensive skills, critical thinking and improve their practical understanding of the subject. For this, in each chapter boxes titled “Do you know” and “You should know” have been introduced.

To conclude, I would say that new syllabus is a real value addition for the learners. Since e-Textbooks are now available (thanks to Balbharti & technology) we can start studying without much difficulty. On this note, I wish everyone ‘All the Best!’... Stay Home.. Stay Safe... and Study Well!!!        
                        
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