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CBSE Class 12 Economics: Important Topics

The following are some of the most important chapters and units in class 12 economics. The following need to be given special emphasis and should be completed on priority basis.

  • Consumer Equilibrium and Demand
  • Producer Behavior and Supply
  • Government Budget and the Economy
  • Money and Banking
  • Balance of Payments

The weightage of these chapters has also been provided below :

CBSE Class 12 Economics: Important Topics (Marks-wise)

Consumer Equilibrium and Demand 18 marks
Producer Behaviour and Supply 18 marks
National Income and Related Aggregates 15 marks
Determination of Income and Employment 12 marks
Forms of Market and Price Determination 10 marks

CBSE Class 12 Economics (Commerce): Preparation Tips

  • It is very difficult to cram a subject like economics. So, it is beneficial if you take notes, attend lectures and study actively and enhance your economic vocabulary by knowing the definitions, meaning of different economic related terms and even participating in a discussion to understand if it makes sense or not.
  • Before attending any tuition or school lectures , always go through the chapter to be taught once by yourselves. This way you will be able to understand better during the class.
  • Move topic wise. For example, read something on micro economics, then, move to some other book. List out any doubts which you have and get them cleared by your teachers. Then only start with any other topic , like macroeconomics.
  • Try to figure out what a specific problem asks for. Talk about the data needed to answer it. Know what you are looking for (for example what quantity should the firm produce), know how to find it (look for the intersection of MR and MC), and other factors needed for the outcome to be optimal.
  • Think about what you read in textbooks. Create your own examples to understand the concepts. Ask questions to yourself to check if you understand what is written.
  • Try to know the various economic models. Look for figures of the models and read the captions. If you don’t quite get the idea behind it, then find the part in the text that describes the model through an example.
  • Ensure that you understand all the terms in bold. Most of these terms would be recurring concepts throughout the course (for example supply, demand, elasticity, market and industry)
  • If you get stuck while solving questions at some typical point you should note those typical points for later revision. It will help you later on in the exam.
  • Give proper time to revision in that last few months before your boards.
  • Remember to make attractive and neat project file. This project carries 20 marks and hence , students should make the most out of this and achieve 18-20 marks atleast here.
  • Solving past years’ examination papers is the key of success for all meritous students provided that is done keeping the time in mind.Get a past years’ paper, set your clock and solve that paper within 3 hours.This practice will help you to manage your time effectively during the examination. Find a few papers here.
  • Also do not forget to practice CBSE Sample Papers available on the internet.This practice gives you the idea about the pattern of questions, typology and methodology of how examiners set the question papers.
  • Numericals in Economics are very important for both Micro as well as Macro economics .Lot of questions are asked in the exam from chapters like elasticity of demand and supply, Revenues and Costs, National income etc. Although calculations are basically additions and subtractions do be careful of making silly mistakes
  • Students should NOT mug up the various formulas and should understand how that formula is derived and what purpose it is made for. Once you understand the formulas prepare a chapter wise formula sheet and revise them regularly.
  • Definitions are to be understood properly with the logic and reasoning behind the concept.
  • There are lot of Distinguish Between questions. Always do them in tabular form with basis clearly shown. This way examiner understands them and awards higher marks.
  • Always remember to make analogies as various concepts and units are inter-related.Take for Example -:Micro-economics revolves around demand and supply which are just two faces of a coin. So if you grasp demand well, supply (which is exactly opposite) becomes a cake-walk. Similarly, the concepts of marginal cost,marginal revenue and marginal revenue are analogous. While studying, you must learn to spot such analogies which will facilitate better comprehension.

How to score well in CBSE Class 12 Economics Exam?

  • Make graphs wherever required.
  • Among the questions with internal choices, select the ones that you plan to attempt, and for difficult questions write small pointers at the side margin so as to be aware of the main point of each point.
  • Follow a pattern. For example, in case you start with long answer questions, complete that section and only then move to short or very short answer section.
  • Highlight or Underline the important points and write your answer in points to make it much more simpler and understandable for the examiner
  • Before you start the exam, utilize the first 15 minutes to skim through the paper. Read the question paper thoroughly before jumping to write the answers.
  • Don’t forget to mark even the smallest details in the diagrams like x-axis and y-axis. You need to mention every single detail in the diagram to avoid any kind of silly mistake.
  • Focus on the newly added topics like price floor and price ceiling, repo rates, reverse repo rates, numerical on national income and all types of equilibrium for sure.
  • Sleep well and do not stress out the day before your exam.

Recommended  Books

  • First of all , start with NCERT Books. Use them to create your base for the whole year. Price – 65 INR
  • Another important book is TR Jain and VK Ohri. This book is a favourite among students due to its simple approach towards understanding of concepts and various questions. Price – 350 INR
  • Sandeep Garg’s book is considered to be the most helpful book by students and is trusted to be very interactive due to it’s illustrations and questions from examination point of view. Price – 285 INR

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