ISC Economics Class 12 Syllabus 2024-2025 :Topper’s Plan!

 The latest syllabus for ISC Class 12 for the upcoming academic year 2024–2025, Economics ISC Class 12 Has been made available by the Council for the Indian School Certificate Examinations, or CISCE . 

Key points are:

• The Council for the Indian School Certificate Examinations (CISCE) has made no changes in their ISC Class 12 Economics Syllabus for the 2024-25 academic session. 
• Economics (Code: 856) is an elective subject in ISC Class 12 and is a favourite of students from all streams, be it humanities, science, or commerce
• Students are advised to go through the official syllabus provided below or visit CISCE website to download the same from the official website. 
• Here is the link to directly download the PDF of Economics Class 12 ICSE Syllabus entire syllabus in one-go.

      Also, Do Not Miss –  ISC Class 12 Specimen Papers for practicing and scoring 90+ guaranteed in your Board Exams 😉

    ISC Economics Syllabus Class 12 Latest Changes And Updates:

      Understanding the syllabus before beginning the preparations is a crucial step to score well in exams. So, here is the ISC Economics Class 12 Curriculum Overview for you all. 

      But first , let me introduce you to The World Of Economics. Ever wonder why studying Economics is beneficial as well as important for you?

Let me answer this –

      Studying economics can help a student in an ample number of ways. From improving their decision making skillset to critical thinking skills and teaching them how the market is actually working , how the policies are running , Economics deal with it all. Utilizing the resources is one of the other major agenda of learning economics. This knowledge is effective for managing personal finances and opens up many career opportunities in areas like finance, consulting, and public policy. Moreover, it helps the students to understand important social issues like poverty and inequality and money market, making them well-informed citizens who can make a positive impact on society.

Overview Of The Syllabus : 

     Below are some of the important points regarding the ISC Economics Class 12 2024-2025 upcoming exam –

• The students who are appearing for the upcoming 2024-2025 Economics ISC exam will give two papers in all i.e Paper 1 and Paper 2. 
• Paper I – Theory: Microeconomics and Macroeconomics – 3 hours (80 marks )
• Paper II-  Project Work (20 marks)
• The paper is divided into 3 sections for the students to answer.

Section A : Very Short Questions/ Multiple Choice Questions (MCQs)

Section B : Short Answer Questions

Section C : Long Answer Questions 

About the Internal Assessment for Economics ISC Class 12 : 

• The curriculum states that you must do at least 20 lab assignments in a year. According to ICSE, The school authorities conduct the individual assessment for 20 marks. Candidates will be expected to have completed two projects from any topic covered in Theory.

Suggested Topics by ISC Class 12 for the Project Work – 20 marks: 

1. Study a Public Sector Enterprise with reference to its relevance to the Indian Economy and its future prospects. Analyse 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 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 (labour 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 Growth and Productivity of any one industry such as: Textile / Automobiles / Electronic and Tele-communication, etc. in India for the past ten years.

Units/Chapters breakdown : Economics Syllabus Class 12 ISC

What’s Inside ?

MICROECONOMICS THEORY (40 Marks)
1	(i) Demand(ii) Elasticity of Demand(iii) Supply
	(iv) Market Mechanism(v) Concepts of Production(vi) Cost and Revenue
	(vii) Main Market Forms and Equilibrium of a Firm
MACROECONOMICS (40 Marks)
2	2. Theory of Income and Employment
3	3. Money and Banking
4	4. Balance of Payment and Exchange Rate
5	5. Public Finance
6	6. National Income

Unit : MicroEconomics Theory

(i) Demand : 

• Meaning plus determinants of demand
• Law of demand and its exceptional cases
• Demand (function and schedule)
• Movement and shift in demand curve

(ii) Elasticity of Demand : 

• Price elasticity of demand: meaning, types, and measurement
• Income and Cross Elasticity of demand
• Real life applications of elasticity of demand

(iii) Supply : 

• Supply (meanings and determinants)
• Law of supply and its exceptions
• Supply (function and schedule)
• Supply curve (movement and shift)

(iv) Market Mechanism : 

• Equilibrium (price and quantity determination)
• Market equilibrium (effects of change in supply and demand)
• Consumer’s surplus and producer’s surplus basic concepts

(v) Concepts of Production :

• Production function: meaning and types
• Laws of production: law of variable proportions and returns to scale
• Least-cost combination of inputs: basic concepts

(vi) Cost and Revenue :

• Explicit and implicit costs, accounting and economic costs
• Cost curves (short run and long run)
• Concepts of revenue: total, average, and marginal revenue

(vii) Main Market Forms and Equilibrium of a firm : 

• Perfect competition: characteristics and firm’s equilibrium
• Monopoly: characteristics, demand, revenue, and firm’s equilibrium
• Monopolistic competition and oligopoly: characteristics and firm’s behaviour

Unit : MacroEconomics 

2. Theory of Income and Employment : 

• Understand the different components that make up a country’s national income.
• The equilibrium level of income occurs when planned spending equals actual output or income.
• Factors like changes in investment, government policies, or net exports can affect this equilibrium and lead to changes in income, leading to a change in employment levels.
• Concepts like the multiplier effect explain how an initial change in spending can have a larger impact on the overall economy.

    3. Money and Banking : 

• Money serves as a medium of exchange throughout the world.
• The supply of money is controlled by the central bank by reserve requirements, open market operations, and setting interest rates.
• Commercial banks play a important role in creating credit and impacting the money supply through the process of reserve banking.
• Understand the functions of the central bank, like maintaining price stability, regulating banks, and managing the country’s currency.

4. Balance of Payment and Exchange Rate : 

• The balance of payments records all economic transactions between a country and the rest of the world.
• It includes the current account (trade in goods and services) and the capital account (investment flows).
• A decrease or increase in the balance of payments can affect a country’s exchange rate and its international economic state.
• Exchange rates play a much important role in identifying the prices of imports and exports, as well as the overall competition of a country’s products.

5. Public Finance : 

• Public finance gives insights on how the government raises revenue (primarily through taxes) and how it spends it on various public goods and services.
• What are different types of taxes (direct and indirect) and their impact on consumers and businesses.
• The government’s budget can be in surplus, deficit, or balanced, depending on its revenue and expenditure levels.
• Fiscal policy tools like changes in taxes or government spending can be used for the betterment of our economic conditions like unemployment, inflation, and economic growth.

6. National Income : 

• National income is basically the total value of goods and services produced within a country over a given period of time.
• Components it includes are like consumption, investment, government spending, and net exports.
• The different methods to calculate national income, like the income method, expenditure method, and value-added method.
• National income statistics are important indicators of a country’s economic stability and are used for policy decisions and outer comparisons.

Tips for Students to Cover and Score 90+ in the ISC Economics Class 12 Exam 2024-2025:

1. In depth Syllabus study: Go through the syllabus in depth and keep a check on the topics, sub topics and marking scheme.
2. Understand the concepts of microeconomics and macroeconomics: Economics is widely brokedown into two forms. Make sure you understand both the areas effectively.
3. Pay attention to numerical problems: Economics got a lot of problems to deal with, lol! I mean (numerical problems, graphs, and data interpretation). Practice regularly and develop great problem-solving skills.
4. Study from reliable sources: Study from resources which are referred by top teachers and students, trustworthy and good to go. Check out some here: Economics ISC Class 12 Previous years question papers 
5. Go through case studies and examples:This is a major part of giving ISC Economics Exam Class 12. Study the case studies and examples and relate them with your theoretical preparation.
6. Update yourself on current economic events: Economics is related to the world news. Update yourself , follow headlines, money market and various new updates.
7. Don’t hesitate to reach out: Clarify all your doubts and never worry about what the other person thinks if you are reaching out. Reaching out only makes your presence stronger and by the advice of your teachers, friends, and elders you will be benefitted.

Students Frequently Ask :- 

1. Is Syllabus reduced for Class 12 in 2025?

• The CISCE Board has decided to continue using the same syllabus as 2023-2024 in the ongoing academic session 2024-25.

2. What is ISC Economics Syllabus Class 12 2024-2025?

• To Download ISC Class 12 Economics Syllabus PDF for the 2024-25 session click the link below: 

2024-25 Latest Syllabus – Download

3. Is ISC hard or CBSE?

• Till 10th, yes ICSE is tougher than CBSE but for 11th and 12th both are on the same level. Yes, there is a difference in the level of the exam. ISC Maths paper is easy compared to CBSE Maths but it is the other way around in Chemistry.

4. Is 90 in ISC good?

• 90+ is a great score. Then again, it all depends on what you’re going to do after the ISC.

5. What is the weightage of ISC Economics Class 12?

• Part A – Microeconomics for 40 marks and Part B – Macroeconomics for 40 marks. The rest 20 marks of weightage is given for the Project work by external teachers.