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Economics is the study of how individuals, businesses, and governments allocate limited resources to satisfy unlimited wants and needs. It examines how goods and services are produced, distributed, and consumed in societies.
Branches of Economics
Economics is divided into two branches;
Microeconomics
It is the study of how individuals make choices in response to change in prices, resources, or methods of production. The examples of microeconomics are individual demand, supply, the theory of firm, opportunity cost and consumer theory.
Macroeconomics
It is the branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. The examples of macroeconomics are inflation, GDP, aggregate demand, monetary policy, national income, unemployment rates, etc.
Tutoring service online - Syllabus
Economics in school syllabus empowers students to make informed decisions, understand the forces that shape their environment, and participate in debates and discussions that affect public policy.
Class 5, 6 & 7
The topics include basic economic concepts like needs, wants, scarcity, choice, production, consumption, market mechanism, demand and supply, price determination in a competitive market, types of goods and services, different sectors of the economy, local economic activities in Kerala, consumer awareness, and importance of saving and budgeting.
Class 8,9 & 10
The Kerala high school economics syllabus includes topics such as the Kerala economy, economic planning, development issues, demographic features of Kerala, occupational distribution of population, migration, social infrastructural development, trends in gross state domestic product and per capita income poverty, unemployment, inequality, poverty, alleviation and employment generation programs, growth of agriculture, cropping pattern, agrarian structure, land reforms, five year plans in India, concepts of human development, measurement of development, concept of sustainable development, structure of taxes and expenditure of the government and concepts of federal finance.
Plus One & Plus Two Humanities
In the Kerala Plus One and Plus Two Economics syllabus, key topics include: Microeconomics concepts like demand and supply, market structures, production functions, consumer behavior, cost analysis, national income and related aggregates, money and banking, government budgeting, economic development, economic issues in India, and basic statistical tools; with a focus on applying these concepts to understand the Indian economy and its challenges.
Detailed breakdown
Microeconomics (Plus One):
- Introduction to Economics
- Basic Economic Concepts (Scarcity, Opportunity Cost, Production Possibility Curve)
- Demand Analysis (Law of Demand, Elasticity of Demand)
- Supply Analysis (Law of Supply, Elasticity of Supply)
- Market Equilibrium
- Different Market Structures (Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly)
- Consumer Behavior (Utility Analysis, Indifference Curve Analysis)
- Producer Behavior (Production Function, Cost Analysis)
Macroeconomics (Plus Two):
- National Income Accounting (GDP, GNP, NNP, Disposable Income)
- Money and Banking System
- Inflation and Deflation
- Government Budget and Fiscal Policy
- Economic Growth and Development
- Poverty and Unemployment
- Economic Issues in India (Agriculture, Industry, Infrastructure)
- Environmental Economics
Statistics for Economics (Throughout Plus One and Plus Two):
- Collection, Classification, and Presentation of Data
- Measures of Central Tendency (Mean, Median, Mode)
- Measures of Dispersion (Range, Standard Deviation)
- Correlation and Regression Analysis
Problems faced by students
- Limited access to fieldwork opportunities
- Lack of practical learning experience, visual aids and technologies
- Focus on rote learning
- Memorization issues
- Lack of real-world applications and interest
- Abstract concepts and terminologies
- Difficulty in focusing
- Anxiety over exams
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