Syllabus

Units Theory : Marks Time : Minutes Marks

PART A STATISTICS FOR ECONOMICS
. Introduction
. Collection, Organisation and Presentation of Data
. Statistical Tools and Interpretation Arithmetic Mean, Median and Mode

Sub Total
PART B INTRODUCTORY MICROECONOMICS
. Introduction
. Consumer s Equilibrium and Demand
Sub Total
Total
PART C PROJECT WORK Part : Marks
Students would prepare only ONE project in the entire academic session, which is divided into
terms i.e. Term I and Term II.

PART A STATISTICS FOR ECONOMICS

UNIT - Introduction
What is Economics
Meaning, scope, functions and importance of statistics in Economics

UNIT - Collection, Organisation and Presentation of data

Collection of data - sources of data - primary and secondary; how basic data is
collected with concepts of Sampling; methods of collecting data; some important
sources of secondary data: Census of India and National Sample Survey Organisation.
Organisation of Data: Meaning and types of variables; Frequency Distribution.
Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data:
i Geometric forms bar diagrams and pie diagrams , ii Frequency diagrams
histogram, polygon and Ogive and iii Arithmetic line graphs time series graph .

CBSE
New Pattern
 UNIT - Statistical Tools and Interpretation
Measures of Central Tendency -Arithmetic mean, median and mode

PART B INTRODUCTORY MICROECONOMICS

UNIT - Introduction
Meaning of microeconomics and macroeconomics; positive and normative
economics
What is an economy Central problems of an economy: what, how and for whom to
produce; opportunity cost.

UNIT - Consumer s Equilibrium and Demand

Consumer s equilibrium - meaning of utility, marginal utility, law of diminishing
marginal utility, conditions of consumer s equilibrium using marginal utility analysis.
Indifference curve analysis of consumer s equilibrium-the consumer s budget
budget set and budget line , preferences of the consumer indifference curve,
indifference map and conditions of consumer s equilibrium.
Demand, market demand, determinants of demand, demand schedule, demand
curve and its slope, movement along and shifts in the demand curve; price elasticity
of demand - factors affecting price elasticity of demand; measurement of price
elasticity of demand percentage-change method.

PART C PROJECT IN ECONOMICS

Guidelines as given in class XII curriculum

Syllabus (Rationalised)
PART B: INTRODUCTORY MICROECONOMICS
Unit-4: Introduction
l Concepts of Production possibility frontier

CBSE
New Pattern
 CBSE Circular
Acad - 51/2021, 05 July 2021
About Latest Exam Scheme Term I & II

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Hkkjr CENTRAL BOARD OF SECONDARY EDUCATION

(An Autonomous Organisation under the Ministryof Education, Govt. of India)
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CENTRAL BOARD OF SECONDARY EDUCATION
(An Autonomous Organisation under the Ministryof Education, Govt. of India)
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(An Autonomous Organisation under the Ministryof Education, Govt. of India)
CBSE New Pattern ~ Economics XI (Term I) 03

01
Introduction to
Economics and Statistics
Quick Revision
1. Definition of Economics According to The characteristics of statistics in plural sense
Alfred Marshall, “Economics is the study of are as follows
mankind in the ordinary business of life. It (i) Aggregate of facts
examines that part of individual and social (ii) Numerically expressed
action which is most intimately connected (iii) Affected by multiplicity of causes
with attainment and use of material requisities (iv) Reasonable degree of accuracy
of well-being.” (v) Collected in a systematic manner
According to Professor Paul A Samuelson, (vi) Pre-determined purpose
“Economics is the study of how men and society (vii) Placed in relation to each other
choose to employ scarce resources that could 4. Statistics in Singular Sense In singular sense,
have alternative uses in order to produce it refers to the science comprising of methods
various commodities overtime and distribute which are used in collection, analysis,
them for consumption now and in future interpretation and presentation of numerical
amongst various persons and groups in society.” data. These methods are used to draw
2. Concept of Statistics It basically means conclusions about the population parameter.
quantitative information, i.e. information According to Croxton and Cowden,
which can be expressed in numbers and it also “Statistics may be defined as the collection,
deals with methods or techniques relating to presentation, analysis and interpretation of
the collection, classification, presentation and numerical data.”
interpretation of data. Statistics is used in two The stages of statistics in singular sense which
senses, namely plural sense and singular sense. are enumerated below
3. Statistics in Plural Sense In plural sense, the (i) Collection of data
word statistics refers to numerical facts and (ii) Organisation of data
figures collected in a systematic manner with a (iii) Presentation of data
definite purpose in any field of study. (iv) Analysis of data
According to Bowley, “Statistics are (v) Interpretation of data
numerical statements of facts in any 5. Scope of Statistics According to Tippet,
department of enquiry placed in relation to “Statistics affects everybody and touches life
each other.” at many points.”
04 CBSE New Pattern ~ Economics XI (Term I)

Important areas of its scope are as follows An economist may be interested in finding
(i) Statistics in planning out what happens to the demand for a
(ii) Statistics in business and management commodity when its price increases or
(iii) Statistics in industry decreases.
(iv) Statistics in economics (iv) Economic Forecasting The data provided
6. Functions of Statistics by statistics, helps an economist to forecast
about future trends and accordingly make
(i) It expresses facts relating to different
changes in plans and policies.
phenomena in numbers.
(v) Formulation of Policies Statistics helps in
(ii) It presents complex data in a simple form so
the formulation of policies by providing
that it becomes easy to comprehend.
necessary data.
(iii) It enlarges an individual’s knowledge,
(vi) Presenting Facts in Definite Form
experience and power of reasoning.
Statistics helps in exact and definite
(iv) It compares the data relating to facts. presentation of facts and removes confusion
(v) It facilitates policy formulations. and uncertainty.
7. Importance of Statistics in Economics (vii) Condensing Elaborate Data in a Concise
(i) Understanding Economic Problems Form Statistics helps in summarising lengthy
Statistics helps an economist to understand and elaborated economics data in a concise
an economic problem through its form with the help of statistical tools of
quantitative expression. central tendency such as mean, median, etc.
(ii) Working out Cause and Effect 8. Limitations of Statistics
Relationship Statistics helps economists to (i) It is a study of numerical facts only.
find out cause and effect relationship (ii) It is a study of aggregates only.
between different sets of [Link] the (iii) Homogeneity of data is an essential
causes of the problem are identified, it is requirement in statistics.
easier to formulate certain policies to
(iv) Statistical results are true only on
tackle it.
an average.
(iii) Construction of Economic Theories or (v) Without reference statistical, results may
Economic Models Statistics is used in prove to be wrong.
finding relationship between different
economic factors. (vi) Statistics can be used only by the experts.
CBSE New Pattern ~ Economics XI (Term I) 05

Objective Questions
Multiple Choice Questions 7. ……… is an economic agent who
1. Wealth definition of Economics was produces various goods and services to
given by maximise profits.
(a) Service provider (b) Service receiver
(a) Prof. Adam Smith
(c) Producer (d) Consumer
(b) Prof. Alfred Marshall
(c) Prof. Lionel Robbins 8. All activities which involve money is
(d) Prof. Samuelson referred to as economic activity.
Choose the most appropriate option
2. Choose the correct statement from the from below for the given statement.
given below.
(a) True
(a) Economics and statistics goes hand in (b) False
hand.
(c) Partially true
(b) Economic laws are validated by statistical
(d) Incomplete statement
information.
(c) Government needs statistical information 9. If a farmer produces for self-
for making fiscal policies. consumption, then this activity will be
(d) All of the above are correct statement called as ……… .
3. Welfare definition of Economics was (a) an Economic activity
(b) a Non-economic activity
given by
(c) a Self-sufficient activity
(a) Prof. Adam Smith
(d) None of the above
(b) Prof. Alfred Marshall
(c) Prof. Lionel Robbins 10. Choose the correct pair from given below.
(d) Prof. Samuelson
Column I Column II
4. According to Prof. Robbins, economic A. Resources (i) Scarcity
problems arises due to ……… .
B. Human wants (ii) Limited
(a) resource scarcity
(b) unlimited human wants C. Human needs (iii) Non-recurring
(c) resources can be put to various uses in nature
(d) All of the above D. Natural resources (iv) Limited use
5. The word Economics is derived from Codes
……… words. (a) A – (i) (b) B – (ii)
(a) Latin (b) English (c) C – (iii)
(c) Greek (d) None of these (d) All of the above pairs are correct

6. An economic agent who works to earn 11. Non-economic activities are one which
wages to buy various goods and uses scarce productive resources.
services is called ……… . Choose the most appropriate option
(a) consumer
from below for the given statement.
(b) producer (a) True (b) False
(c) service provider (c) Partially true
(d) service holder (d) Incomplete statement
06 CBSE New Pattern ~ Economics XI (Term I)

12. Identify the activity which is not done 17. Services produced for self-consumption
with the motive of earning livelihood are an act of non-market economic
from the given below. activities. Choose the most appropriate
(a) Blood donation camp option from given below.
(b) Free meal distribution during nationwide (a) True
Covid-19 lockdowns (b) False
(c) Visiting an orphanage to distribute cloths (c) Partially true
(d) All of the above (d) Incomplete statement
13. Choose the incorrect pair from the 18. Economic activities never involve the
given below. use of money. Choose the most
Column I Column II appropriate option from below for the
given statement.
A. Scarcity Definition (i) Prof. Lionel
(a) True
of Economics Robbins
(b) False
B. Growth Oriented (ii) Prof. Paul (c) Partially true
Definition of Sweezy (d) Incomplete statement
Economics
19. A teacher teaching his own child is a
C. Welfare Definition (iii) Prof. Alfred ………… activity.
of Economics Marshall
(a) economic (b) non-economic
D. Economics is the (iv) Prof. Adam (c) market (d) None of these
Science of the Smith
Wealth of the Nation 20. ……… is an economic branch related
to the study of an individual economic
Codes entity.
(a) A – (i) (b) B – (ii)
(a) Statistics (b) Microeconomics
(c) C – (iii) (d) D – (iv)
(c) Macroeconomics (d) Both (a) and (b)
14. An economic agent who consumes a
good to maximise satisfaction is known
21. Economics is considered as
as a ……… . (i) Positive Statement
(a) Consumer (ii) Normative Statement
(b) Producer (iii) Science
(c) Service provider (iv) Art
(d) Service holder Choose from the options below.
(a) (i), (ii) and (iii)
15. An economic activity which involves (b) (ii), (iii) and (iv)
addition to the stock of capital is (c) (i), (iii) and (iv)
known as (d) (i), (ii), (iii) and (iv)
(a) Consumption (b) Production
(c) Investment (d) None of these 22. Statistics is derived from a Latin word
‘Status’ which means ……… .
16. Statistics is defined in ……… ways. (a) data
(a) two (b) three (b) political state
(c) four (d) infinite (c) quantitative information
(d) All of the above
CBSE New Pattern ~ Economics XI (Term I) 07

23. Which of the following is/are true 29. Inferential Statistics refers to the
about statistics? methods by which conclusions are
(a) Statistics are collected in a systematic drawn relating to the population on the
manner basis of a given sample.
(b) Statistics are numerically expressed
Choose the most appropriate option
(c) Statistics is aggregate of facts
from below for the given statement.
(d) All of the above are true
(a) True
24. ……… refers to the study based upon (b) False
observations or experimentations. (c) Partially true
(a) Empirical analysis (d) Incomplete statement
(b) Quantitative analysis
30. Statistics can be best used by ……… .
(c) Qualitative analysis
(d) None of the above (a) experts
(b) general people
25. In which of the following ways, (c) economists
Statistics can be defined? (d) All of the above
(a) Singular sense (b) Plural sense
(c) Both (a) and (b) (d) Neither (a) nor (b)
31. Students of class XI do not pay much
importance in studies. This statement is
26. Choose the correct option about a statistical information.
Statistics in plural sense. Choose the most appropriate option
(a) Descriptive in nature from below for the given statement.
(b) Inductive in nature
(a) True
(c) Statistical data
(b) False
(d) None of the above
(c) Partially true
27. Choose the correct options from the (d) Incomplete statement
given below. 32. Collection of quantitative facts is a
(a) Statistics in singular sense is a series of part of which of the following
collection, organisation, presentation,
analysis and interpretation of data.
definitions of economics?
(b) Statistics in singular sense means (a) Singular
collection of numerical data. (b) Plural
(c) Statistics in plural sense is a series of (c) Both (a) and (b)
collection, organisation and interpretation (d) None of the above
of data.
(d) Statistics in plural sense is collection of 33. Descriptive statistics refers to
numerical data. information in terms of numerical data.
Choose the most appropriate option
28. ‘Viaan has a long bat’. This statement is
from below for the given statement.
……… .
(a) True
(a) quantitative statement
(b) False
(b) qualitative statement
(c) Partially true
(c) statistical statement
(d) Incomplete statement
(d) None of the above
08 CBSE New Pattern ~ Economics XI (Term I)

34. Choose the correct pair from given Choose from the options below.
below. (a) (i) and (ii)
Column I Column II (b) (ii) and (iii)
(c) (i) and (iii)
A. Collection (i) First method of
(d) (i), (ii) and (iii)
of data statistical enquiry
B. Statical (ii) Do not study the 39. Collection of secondary data is the
methods qualitative primary step of statistics.
phenomena’s Choose the most appropriate option
C. Statistical (iii) Affected by from below for the given statement.
results multiplicity of causes (a) True
(b) False
Codes
(c) Partially true
(a) A – (i)
(d) Incomplete statement
(b) B – (ii)
(c) C – (iii) 40. Any statistical information collected
(d) All of the above pairs are correct without a definite objective is known as
35. Statistics deals with ……… data. a number.
Choose the most appropriate option
(a) quantitative
from below for the given statement.
(b) qualitative
(c) Both quantitative and qualitative (a) True
(d) Neither quantitative nor qualitative (b) False
(c) Partially true
36. An individual number is not Statistics. (d) Incomplete statement
Choose the most appropriate option
from below for the given statement. 41. Choose the correct option from the
given below.
(a) True
(b) False (a) Statistics deals with individual facts.
(c) Partially true (b) Statistical results are correct only on an
average.
(d) Incomplete statement
(c) Statistics deals with quantitative
37. Statistics should be placed in relation to facts only.
each other. Choose the most (d) Both (b) and (c)
appropriate option from below for the 42. Statistics is a useful instrument for
given statement.
(a) policy makers
(a) True (b) economic laws
(b) False (c) businesses
(c) Partially true (d) All of the above
(d) Incomplete statement
43. Which of the following is the third
38. Which of the following is/are method of statistics in an enquiry?
function(s) of Statistics?
(a) Collection of data
(i) Simplification of facts (b) Organisation of data
(ii) Setting and analysis of hypothesis (c) Presentation of data
(iii) Enhances human knowledge (d) Analysis of data
CBSE New Pattern ~ Economics XI (Term I) 09

44. Statistical enquiry does not comprise 49. Assertion (A) Heterogeneous data in
of which of the following? statistics should be placed in relation to
(a) Study of numbers each other.
(b) Study of qualitative facts Reason (R) A quantitative fact is not
(c) Study of individual quantitative facts statistics unless it is comparable.
(d) None of the above

45. Distrust of statistics is because of Case Based MCQs

(a) limitation of statistics Direction Read the following case study
(b) misuse of statistics and answer questions 50 to 54 on the
(c) insufficient statistical methods basis of the same.
(d) scope of statistics is limited Statistics in plural sense refers to collection of
numerical facts where as in singular sense, it
Assertion-Reasoning MCQs refers to all statistical methods. Statistics plays
Direction ([Link]. 46 to 49) There are an important role in economic policies as well
two statements marked as Assertion (A) as in economics laws like law of demand, law
and Reason (R). Read the statements and of supply.
choose the appropriate option from the
Government uses various statistical
options given below information related to macroeconomics issues
(a) Both Assertion (A) and Reason (R) are true
like poverty, unemployment, etc. However, it
and Reason (R) is the correct explanation of
Assertion (A) is open to criticism as it does not deal with
(b) Both Assertion (A) and Reason (R) are true, individual facts and results are true only on an
but Reason (R) is not the correct average. Various tools are used to analyse
explanation of Assertion (A) different components like central tendency,
(c) Assertion (A) is false, but Reason (R) is true measures of variation, correlation and index
(d) Both are false numbers.
46. Assertion (A) Scarcity of resources is a
major cause of all economic problems
50. Arrange the following stages of Statistics
in a country. (i) Organisation (ii) Collection
(iii) Interpretation (iv) Presentation
Reason (R) Human wants are unlimited
while the resources have alternative uses (v) Analysis
as well. Choose from the options below
47. Assertion (A) Welfare definition of (a) (i), (iii), (ii), (v) and (iv)
(b) (iii), (ii), (i), (iv) and (v)
economics only considers human needs
(c) (ii), (i), (iv), (v) and (iii)
to satisfy wants.
(d) (iv), (v), (iii), (ii) and (i)
Reason (R) The means to fulfill human
wants are limited in relation to the needs. 51. Which of the following is/are
limitations of Statistics?
48. Assertion (A) Economic activity always
(a) Statistics can lead to misleading
involves buying and selling of a good or conclusion.
services in the market to earn profits. (b) Statistical data should be homogeneous.
Reason (R) Any act of production of (c) Statistics simply is one of the methods of
goods for self-consumption is a studying a phenomenon.
non-economic activity. (d) All of the above
10 CBSE New Pattern ~ Economics XI (Term I)

52. Assertion (A) Statistical results are 55. Statistics always deals with ………
correct only on an average due to the data.
presence of personal bias. (a) homogeneous
Reason (R) Statistics helps in enhancing (b) heterogeneous
(c) Both (a) and (b)
human knowledge by using its method
(d) Neither (a) nor (b)
of interpretation of primary data.
Alternatives 56. Which of the following activities can be
(a) Both Assertion (A) and Reason (R) are true considered as economic activities?
and Reason (R) is the correct explanation of (a) Production
Assertion (A) (b) Investment
(b) Both Assertion (A) and Reason (R) are true, (c) Consumption
but Reason (R) is not the correct
(d) All of the above
explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false 57. Choose the correct statement from
(d) Assertion (A) is false, but Reason (R) is true given below.
53. Government uses statistical information (a) The word ‘Economics’ means household
for ……… . management.
(b) Statistics only deals with quantitative facts.
(a) making macroeconomic policies
(c) Non-economic activities do not involve use
(b) maintaining law and order
of money.
(c) administration (d) All of the above
(d) Interpretation of data comes after analysis
54. Which of the following tools are used in of data.
Statistics for analysis of data? 58. Which of the following is not a
(a) Averages (b) Regression limitation of statistics?
(c) Correction (d) All of these
(a) It only deals with aggregate of facts.
(b) It’s results can be misleading.
Direction Read the following case study (c) It is not capable for further mathematical
and answer questions 55 to 59 on the treatment.
basis of the same. (d) It’s results can be proven incorrect without
Economics is derived from Greek words and reference.
used to be studied as a part of political
59. Assertion (A) Economics has no
system. Later, the importance of statistics was
importance when studied in isolation of
realised and studied as a separate discipline.
statistics.
On the other hand, statistics is derived from
Latin word and gained its importance from its Reason (R) Validity of economic laws
very beginning. Statistics is a different subject depends upon the empirical evidences.
but has its importance in almost all Alternatives
disciplines. Economics and statistics are two (a) Both Assertion (A) and Reason (R) are true
inter-related subjects. Economic policies are and Reason (R) is the correct explanation of
formed with the help of statistical Assertion (A)
information, also the validity of economic (b) Both Assertion (A) and Reason (R) are true,
theories are proved by statistical methods of but Reason (R) is not the correct
interpretation. In all, it can be said that explanation of Assertion (A)
economics cannot work in isolation without (c) Assertion (A) is false, but Reason (R) is true
statistics. (d) Both are false
CBSE New Pattern ~ Economics XI (Term I) 11

ANSWERS
Multiple Choice Questions
1. (a) 2. (d) 3. (b) 4. (d) 5. (c) 6. (c) 7. (c) 8. (b) 9. (a) 10. (a)
11. (b) 12. (d) 13. (b) 14. (a) 15. (c) 16. (a) 17. (b) 18. (b) 19. (b) 20. (b)
21. (d) 22. (b) 23. (d) 24. (a) 25. (c) 26. (d) 27. (b) 28. (b) 29. (a) 30. (a)
31. (b) 32. (c) 33. (a) 34. (d) 35. (c) 36. (a) 37. (a) 38. (d) 39. (c) 40. (a)
41. (b) 42. (d) 43. (c) 44. (c) 45. (b)

Assertion-Reasoning MCQs
46. (a) 47. (b) 48. (d) 49. (c)

Case Based MCQs

50. (c) 51. (d) 52. (b) 53. (d) 54. (d) 55. (a) 56. (d) 57. (a) 58. (c) 59. (a)

EXPLANATIONS
1. Wealth definition of Economics was given by 10. All resources are scarce in relation to the
Prof. Adam Smith in his famous book known as needs of human which are not only unlimited
“Wealth of the Nation”. but also continuous.
2. Statistics plays a major role in the Economics 11. Economic activities use the scarce productive
laws and theories as well as to the government resources to earn a living by human being.
as, without statistical information/evidence, one Non-economic activities are done out of
cannot conclude a law. emotional values.
3. The second most important definition of 16. Statistics is defined in two ways/sense i.e.,
Economics was given by Prof. Alfred Marshall, singular sense and plural sense.
who defined Economics from welfare point of 17. Services produced for self-consumption are
view. non-economic activities as their market value
4. The root cause of all economic problems is cannot be determined.
scarcity of resources along with never ending 18. Economic activities are done with the motive
human wants. of earning, spending, investment, etc. which
involve use of money.
5. Economics is derived from two Greek words
which means household management. 19. It is a non-economic activity as such activities are
done out of love, care, affection etc, thus, their
6. There are four factors of production in general market value cannot be determined.
i.e., land, labour, capital and entrepreneur. All 20. Microeconomics is the branch of economics
these factors render their factor services and which studies the problems related to an
receives compensation in return. individual, rest of the two given above deals with
8. A mere involvement of money does not make aggregates.
an activity economic unless it is done with the 21. Economics is not only a science as its laws are
motive of earning livelihood as non-economic empirically verified but also an art as various
activities may also involve use of money. forms of arts are used in its study. Also, all
economic statements are either true (positive
9. Any activity which is done for earning statement) or passes value judgement
livelihood is an economic activity.
(normative statement).
In the above case the farmer is producing for
self- consumption so, it is an act of earning 22. Statistics is derived from a Latin word which
livelihood without selling in the market. stands for political state and later used to
represent quantitative data.