How to prepare for Economics? Step by Step Guide - Notes - Class 12

Economics is the science which deals with production, distribution and consumption of goods. It has both, qualitative as well as quantitative aspects. Economics includes both theoretical as well as statistical study of concepts of an economy. When you study the theory of Indian economy, you will learn the standard of living, rural development, the structure of employment, the developments policies of India and its neighboring countries. While studying the statistical part you will learn collection, organisation, presentation and measuring the collected data applying various permutations and combinations and graphically representing the data for better understanding.

So, one needs to be very clear with both aspects of Economics-theoretical as well as statistical.

Economics for Class 12 (XII) - CBSE and NCERT Curriculum

Includes 126 docs,145 videos & 28 tests

To take you in the right direction with the preparation of Economics, here are a few tips:

1. Clear your basics and make notes:

You cannot cram a subject like economics as it includes a lot of concepts that you can remember only if you have understood them. Begin by building a strong basic knowledge of the economic concepts. Learn the terminologies and their definitions from Economics NCERT Textbooks and NCERT Solutions for Economics and be thorough with them. Enhance your economic vocabulary by knowing the definitions, meaning of different economic related terms. On way to strengthen this area is making notes of everything important you read. Making notes is a very good habit as this way you retain the concepts in your mind for a long period of time and also you understand how to attempt the questions asked in the exam.

NCERT Textbooks and solutions for Economics

Part A - Introductory Microeconomics

Chapter 1 - Introduction to Micro-Economics

• NCERT Textbook - Chapter 1 - Introduction (Microeconomics), Class 12, Economics
• NCERT Solutions Chapter 1 - Introduction (Microeconomics), Class 12, Economics

Chapter 2 - Theory of Consumer Behaviour

• NCERT Textbook Chapter 2 - Theory of Consumer Behaviour, Class 12, Economics
• NCERT Solutions Chapter 2 - Theory of Consumer Behaviour, Class 12, Economics

Chapter 3 - Production and Costs

• NCERT Textbook - Chapter 3 - Productions and Costs, Class 12, Economics
• NCERT Solutions - Chapter 3 - Production and Costs, Class 12, Economics

Chapter 4 - The Theory of the Firm under Perfect Competition

• NCERT Textbook - Chapter 4 - The Theory of the Firm under Perfect Competition (Microeconomics)

Chapter 5 - Market Equilibrium

• NCERT Textbook - Chapter 5 - Market Equilibrium, Class 12, Economics
• NCERT Solutions - Chapter 5 - Market Competition, Class 12, Economics

Chapter 6 - Non-Competitive Markets

• NCERT Textbook - Chapter 6 - Non-competitive Markets, Class 12, Economics
• NCERT Solutions Chapter 6 - Non Competitive Markets, Class 12, Economics

Part B - Introductory Macroeconomics

Chapter 1 - Introduction

• NCERT Textbook - Chapter 1 - Introduction (Macroeconomics), Class 12, Economics
• NCERT Solutions - Chapter 1 - Introduction (Macroeconomics), Class 12, Economics

Chapter 2 - National Income and Related Aggregates

• NCERT Textbook - Chapter 2 - National Income Accounting, Class 12, Economics
• NCERT Solutions Chapter 2 - National Income Accounting, Class 12, Economics

Chapter 3 - Money and Banking

• NCERT Textbook - Chapter 3 - Money and Banking, Class 12, Economics
• NCERT Solutions Chapter 3 - Money and Banking, Class 12, Economics

Chapter 4 - Determination of Income and Employment

• NCERT Textbook - Chapter 4 - Income Determination, Class 12, Economics
• NCERT Solutions - Determination of Income and Employment, Class 12, Economics

 Chapter 5 - The Government :Functions and Scope

• NCERT Textbook - Government Budget and the Economy, Class 12, Economy
• NCERT Solutions Chapter 5 - Government Budget and Economy, Class 12, Economics

Chapter 6 - Open Economy Macroeconomics

• NCERT Textbook - Chapter 6 - Open Economy Macroeconomics, Class 12, Economics
• NCERT Solutions Chapter 6 - Balance of Payments, Class 12, Economics

2. Step-by-step learning:

Always move one step at a time during preparation. Start with the basics, and then make a smooth shift to the higher level concepts. Give full attention to one topic at a time. Only when you are confident about it, then move to next topic. Follow a study plan to manage time. This study plan will help you complete the syllabus in time without missing any topic. So, be smart learner and you will see good results.

3. An Interactive study of Economics:

There are undoubtedly a good amount of theoretical concepts in economics. But, these theories of economics are supported by tabular and graphical representation along with the formulas which help us to understand the concepts of economics in an easy manner. Tables are very important and include calculations as well as application of formulas. You should practice them along with graphs. So, there is an interactive part to the study of economics. You will understand the topics easily with all the graphs and tables.

4. Prepare notes and revise:

Make chapter wise notes while studying. Include all the important topics in these notes along with graphs and formulas that explain the concepts better. Writing improves your retention ability. So, making notes is really helpful.

Revision, as we know is essential in the preparation process. Revise these notes just before the exam.

5. Practice with Previous year papers and Sample papers:

Practice is a crucial step in the preparation. Attempting previous year question papers helps because they give an idea about the paper pattern, the time pressure to be worked under, the marking scheme and the expectations from the answers that one must write. Pick a previous year paper, set your clock and solve that paper within 3 hours. This practice will help you to manage your time effectively during the examination.

Finally, evaluate yourself with sample papers. This practice gives you the idea about the pattern of questions, typology and methodology of how examiners set the question papers.

Link to Previous Year papers and sample papers for Economics

• Introduction To Economics - Class 12 Economics (Practice Test)
• Theory Of Consumer Behaviour - Class 12 Economics (Practice Test)
• Production And Costs - Class 12 Economics (Practice Test)
• Theory Of Firm Under Perfect Competition - Class 12 Economics (MCQ Test)
• Market Equilibrium - Class 12 Economics (Practice Test)
• Non-Competitive Markets- Class 12 Economics (Practice Test)
• National Income Accounting - Class 12 Economics (Practice Test)
• Money And Banking - Class 12 Economics (Practice Test)
• Income Determination - Class 12 Economics (Practice Test)
• Government Budget And Economy - Class 12 Economics (Practice Test)
• Open Economy Macroeconomics - Class 12 Economics (Practice Test)

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