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

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.

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

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

Chapter 2 - Theory of Consumer Behaviour

Chapter 3 - Production and Costs

Chapter 4 - The Theory of the Firm under Perfect Competition

Chapter 5 - Market Equilibrium

Chapter 6 - Non-Competitive Markets

Part B - Introductory Macroeconomics

Chapter 1 - Introduction

Chapter 2 - National Income and Related Aggregates

Chapter 3 - Money and Banking

Chapter 4 - Determination of Income and Employment

 Chapter 5 - The Government :Functions and Scope

Chapter 6 - Open Economy Macroeconomics

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

Similarly, Prepare For Other Subjects :

How to prepare for Accountancy?
How to prepare Reasoning for Business Studies?
How to prepare Reasoning for English Exam?

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

1. How can I effectively prepare for Economics in Class 12?
Ans. To effectively prepare for Economics in Class 12, follow these steps: 1. Understand the syllabus: Familiarize yourself with the prescribed syllabus and exam pattern to know what topics to focus on. 2. Create a study plan: Make a study schedule allocating time for each topic. Ensure to divide your time wisely between theory and numerical problems. 3. Refer to textbooks: Read your Economics textbook thoroughly to grasp the concepts and theories. Make notes for quick revision. 4. Practice sample papers: Solve previous years' question papers and sample papers to get familiar with the exam pattern and improve time management skills. 5. Seek clarification: If you have any doubts or difficulty understanding any concept, seek help from your teacher or classmates. Attend extra classes if available.
2. What are some important topics to cover in Economics for the Class 12 exam?
Ans. Some important topics to cover in Economics for the Class 12 exam are: 1. Microeconomics: Demand, supply, consumer behavior, production and costs, market equilibrium, market failure. 2. Macroeconomics: National income accounting, money and banking, government budget and the economy, open economy macroeconomics. 3. Indian Economic Development: Poverty, unemployment, infrastructure, economic reforms, sustainable development, globalization, and liberalization.
3. How can I improve my understanding of economic theories and concepts?
Ans. To improve understanding of economic theories and concepts, follow these strategies: 1. Read extensively: Read books, articles, and blogs related to economics to gain different perspectives and enhance your understanding. 2. Take notes: While studying, take detailed notes to summarize key points and concepts. This helps in revision and solidifies your understanding. 3. Solve numerical problems: Practice solving numerical problems related to economic concepts to apply the theories in real-life scenarios. 4. Discuss with peers: Engage in group discussions or study groups to exchange ideas and clarify doubts. Teaching others also helps reinforce your own understanding. 5. Follow current affairs: Stay updated with current economic news and events to relate theoretical concepts with real-world examples.
4. What are some effective revision techniques for Economics?
Ans. Here are some effective revision techniques for Economics: 1. Create summarized notes: Condense your study material into concise notes highlighting important points, formulas, and graphs. This makes revision easier. 2. Mind maps: Use visual aids like mind maps or flowcharts to connect different economic concepts and their interrelationships. 3. Flashcards: Create flashcards with key terms, definitions, and formulas. Regularly review these flashcards to reinforce your memory. 4. Practice diagrams and graphs: Draw and practice important diagrams and graphs related to economic concepts. This helps in understanding and retaining information. 5. Teach someone else: Teach a friend or family member about a specific economic concept or theory. Explaining it to others helps reinforce your own understanding.
5. How can I manage my time effectively during the Economics exam?
Ans. To manage your time effectively during the Economics exam, consider these tips: 1. Read the entire question paper: Quickly read through the entire question paper to understand the marking scheme and allocate time accordingly. 2. Plan your answers: Before answering each question, spend a few minutes planning your response. Jot down key points or create an outline to ensure a well-structured answer. 3. Prioritize questions: Start with the questions you feel most confident about and allocate time accordingly. Leave more complex or time-consuming questions for later. 4. Stick to word limits: Pay attention to word limits specified for each question. Avoid spending excessive time on a single question, as it may affect your time management for other questions. 5. Leave time for revision: Reserve the last few minutes for revising your answers. Check for any errors or omissions and make necessary corrections if time permits.
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