Indore: Central Board of Secondary Examination conducted for economics subject can be tough to balance because of its vast syllabus. However, it is possible to pass with flying colours if students adhere to the syllabus and solve board sample papers along with model answers expected by the board.
It is common for students to suffer from fear and nervousness before examination but a calm and organised approach to any subject can help them in scoring well. To help them organise their preparation schedule, economics expert Rashmi Panwar shared the following tips for Free Press readers.
Micro economics: 40 marks
Relationships between various costs: AC, AVC and AFC, MC and TC/TVC
TC, TVC and TFC, AC and MC.
Learn to draw neat diagrams for each concept while giving complete nomenclature. Use sharp pencil to draw diagrams.
Behavior and causes of shapes of different curves must be clearly understood to attempt application based questions. Like: Why is AFC rectangular hyperbola? Why is PPC concave to the origin? Why is demand curve less elastic in case of necessary goods? Why does MRT diminish along the Indifference Curve?
Best way to practice diagrams is to draw the diagram twice or thrice under guidance of your teacher to immediately identify and correct the mistakes.
Numerical on elasticity of demand and elasticity of supply are good to score marks. Practice them well.
Macro economics: 40 marks
Determination of equilibrium level of income and output by S-I approach and AD-AS approach. Take care that while explaining equilibrium level, you must explain the point above the equilibrium and below the equilibrium. Learn the process of restoring equilibrium also.
Inflationary gap and deflationary gap: Its causes and consequences with diagram. Fiscal and monetary measures to solve problems
Credit creation process of commercial bank using a numerical example
Functions of Central bank
Objectives of government budget.
Concept of revenue expenditure/receipt and capital expenditure/receipt.
GDP and welfare, double counting, domestic territory, final goods and intermediate goods , factor income and transfer income.
Practice well numerical from unit five and unit 7.
Important chapters with high weightage
Introduction: Students must learn meaning of PPC, schedule and graph of PPC and practice application based problems on shift of PPC taking into consideration various schemes of the government and resources. Three central problems of an economy and why do they arise? Weightage: 4 marks (5%)
Production function and theory of supply: These chapters are easy and part of second unit. Questions are asked from these chapters of 3 to 4 marks.
Forms of market – Features of different markets and their significance are asked directly in the exam. Learn them well and practice to identify market on the basis of their features. 4 marks question can be asked from this single chapter.
Government budget: Learn objectives well with their practical approach, categorising the income and expenditure of government into revenue and capital nature, three types of deficits: fiscal deficit, revenue deficit and primary deficit with its implication must be learnt well to score good. Weightage: 6 marks (7.5%)
Money and banking: Meaning of money, supply of money, credit creation process of commercial bank and central bank and its functions are important topics of the unit. Weightage: 6 marks (7.5%)
Chapter: Balance of payment: 6 marks (7.5%)
