Economics HSC Arts Class 11 Tamil Nadu Board of Secondary Education Syllabus 2024-25

• Kenneth Boulding's Definition of Micro Economics

• Kautilya's Views on Economics
• Wealth Definition: Adam Smith
• Welfare Definition: Alfred Marshall 
• Scarcity Definition: Lionel Robbins
• Growth Definition: Samuelson

• Economics: Its Subject-Matter
• Economics is an Art and a Science

1. Economics as an Art
2. Economics as a Science

• Economics: Positive Science and Normative Science

1. Positive Economics
2. Normative Economics

• Goods and Services 

1. Kinds of Goods (and Services)

• Utility

1. Meaning
2. Characteristics of Utility
3. Types of Utility
4. Measurability of Utility

• Price
• Market
• Cost
• Revenue
• Equilibrium
• Income

• Methods of Economics: Deduction and Induction

1. Deductive Method of Economic Analysis
2. Inductive Method of Economic Analysis

• Economics: Facts, Theories
• Nature of Economic Laws

• Consumption
• Production
• Exchange
• Distribution

• Micro-economics
• Macro-economics
• International Economics 
• Public Economics 
• Developmental Economics
• Health Economics
• Environmental Economics 

• What and how much to produce?
• How to Produce?
• For whom to produce?

• Production possibilities schedule
• Food production
• Uses of production possibility curve

• Wants are unlimited
• Wants become habits
• Wants are Satiable
• Wants are Alternative
• Wants are Competitive 
• Wants are Complementary
• Wants are Recurring

• Necessaries
• Comforts
• Luxuries

• The Law of Diminishing Marginal Utility (DMU)

1. Introduction
2. Definition
3. Assumptions 
4. Explanation
5. Illustration
6. Criticism 
7. Exceptions to the Law
8. Importance or Application of the Law of DMU

• Definition
• Assumptions 
• Explanation
• Illustration
• Diagrammatic Illustration
• Criticisms 

• Definition
• Assumptions 
• Explanation
• Criticisms 

• Introduction
• Scale of Preference 
• Assumptions
• An Indifference Schedule

• Features of Indifference Curve:

1. Indifference curve slopes downwards from left to right
2. Higher indifference curve gives greater level of utility

• Marginal Rate of Substitution 

• Land
• Labour
• Capital
• Organization 

• Meaning
• Short-run Production
• Long run Production

• Assumptions
• Total Product (TP)
• Average Product (AP)
• Marginal Product (MP)
• Stages of Production: Stage I, Stage II and Stage III

• Assumptions
• Three Phases of Returns to Scale
• Diagrammatic Illustration

•  Internal Economies of Scale
• External Economies of Scale

• Internal Diseconomies of Scale
• External Diseconomies of Scale

• Definition of Iso-quant
• Iso-quants are based on the assumptions
• Iso-quant Schedule
• Iso-quant Curve
• Iso-quant Map
• Properties of Iso-quant Curve

• Optimum Combination of Factors implies either 
• Conditions for Producer’s Equilibrium

• Cost Analysis
• Revenue Analysis

1. Revenue Concepts
2. Relationship between AR and MR Curves
3. Relationship among TR, AR and MR Curves
4. TR, AR, MR and Elasticity of Demand

• Money Cost
• Real Cost
• Explicit Cost
• Implicit Cost
• Economic Cost
• Social Cost
• Opportunity Cost
• Sunk Cost
• Floating Cost
• Prime Cost
• Fixed Cost
• Variable Cost

• Total Fixed Cost (TFC)
• Total Variable Cost (TVC)
• Total Cost Curves (TCC)
• Average Fixed Cost (AFC)
• Average Variable Cost (AVC)
• Average Total Cost (ATC) or Average Cost (AC)
• Marginal Cost (MC)
• The relationship between Average Cost and Marginal Cost

• On the basis of place
• On the basis of Time
• On the Basis of Competition

• Total curve approach
• Marginal curve Approach

• Features of the Perfect Competition
• Perfect Competition: Firm’s Equilibrium in the Short Run
• Perfect Competition: Firm’s Equilibrium in the Long Run (Normal Profit)

• Meaning
• Definition
• Features of Monopoly 
• Sources of Monopoly Power
• Price and Output Determination Under Monopoly
• Price Discrimination under monopoly

1. Type of Price Determination

• Degrees of Price Discrimination
• Dumping

• Characteristics of Duopoly

• Meaning of Distribution

• Personal Distribution
• Functional Distribution

• Introduction 
• Assumptions
• Explanation of the Theory
• Marginal Product
• Statement of the Theory
• Marginal Productivity under Perfect Competition
• Marginal Productivity Theory under Imperfect Competition

• Meaning
• Ricardian Theory of Rent

1. Assumptions
2. Statement of the Theory with Illustration
3. Diagrammatic Explanation

• Quasi-Rent

• Distinction between “Rent” and “Quasi-Rent”

• The Modern Theory of Rent / Demand & Supply Theory of Rent

• Meaning 
• Kinds of Wages

• Subsistence Theory of Wages
• Standard of Living Theory of Wages 
• Wage Fund Theory of Wages
• Residual Claimant Theory of Wage 
• Marginal Productivity Theory of Wage 

• Meaning
• Features

• Kinds of Interest

1. Gross Interest
2. Net Interest

• Abstinence Theory or Waiting Theory
• Agio Theory of Interest/The Psychological Theory ofInterest/Time Preference Theory
• Loanable Funds Theory/The Neo Classical Theory

1. Demand for Loanable Funds
2. Supply of Loanable Funds
3. Equilibrium
4. Supply of and Demand for Loanable Funds 

• Keynes’ Liquidity Preference Theory of Interest or The Monetary Theory of Interest 

1. Meaning of Liquidity Preference
2. Motives of Demand for Money
3. Determination of Rate of Interest
4. Equilibrium between Demand and Supply of Money

• Meaning of Profit
• Kinds of Profit
• Concepts of Profit

• Dynamic Theory of Profit
• Innovation Theory of Profit
• Risk Bearing Theory of Profit
• Uncertainty Bearing Theory of Profit

1. Insurable Risks
2. Non-Insurable Risks

• Strengths of Indian Economy
•  Weakness of Indian Economy
• Demographic trends in India

• Introduction
• Proportion of Land and Water on Earth
• Causes of Depletion of Natural Resources
• Impact of Depletion of Natural Resources
• Steps to Prevent Depletion of Resources

• Meaning and Types of Infrastructure

• Transport
• Energy

1. Non-renewable energy sources
2. Renewable energy sources

• Education
• Health

• Thiruvalluvar

1. Factors of Production
2. Agriculture
3. Public Finance
4. Public Expenditure
5. External Assistance
6. Poverty and Begging
7. Wealth
8. Welfare State

• Mahatma Gandhi

• Salient Features of Gandhian Economic Thought

• Jawaharlal Nehru

1. Democracy and Secularism
2. Planning
3. Democratic Socialism

• B. R. Ambedkar
• J. C. Kumarappa

• Gandhian Economics

• Period of Merchant Capital
• Period of Industrial Capital
• Period of Finance Capital
• Decline of Indian Handicrafts

• Zamindari System or the Land lord-Tenant System
• Mahalwari System or Communal System of Farming
• Ryotwari System or the Owner-Cultivator System

• Industrial growth during the 19th century
• Industrial progress during the 20th century

• Industrial Policy Resolutions 1948 
• Industrial Policy Resolution 1956

• Achievement of Green Revolution 
• Weaknesses of Green Revolution
• Second Green Revolution

• Iron and steel industry
• Jute industry
• Cotton and textile industry
• Sugar industry
• Fertiliser industry
• Paper industry
• Silk industry
• Petroleum and natural gas

• Role of SSIs in Economic Development

• Manufacturing Enterprises
• Service Enterprises

• Public Sector Banks
• Private Sector Banks

• Objectives of Nationalisation 

• First Five Year Plan (1951-1956)
• Second Five Year Plan (1956-1961)
• Third Five Year Plan (1961-1966)
• Plan Holiday (1966-1969)
• Fourth Five Year Plan (1969-1974)
• Fifth Five Year Plan (1974-1979)
• Sixth Five Year Plan (1980-1985)
• Seventh Five Year Plan (1985-1990)
• Eighth Five Year Plan (1992-1997) 
• Ninth Five Year Plan (1997-2002)
• Tenth Five Year Plan (2002-2007)
• Eleventh Five Year Plan (2007-2012)
• Twelfth Five Year Plan (2012-2017)

• Human Development Index (HDI) 
• Physical Quality of Life Index (PQLI)

• Liberalization
• Privatization
• Globalization

• Important Initiatives by the Government towards Industrial Policy

1. Industrial delicensing
2. Dereservation of the industrial sector
3. Public sector policy (dereservation and reform of PSEs)
4. Abolition of MRTP Act
5. Foreign investment policy and foreign technology policy

• Crop Insurance
• Cold Storage
• Post Harvest measures
• Agricultural Produce Market Committee

• Functions of APMC

• Agrarian Crisis after Reforms

• Export and Import Policy 

• Salient Features of “EXIM POLICY (2015-2020)”

• Special Economic Zones

1. Major Objectives of SEZs
2. Main Characteristics of SEZ

• Goods and Services Tax (GST) 

• Advantages of GST

• Village is an Institution
• Dependence on Agriculture
• Life of Rural People
• Population Density
• Employment
• Poverty
• Indebtedness
• Dependency
• Dualism
• Inequality
• Migration

• People Related Problems
• Agriculture Related Problems
• Infrastructural Related Problems:
• Economics related Problems
• Social and Cultural Problems
• Leadership Related Problems
• Administrative Problems

• Causes for Rural Poverty
• Remedial Measures to Rural Poverty

• Causes for Rural Unemployment
• Remedies for Rural Unemployment

• Features of Rural Indebtedness
• Causes for Rural Indebtedness
• Measures to Remove Rural Indebtedness

1. Regional Rural Banks (RRBs)
2. Micro Finance
3. Self-Help Groups (SHGs) 
4. Major Features of SHGs
5. Micro Units Development and Refinance Agency Bank(MUDRA Bank)
6. The principal objectives of the MUDRA Bank

• National Rural Health Mission

• Rural Housing
• Rural Market
• Rural Roads
• Rural Electrification

• Introduction
• Proportion of Land and Water on Earth
• Causes of Depletion of Natural Resources
• Impact of Depletion of Natural Resources
• Steps to Prevent Depletion of Resources

Population

•  Natality

1. Absolute Natality
2. Realized Natality

•  Mortality

1. Absolute Mortality
2. Realized Mortality

• Sex ratio
• Age distribution and Age pyramid
• Population Growth 

• Sectoral Contribution
• Per capita Income

• Institutional aspects and new agricultural strategy, etc.
• Land Reforms
• Land ceiling
• The Green Revolution
• Marketed surplus
• The Debate Over Subsidies
• Foodgrain Production
• Productivity Position of Tamil Nadu and India
• Subsistence Agriculture

1. Primitive Subsistence Agriculture
2. Intensive Subsistence Agriculture

• Plantation Agriculture
• Extensive Commercial Grain Cultivation
• Mixed Farming
• Dairy Farming
• Mediterranean Agriculture
• Market Gardening and Horticulture
• Co-operative Farming
• Collective Farming

• On the Basis of Activities

1. Primary Industries
2. Secondary Industries
3. Tertiary industries or Service industries

• On the basis of Size

1. Micro Industries
2. Small Industries
3. Medium Industries and
4. Large Industries

• Sources of Energy
• Non-conventional Sources of Energy
• Consumption Pattern of Commercial Energy
• Power/Electricity
• Some Challenges in the Power Sector
• Kinetic energy
• Work–Kinetic Energy Theorem
• Relation between Momentum and Kinetic Energy
• Potential Energy
• Potential energy near the surface of the Earth
• Elastic Potential Energy
• Conservative and non-conservative forces
• Law of conservation of energy
• Motion in a vertical circle

• Introduction
• Meaning
• Definition

• Philip Kotler
• American Marketing Association

• Features of services

• Intangibility
• Inseparability
• Inconsistency
• Perishability
• Non-transferability
• Consumer participation

• Banking
• Education
• Educational Loans 
• Health
• Communication
• Transport

• Why Study Mathematics?
• Mathematics in Economics
• Uses of Mathematical Methods in Economics

• Definition
• Linear Equation
• Application in Economics
• Equilibrium

• Matrices
• Determinants
• Cramer’s Rule
• Application in Economics

• Meaning
• Some Standard Forms of Differentiation 
• Application of Differential Calculus
• Marginal concepts
• Marginal Products
• Marginal Cost
• Marginal Revenue
• Elasticity of Demand

• Integration
• Meaning
• Basic Rule of Integration
• Application of Integration
• Consumer’s Surplus 

• Introduction
• Devices Used in ICT
• Significance of ICT