The science of economics is concerned with the creation, distribution, and consumption of things. It contains both qualitative and quantitative elements. As a result, to ace an Economics exam, you must study it from both a qualitative and quantitative perspective.
Economics is a field of the social sciences with a significant impact on society. Economics, being one of the rapidly changing professions, necessitates a more in-depth examination of current economic developments that influence a country’s financial stability. Basic concepts are taught in senior secondary education, and an overview of advanced concepts provides you with a solid basis in the subject and prepares you for further study in the field. Project work is an integral aspect of the Economics curriculum in class 12. In addition to studying the theoretical aspects of the subject, it is critical to comprehend the practical aspects by researching case studies and reviewing current economic trends in other countries.
Important Topics in Economics for CBSE Class 12
- Consumer Demand and Equilibrium
- Producer Supply and Behaviour
- The Economy and the Government Budget
- Banking and Money
- Credit/Debit/Balance of Payments
Preparation Tips for Class 12 Economics :
- Cramming a topic like economics is difficult. As a result, it is good if you take notes, attend lectures, and actively study to improve your economic vocabulary by learning the definitions and meanings of various economic terms, as well as participating in a conversation to determine whether or not something makes sense.
- Before attending a class, attempt to skim over the chapter to get a sense of the subjects that will be covered.
- Read a book on microeconomics, for example, and then move on to another book to learn more about microeconomics. Then go on to a macroeconomics textbook. You will not be studying disjointed stuff this way.
- Try to figure out what a particular situation requires. Discuss the information required to respond to it. Know what you’re searching for (for example, how much should the company produce), where to seek it (look for the intersection of MR and MC), and other criteria that will help you get the best result.
- Consider what you’ve read and ask yourself some questions.
- Make an effort to understand the various economic models. Look for the model figures and read the captions. If you’re having trouble grasping the concept, look for the section of the text that explains the model using an example.
- Make sure you know what the terms in bold mean. The majority of these phrases will come back again and again during the course (for example supply, demand, elasticity, market and industry)
How to Achieve Good Results in the CBSE Class 12 Economics Exam:
- Create graphs wherever they are needed.
- Select the questions with internal choices that you want to attempt, then create skeletons for the responses you’ll write for these questions.
- Stick to a pattern. If you start with long response questions, for example, finish that area first and then move on to the short or very short answer section.
- To make your answer more visible, highlight the main elements and write it in points.
- Use the first 15 minutes of the exam to scan the paper before beginning the exam. Before getting into writing the answers, read the question paper completely.
Microeconomics and macroeconomics are the two parts of economics. Typically, candidates find the subject to be challenging. However, in the age of the market economy, it has a broader application. Because the exam is only a few hours away, students in the last stages of preparation must arm themselves with effective techniques to ace the paper.
Making Use of the Preparation Gap
No matter how much you’ve studied in the last year, you should make the most of the exam preparation gap. Be constant, learn as much as you can for yourself, revise several times, and rewrite the key principles.
It’s all about Analogy.
Microeconomics is based on demand and supply, which are two sides of the same coin. So, if you understand demand, supply (which is the polar opposite) becomes a piece of cake. The terms marginal cost, marginal revenue, and marginal revenue are all interchangeable. You must learn to recognise such similarities when studying to gain a better understanding.
Having a firm grasp of numbers
Numericals make up approximately a quarter of the total paper and can be finished in under half an hour. Put in a lot of practice time. Completing tables using MC, TC, TFC, TVC, and other symbols, the elasticity of demand and supply, and computing national income are all examples of common difficulties. These can be perfected with practice. Even though computations are essentially addition and subtraction, be wary of committing foolish errors.
Throughout the Exam
Maintain an optimistic attitude. Make the most of the first 15 minutes. Make a note of the questions in which you are completely confident and try them first. You should bring a watch with you. Allow 1.5 minutes for each 1 mark of paper you attempt, resulting in a total of 30 minutes. Concentrate on your presentation and make sure your work is good and tidy. Create diagrams and charts that relate to the concepts covered in each question worth four or more points. If you’re having trouble with a question and it’s taking longer than intended, skip it and come back to it once the rest of the questions have been answered. In a table, answer the ‘difference between’ questions. Step by step, answer the national income question.
It is the most crucial aspect of your education. In most situations, pupils are given notes by their teachers in class, which they must diligently follow. I recommend that you make your summary notes as well. This will result in a near-perfect understanding of the subject. You will be able to go over the concepts again and again. With the help of these notes, I was able to revise the entire subject in only one day. For example, there are many subjects in Macro and Micro on the differences between X and Y, and so on. I created a two-page overview for all of the differences across topics so that I can quickly review all of them.
For doing best in the Exam, go through the Economics NCERT Books For Class 12.