ISC Class 11 Economics Syllabus - Free PDF Download
FAQs on ISC Economics Syllabus Class 11
1. List some of the challenges faced by the Indian Economy currently?
Over the last few years, the Indian Economy has been affected by a number of factors. The condition is only getting worse. Achieving consistent economic growth has been a major obstacle for India. It is because of many factors which we are suddenly facing in recent years. There are many challenges which are responsible for the steady growth of the Indian Economy. Some key factors are mentioned below-
Tackling Poverty
Increasing Unemployment
Providing free and universal education
Providing decent healthcare facilities
Rising Inflation Rate
Weak Demand
Hurdles caused by the Pandemic
2. Define Statistics and its various scope and limitations.
Statistics refers to the science of collecting, verifying, interpreting and analyzing numerical data for the purpose of creating mathematical models. Based of the collected data, statisticians can predict trends, estimate population level, forecast weather conditions, analyse the stock market, etc.
Scope of Statistics:
Helps in long term economic planning
Forms the basis of research in all areas
Statistics is an important tool for formulating policies and forecasting future trends.
Helps in presenting data in simple numerical terms
It helps in presenting complex fact in simple way
Helps in forecasting
Helps in developing hypotheses.
Limitation of Statistics:
Results can’t be exact
Many methods exist to study a problem
Can be often misleading
Cannot estimate qualitative values
Requires expert knowledge to understand
Law of statistics are not exact
3. List the structural changes that took place in the Indian Economy post Liberalisation.
Economic liberalisation refers to the changes in economic policies of a country. The Indian Economic Liberalisation took place in the 1990s. It led to many monumental changes in the Indian Economy, which are as follows -
Reduced Government regulation and interference in private sector
Devaluation of the Indian Rupee
Reduction in import tariffs
Reduction in taxes
Increased foreign borrowings
Rise in Foreign investments
Abolition of export subsidies
Deregulation of Market
Disinvestment of Public Sector Enterprises
Expansion of Private Sector
Reduction in subsidies.
4. Define Economics and explain what type of Economy System is India.
Economics refers to the study of creation, transfer and usage of wealth. Economics gives you tools to predict market situations and price changes. By applying various Economics theories, economists can understand the movers and forces of the market. The study of Economics forms the basis of understanding the movement of goods and money. Economics can be divided into microEconomics and macroEconomics.
The Indian Economic System is called the Mixed System. It consists of positive aspects of both Capitalist and Socialist Economic Systems.
5. What is MNREGA?
MNREGA is the abbreviation for Mahatma Gandhi National Employment Guarantee Act is a labour law that guarantees an individual's “right to work”. The Act guarantees hundred days of wage employment in a financial year, to rural households. In case if the work is not assigned to the applicant, then the wages shall be provided for unemployed days as well. It is one of the most commendable efforts by the Indian Government to reduce unemployment and poverty in the rural areas.
