Economics paper has two parts: A. Macro Economics and B. Indian Economic Development. Section A Macroeconomics is based on economic theories therefore students need to focus on building a strong conceptual foundation by thoroughly understanding key concepts like National Income and it’s methods, aggregate demand/supply, investment, unemployment, investment multiplier, fiscal and monetary policy, money multiplier, etc. Whereas Section B Indian Economic Development is facts-based, which correlates the present economic condition of India with its pre and post-Independence Economic Policies.

 

Therefore, students need to focus more on understanding key concepts and memorising facts. Students need to understand and compare the Economic Policies adopted for development of major sectors like Primary, Secondary and Tertiary sector, Finance and Foreign trade. While solving multiple choice questions (MCQ’s), students must read the questions carefully. Often, students get confused in concepts like National income and Domestic income, Tax and subsidy, etc. Therefore, read questions thoroughly to understand the demand of the question. Students should be thorough with the formulas and different methods to calculate National Income, Multipliers, Consumption and Saving functions, deficits, etc. Questions should be solved step by step to gain the step marking. For True or False questions and estimation in national/domestic income questions, students must write the reason as why the statement is true or false. Or why the following be estimated in national income or in domestic income?

 

Without giving valid reason, the answer is treated as incomplete. While solving graph-based and picture-based questions, carefully analyse the graph and learn to interpret economic data and graphs effectively. Practice constructing and analysing graphs and tables to explain complex phenomena. Students should read the case based passage thoroughly. Relate the passage with the concept in the syllabus. Understand the question given according to the given passage, and then answer it. Concrete and sufficient points should be written while answering short and long answers. If required, answers should be supported by related graph or table. While explaining multiplier (money/investment), a table explaining the working of the multiplier must be made with explanation. Students must solve practice papers before appearing for the final board exams, to understand the method of solving the paper. Always solve 100% paper, do not leave any question or keep any question incomplete.

 

Manage time effectively and efficiently. If paper is completed before time, students must read the solved paper twice to ensure that no question is left by mistake. Underline heading of the points and always label graphs and tables. Write paper neatly; avoid overwriting, scraping or using white ink. Economics is an interesting subject and students love to read and solve the paper. Therefore, students can score good marks if the above mentioned common errors and their measures to rectify, are followed and taken care of. All the best dear students. Best wishes for your Economics paper!! (The author is Teacher of Economics in Bharatiya Vidya Bhavan’s B P Vidya Mandir, Ashti).