CBSE Economics- Revision Tips

The Economics paper is very scoring. Here is an article to help you structure your revision in general.

1. First, revise whichever concepts you feel unsure about. Then, practice several questions from each chapter. Now is the time to focus on writing and practicing (especially for microeconomics), as writing style matters significantly.

2. Be thorough with the content. Long answers are required and you must not waste time unnecessarily in recalling content.

3. Past papers: consult your teachers or the answer key on what would be the relevant points for each question.

Revision Checklist

Try addressing each of these, apart from key concepts, for each chapter.

Definitions:

1. Keep all the relevant terminology in mind.

2. It is a good idea to begin an answer with definitions. For example, while explaining why the PPC is concave to the origin, you should define a PPC first.

Diagrams:

1. Crucial and should be drawn, even if the question doesn’t explicitly ask for one.

2. Almost each chapter has a diagram. Ensure you can name the variables on both the axes and know the general shape of each graph (for instance, the production function has an inverse S-shape).

Assumptions: 

A lot of theory is dependent on certain key assumptions. For instance, PPC assumes that resources are kept fixed, the law of variable proportions assumes that each unit of variable input is homogeneous and the indifference curve analysis assumes monotonic preferences.

Chapter-wise suggestions:

Revise national income thoroughly:

1. High weightage, with both numerical and theoretical questions

2. There is usually at least one 6-mark question and one 3- or 4-markquestion from this chapter, which are easy to answer. Practice these questions from past papers.

3. You should know how to explain each method of income calculation.

4. Revise how to compute one aggregate from the other, say, calculate NDP from GDP.

5. Revise how to classify a particular item under the components of a particular method of income computation and giving reasons for the same.

National income equilibrium:

1. Usually a 6-mark theoretical question on equilibrium income determination from either the AD = AS approach or the S = I approach.

2. Practice deriving the savings curve from the consumption curve, both graphically and through equations.

Miscellaneous Tips

Standard questions: Over the years, questions from each topic have had a similar framework and vary only slightly. Practice these “standard” questions, some of which are mentioned below:

1. Changes in equilibrium price and quantity due to changes in demand and supply.

2. Classifying different items into different accounts in the BoP.

3. How credit control measures impact the money supply.

4. How consumer’s and producer’s equilibrium is determined.

5. How the money multiplier works.

You can best identify such questions by going through past papers.

Go through the NCERT textbook once (if you have the time and have not referred to it in the past), especially the questions at the end of each chapter.

Note: Your revision should not be restricted to the above; this article simply covers the most common kinds of questions.