Senior Secondary Course
                ECONOMICS (318)
                                                 1
                                                                   Course Coordinator
                                                                     Dr. Manish Chugh
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                  NATIONAL INSTITUTE OF OPEN SCHOOLING
                        (An Autonomous Institution under MHRD, Govt. of India)
                           A-24-25, Institutional Area, Sector-62, NOIDA-201309 (U.P.)
                               Website: www.nios.ac.in, Toll Free No. 18001809393
       Printed on 60 GSM Paper with NIOS Watermark.
       © National Institute of Open Schooling
       May, 2015 (5,000 Copies)
       Published by the Secretary, National Institute of Open Schooling, A-24-25, Institutional Area,
       Sector-62, Noida and printed at M/s A-One offset Printers, 5/34, Kirti Nagar, Industrial Area, New Delhi.
                    ADVISORY COMMITTEE
                    Prof. C.B. Sharma                          Dr. Kuldeep Agarwal                        Dr. Rachna Bhatia
                    Chairman                                   Director (Academic)                        Assistant Director (Academic)
                    NIOS, NOIDA (UP)                           NIOS, NOIDA (UP)                           NIOS, NOIDA (UP)
                    CURRICULUM COMMITTEE
                    Dr. O.P. Agarwal                           Sh. J. Khuntia                            Dr. Padma Suresh
                    (Former Director of the Eco. Deptt.)        Associate Professor (Economics)          Associate Professor (Economics)
                    NREC College, Meerut University             School of Open Learning                  Sri Venkateshwara College
                    Khurja (UP)                                 Delhi University, Delhi                  Delhi University, Delhi
                    Prof. Renu Jatana                          Sh. H.K. Gupta                            Sh. A.S. Garg
                    Associate Professor, MLSU,                 Rtd.PGT, From NCT                         Rtd.Vice Principal, From NCT
                    Udaipur (Rajasthan)                        New Delhi.                                New Delhi.
                    Sh. Ramesh Chandra                         Dr.Manish Chugh
                    Retd. Reader (Economics)                   Academic Officer (Economics),
                    NCER
                           T, Delhi.                           NIOS, NOIDA
                    LESSON WRITERS
                    Sh. J. Khuntia                             Dr. Anupama Rajput                        Ms.Sapna Chugh
                    Associate Professor (Eco.),                Associate Professor,                      PGT
                    School of Open Learning,                   Janki Devi Memorial College               S.V. Public School, Jaipur
                    Univ. of Delhi                             Univ. of Delhi.
                    Dr. Bhawna Rajput                          Sh. A.S. Garg                             Dr. Bharat Singh
                    Associate Professor,                       Retd. Vice Principal                      Associate Professor,
                    AditiMahavidyalay
                                       ,                       RPVV, Gandhinagar, Delhi                  Satyawati Co-educational College,
                    Univ. of Delhi.(M) 9868095363                                                        Univ. of Delhi. (M) 9868540018
                    Sh. Hari Kishore Gupta                     Dr. Bharat Bhushan                        Dr. Manish Chugh
                    Retd. PGT, Govt. Babu Ram School,          Assistant Professor,                      Academic Officer
                    Shadra, Delhi                              Shyamlal College,                         NIOS
                                                               Univ. of Delhi.
                    EDITORS
                    Sh. J. Khuntia                             Prof. Renu Jatana                         Sh. A.S. Garg
                    Associate Professor (Eco.),                Associate Professor,                      Retd. Vice Principal
                    School of Open Learning,                   MLSU, Udaipur (Rajasthan)                 RPVV, Gandhinagar, Delhi
                    Univ. of Delhi. (M) 9868047023
                    Sh. Hari Kishore Gupta
                    Retd. PGT, Govt. Babu Ram School,
                    Shadra, Delhi
                    COURSE COORDINATOR
                    Dr. Manish Chugh
                    Academic Officer (Economics)
                    NIOS
                    GRAPHIC ILLUSTRATORS
                    Sri Krishna Graphics
                    C-90, West Vinod Nagar
                    Delhi-110092
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          Dear learner,
          As the needs of the society in general, and some groups in particular, keep on changing
          with time, the methods and techniques required for fulfilling those aspirations also
          have to be modified accordingly. Education is an instrument of change. The right type
          of education at right time can bring about positivity in the outlook of society, attitudinal
          changes to face the new/fresh challenges and the courage to face difficult situations.
          This can be very effectively achieved by regular periodic curriculum renewal. A static
          curriculum does not serve any purpose, as it does not cater to the current needs and
          aspirations of the individual and society.
          For this purpose only, educationists from all over the country come together at regular
          intervals to deliberate on the issues of changes needed and required. As an outcome of
          such deliberations, the National Curriculum Framework (NCF 2005) came out, which
          spells out in detail the type of education desirable/needed at various levels of education
          – primary, elementary, secondary or senior secondary.
          Keeping this framework and other national and societal concerns in mind, we have
          currently revised the curriculum of Economics course at Senior Secondary level, as
          per the Common Core Curriculum provided by National Council of Educational
          Research and Training (NCERT) and the Council of Boards of School Education in
          India (COBSE) making it current and need based. Textual material production is an
          integral and essential part of all NIOS programmes offered through open and distance
          learning system. Therefore, we have taken special care to make the learning material
          user friendly, interesting and attractive for you.
          I would like to thank all the eminent persons involved in making this material interesting
          and relevant to your needs. I hope you will find it appealing and absorbing.
          On behalf of National Institute of Open Schooling, I wish you all a bright and successful
          future.
                                          Prof.  C.B. Sharma
                                            Chairman, NIOS