Tuesday, February 7, 2023

10 Best Economics Project Topics for Class 12th and Much More

So, you are seeking economics project topics for class 12th. Well, let Duniakagyan help you out.

Economics is an extensive subject. From human experiences and behaviors to the economy as a whole, it covers everything. As the world has grown more complex than ever before, economics now includes elements of sociology, technology, philosophy, and other subjects. We can safely say that modern economics is much more than studying the “production, distribution, and consumption of products and services.” Rather, it’s a part of our daily lives and a gateway to limitless possibilities.

Even though economics is a demanding subject, people study it to gain certain useful skills and create a promising career. Economics is all about matching resources to demand. So when you study it, you try to analyze the situation, resources, and wants, and find solutions accordingly. That helps you develop an analytical and problem-solving mindset. Since mathematical and statistical data is an important part of economics, you can develop and boost your numerical abilities.

An economics project can help you understand difficult concepts and develop a life-long love for the subject. That’s why CBSE requires class 12 students to create an economics project. While the written exam accounts for 80% marks, the rest 20% are decided through internal assessment. If your economics project is impressive, you can achieve better grades in internal assessment and up your overall score. When stakes are this high, you cannot ignore the quality of your project.

CBSE Guidelines for Economics Project for Class 12 (2021-22) 

CBSE lists the following objective of the class 12th economics projects:

  • Probe deeper into personal enquiry, initiate action and reflect on knowledge and skills, views etc. acquired in class 11 and 12.
  • Analyze and evaluate real world economic scenarios using theoretical constructs and arguments
  • Demonstrate the application of critical and creative thinking skills and abilities to produce an independent and extended piece of work
  • Follow up aspects in which learners have interest & develop the communication skills to argue logically
According to CBSE, the student can work on the project in the following sequence:
  • Step-1: Choose a title/topic
  • Step-2: Collect the research material/data
  • Step-3: Organize material/data
  • Step-4: Present material/data
  • Step-5: Analyze the material/data for conclusion
  • Step-6: Draw the relevant conclusion
  • Step-7: Present the Project Work
Per CBSE, the economics project should include the following specifications:  
  • Introduction of topic/title
  • Identifying the causes, events, consequences and/or remedies
  • Various stakeholders and effect on each of them
  • Advantages and disadvantages of situations or issues identified
  • Short-term and long-term implications of strategies suggested in the course of research
  • Validity, reliability, appropriateness and relevance of data used for research work and for presentation in the project file
  • Presentation and writing that is succinct and coherent in project file
  • Citation of the materials referred to, in the file in footnotes, resources section, bibliography etc.

Things to consider when creating economics project for class 12th

Keeping CBSE guidelines in mind, here is a complete strategy to choose and execute the best economics project topics for class 12th.

  • Choose the topic wisely: 

Economics is a broad subject, giving you plenty of topics to choose from. However, it’s advisable to choose carefully, as the choice of your topic will determine how good the project is and how much time and effort will it entail. So, keep the following tips in mind when opting for the topic.

  1. The topic should have ample material for you to research, analyze and present.
  2. You’ll find working on a topic easier and more rewarding if it interests you.
  3. Having some prior knowledge of the topic can result in quick output.
  4. If the topic is related to your course, expect scoring well in your written exam as well.
  5. Choosing a simpler topic can help you prepare well for the Viva voice.
  6. Avoid choosing a lengthy topic if you are short on time.
  • Research, research & research: 

Regardless of what economics project topic you opt for, there’s not alternative to research. You not only need to research sufficient information to present in your project but also stay prepared for the viva voce. Mind you, the more in-depth the research is, the better the topic will evolve with data and stats pouring in from all directions. To start with, it’s wise to focus on descriptive research.

For example, if your topic is “The Digital India Movement,” you gather information on the characteristics of the movement. That’s descriptive research for you. Once done, its time to explore its causes, effects, and other relevant information. Getting into the details is recommended to draw a logical conclusion based on factual data. Plus, stats make the project look authentic.

Tip: For research, rely only on credible books and web resources. The last thing you want is to produce faulty information. Also, mark the resources you access information from for bibliography.

  • Organize the Information: 

After the research part is over, it’s time to organize all the information you gathered. Again, the gathered information in the Digital India Movement project should have the following sequence:

  • Introduction
  • Characteristics
  • How it works
  • Advantages
  • Challenges
  • Future

Tips: Ensure the introduction contains date of launch, vision, objectives, and other relevant information. Also, stuff in plenty of stats and data to build your argument and draw a conclusion.

  • Present it well:

If you fail to present the researched information well, the quality of your economics project for class 12 will suffer and so will your overall score. Here is how to keep the presentation above par.

  1. Explain the topic in detail but without dragging the information or resorting to verbose.
  2. Define each term you use in the project to make it easier for everyone to understand.
  3. Prefer using active voice, stay consistent with the tense and avoid any negativity in language.
  4. Present information through pictures, figures, graphs, and infographics wherever possible.
  5. Avoid over-decorating the file. Instead, keep it neat, simple and professional.
Inclusions:

Don’t forget to include the following components in the same sequence:

  1. Front Page: Think of it as the window to your project, featuring Project Title, Author Name, School Name, Teacher’s Name, Contact information, and a concise introduction to the topic.
  2. Acknowledgment: Herein, you thank your teacher, school or any person or institution who helped you at any stage of the project.
  3. Certificate: A dually signed certificate adds credibility to your project. Here’s a sample certificate:

This is to certify that …….(your name)…….. of class 12 has successfully completed his/her project on topic …….(project name)…….. under the guidance of Mr./Miss/Mrs. ……….(teacher’s name)……. during the academic session….(year)……. in line with the CBSE guidelines.

Utilize the space below this for signatures of external examiner & your teacher.

4. Content Index: You should list the contents of the project preferably in a table form. Also, state page numbers alongside the subtopic.

5. The Project Work: It is the soul of your project where you present info and shape arguments.

6. Bibliography: Last but not the least, state all references you used for the project.

Top 10 Economics Project Topics for Class 12th

Here are the top 10 best economics project topics for class 12th students.

1. Demonetization

DemonetizationOn 8 November 2016, the Government of India stopped printing and circulation of ₹500 and ₹1000 bank notes. From that day onwards, these currency notes seized to be a legal tender and replaced by new banknotes of ₹500 and ₹2,000. Following the announcement, a certain level of panic set in with people queuing outside banks and ATMs to withdraw new notes or exchange the retired ones.

Demonetization is one of the most sought-after economics project topics for class 11th and 12th. Why? Well, six years on, the world is still arguing on demonetization’s success. So, you have ample opportunity to build an argument for or against it with facts & figures. Plus, the material is plenty.

What to Include? 
  • Introduction to Demonetization
    • Definition
    • Why countries implement demonetization
  • Background to demonetization in India
    • Preparation
    • Announcement
    • Ordinance
    • Limitation on cash withdrawals and exchange
  • Objectives of demonetization in India
    • Countering black money & tax evasion
    • Eliminating counterfeit banknotes
    • Promoting Digital Transactions
    • Check anti-national activities
  • Outcomes
    • Immediate Outcomes  
      • Cash Crunch
      • Deaths
      • Introduction of mobile ATMs
      • Boost in black money declaration
      • Stock markets crash
    • Long term Outcomes
      • GDP
      • Industrial output
      • Agricultural output
      • Employment
      • Welfare schemes
  • Demonetization in Popular Culture 
  • Your Take on Demonetization

Tip: Give a brief insight into demonetization implemented by USA, Ghana, Nigeria, Myanmar, Soviet Union, Australia, and other countries in different points in time. Also, include the causes and effects of the 1978 demonetization in India. You can even list movies on demonetization in the “Popular Culture” section. For more impact, mention reactions of prominent people and organizations.

2. Digital India 

Digital India Movement

It is a government of India initiative to promote digitalization, create a knowledge economy, and democratize access to government services. With the motto, “Power to Empower,” the movement was launched in 2015 and is still active. Digital India makes for a rewarding economics project topic for class 10th, 11th, 12th and beyond. That’s because, the topic is extensive and constantly changing as new developments happen at a rapid pace. Also, the movement’s impact is widespread.

What to Include? 
  • Introduction to Digital India
    • Definition & Launch date
    • Objectives
    • Ministries involved
    • Areas of Focus
  • How it is Managed?
    • Approach
    • Methodology
  • Nine Pillars
  • E-Cabinet
    • e-Pragati
    • Bhudhaar
    • e-Panta
    • Loan charge
  • Initiatives
    • Digi-lockers
    • E-Hospitals
    • E-Pathshala
    • BHIM
    • E-Kranti
  • Advantages
  • Challenges
  • Effectiveness
    • Reception
    • Criticism
    • Impact
  • Adoption of the digital India project
  • The overall impact of digitalization
  • Digital India and foreign trade

Tip: Try adding as many stats as possible to substantiate your argument. Don’t forget to mention the training and ongoing awareness campaigns, alongside criticism to present a balanced view.

3. Monopoly

Monopoly

Monopoly refers to the complete domination of a company/firm in a particular market. Since there’s no alternative to the company, consumers are forced to buy from it, usually at higher prices.

Patents, licenses, government policies and other factors make it hard for other companies to enter and compete in the market. That allows the monopolist to dictate prices and compromise quality.

What to Include? 
  • Introduction to Monopoly 
    • Definition
    • Examples
  • Types of monopoly
    • Simple monopoly
    • Pure monopoly
    • Natural monopoly
    • Legal monopoly
  • Defining features of monopoly
    • Maximized profits
    • No competition
    • High entry barrier
    • High pricing & more
  • Reasons for emergence
    • Licensing
    • Patents
    • Cartels
    • Control of raw materials
  • How to measure monopoly
    • Concentration Index
    • Profit margins
    • Price discrimination policies
  • Demand Curve Under Monopoly
  • How it harms the economy

Tip: Explain in detail terms like oligopoly, monopolistic competition, monopoly rent, and more to add more depth. Also, use real life examples like Microsoft & Windows, and DeBeers & diamonds.

4. Import Substitution Industrialization (ISI) 

Import Substitution vs. Export Promotion

Import substitution industrialization (ISI) focuses on promoting domestic manufacturing and reducing foreign imports. The idea is to develop self-sufficiency, reduce reliance on imports, and save foreign currency reserves. The government backs ISI with certain policy initiatives, such as subsidizing manufacturing and implementing laws to protect and incubate domestic industry.

If you are short on time, ISI could be the best economics project topics for class 12th.

What to Include? 
  • Introduction to ISI
    • Definition
    • Objectives
    • Characteristics
  • Origins (from 18th century to modern day) 
  • Protectionist Policies to Promote ISI
    • Subsidization
    • Increase Tariffs
    • Discourage FDI
  • Conceptual framework & Measures of IS 
  • Local Ownership Import Substituting 
  • Critique of ISI
  • Your take

Tip: Discuss ISI policies implemented by Latin American and African countries and their outcomes. This will help you shape your argument against ISI. You can even compare ISI with export promotion.

5. GST

GST

Goods and Services Tax (GST) is perhaps the biggest and most talked-about indirect tax reform India has made in the recent years. Its an alternative to all indirect taxes that union and state governments levied on the production, sale, and purchase of goods and services at India level. 

While the government introduced GST to transform India into a unified common market, some argue against it. So, you have plenty of scope to research and analyze GST and derive your conclusion. However, it can be a lengthy and complicated topic. So, start early and manage your time well.

What to Include?
  • Introduction to GST
    • Definition
    • Objectives
    • Date of Enactment
    • How is it administered
  • Chronology of GST 
  • Advantages for:
    • Business & Industry
    • Union & State govts.
    • Consumer
  • Disadvantages:
    • Increased tax on SMEs
    • Compliance hassles & more
  • Indirect Taxes Subsumed into GST at:
    • Central level
    • State level
    • Goods not covered in GST
  • Calculation of GST
  • Statistics
    • Revenue collections
    • Returns
  • Reaction of prominent economists 
  • Your take

Tip: In the “Chronology” section, include the Kelkar Task Force (2003) recommendations and all key amendments. Feel free to give a passing reference on the indirect tax reforms starting from 1986. Also, don’t forget to cover subtopics like HSN code, e-Way Bill, and Reverse Charge Mechanism.

6. Foreign Exchange Market

Foreign Exchange Market

Your search for the best economics project topics for class 12th can end with the foreign exchange market. It’s an engaging, useful and vast topic. In this globalized, interconnected world, the topic is relevant as well. With plenty of material readily available, there’s immense scope for research.

What to Include? 
  • Introduction to Foreign Exchange Market
    • Definition & Alternate names
    • Total Worth, liquidity
    • Most traded currencies
  • Characteristics
  • Types
    • Spot Forex Markets
    • Forward Forex Markets
    • Futures Forex Markets
  • Constituents of Forex
    • Commercial establishments
    • Central banks
    • Investment management firms
    • Retail forex traders
    • Non-bank forex companies
    • Money transfer/remittance companies
  • Evolution of the currency market economy
    • Adoption of Gold Standard
    • Bretton Woods Standard
    • Forex post WW2
    • Forex post-1973
  • Factors that decide exchange rates
    • Economic factors
    • Political conditions
    • Market psychology
  • Advantages & Disadvantages
  • Forex leverage
  • Risk aversion
  • Carry trade
  • Speculation

Tip: Feel free to touch historical agreements like Bretton Woods Conference, Smithsonian Agreement, Plaza Accord, and Louvre Accord when discussing the evolution of Forex. Also, divide the evolution section into Early, Medieval and Modern & Postmodern periods for better readability.

7. Evolution of the Barter System

Evolution of the Barter System

Barter system traces its roots back to the ancient Mesopotamians in around 6000 BC. Phoenicians, Romans, and others later adopted the system to secure grains, weapons and other necessities.

It’s a simple trading method where medium of exchange isn’t involved. Instead of using money, one good is swapped directly with the other of similar value. For example, you trade rice for wheat.

The barter system has lost its relevance in a globalized world dominated by international trade and foreign exchange. However, tracking the evolution of barter system can be a learning experience.

What to Include? 
  • Introduction to Barter System
    • Definition
    • Etymology
    • Characteristics
    • The need for bartering
  • Advantages of bartering
    • Simplicity
    • Prevent overexploitation of resources
    • No balance of payments crisis
    • No foreign exchange crisis & more
  • Limitations of Bartering
    • Double coincidence of wants
    • Lacks standard unit
    • Some goods are indivisible
    • Non-existence of deferred payments
    • Storage issues of goods
  • Origin of the Barter system
    • Silent Trade
    • Age of Financial crisis
    • Organized barter exchange
    • Labor Notes
  • Evolution of money from barter to digital currencies
  • Present day practice of Bartering in Business
  • Your take 

Tips: You can give a passing reference to popular monetary systems and recent developments like the emergence of cryptocurrencies for an impactful project.

8. Opportunity Cost

Opportunity Cost

Interesting and relevant, Opportunity Cost is one of the best economics project topics for class 12th. The concept is applicable on common folks, investors and/or companies when they opt for one option over the other. It’s about calculating the benefits associated with the overlooked options vis-à-vis the chosen one. The idea is to evaluate every option and finalize the best one accordingly.

What to Include
  • Introduction to Opportunity Cost
    • Definition
    • Importance
  • Factors of Opportunity Cost
    • Price
    • Time
    • Effort
    • Utility
  • How to calculate Opportunity Cost
  • Types of Opportunity Costs
    • Implicit cost
    • Explicit cost
    • Marginal cost
  • Opportunity cost graph
  • Applications
    • Economic profit versus accounting profit
    • Comparative advantage versus absolute advantage
    • Opportunity cost at governmental level
  • Consumption patterns

Tips: Explain the opportunity cost with examples from real business scenarios to better impact. Also, touch factors that aren’t included in opportunity costs, notably sunk costs and marginal costs.

9. Human Development Index

Human Development IndexThe HDI project should cover topics like:

  • HDI briefing
  • Indicators of HDI
  • HDI measurement
  • GDP and HDI

10. Make in India

Make in IndiaMake in India encompasses a wide variety of topics that can be addressed through your projects, such as:

  • Impact of Make in India on aviation, defense, health sectors, etc.
  • Foreign Direct Investment
  • Pros and cons of the scheme
  • Concerns and criticism about the Make in India scheme

Conclusion

Vast and dynamic, economics affords plenty of avenues for independent research. So, that was our take on the best economics project topics for class 12th as well as 11th and 10th. We provided everything – CBSE guidelines, tips and project ideas – to make things easy and quick for you. For more such informative content, stay tuned. Give us your feedback in the comment section below.

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Rohit Kumar
Rohit Kumar
Passionate about content quality and attention to detail, Rohit has penned over 15,000 copies for some of the leading online and offline publications in his eight-year career. Currently heading the content team at Dunia Ka Gyan, he believes in team spirit, ingenuity, and reader satisfaction.

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