1. Microeconomics

Microeconomics deals with the economic behavior of individuals and firms, and how decisions are made based on resource allocation and pricing. The topics generally covered include:

• Introduction to Microeconomics: Basic concepts such as scarcity, choice, opportunity cost, and production possibility frontier.
• Consumer Behavior: Utility, indifference curve analysis, consumer equilibrium, demand theory, elasticity of demand.
• Producer Behavior and Supply: Production functions, cost and revenue analysis, supply theory, elasticity of supply.
• Market Equilibrium: Equilibrium of demand and supply, effects of shifts in demand and supply, price determination.
• Forms of Market and Price Determination: Perfect competition, monopoly, monopolistic competition, and oligopoly; their characteristics, price determination, and the concept of equilibrium.
• Welfare Economics: Concepts of consumer surplus, producer surplus, and welfare analysis.

2. Macroeconomics

Macroeconomics looks at the economy as a whole and focuses on large-scale economic factors. Key topics include:

• National Income and Related Aggregates: Understanding concepts like GDP, GNP, NNP, NDP, personal income, and disposable income. Methods of measuring national income (income, expenditure, and production method).
• Money and Banking: Functions of money, the role of commercial banks, and the central bank (specifically, the Reserve Bank of India), the creation of money, and monetary policy.
• Determination of Income and Employment: Theories of income determination, aggregate demand and aggregate supply, multiplier and accelerator effects, and Keynesian economics.
• Government Budget and the Economy: Government budget, its components, fiscal policy, and its impact on the economy, understanding of deficits, and surplus.
• Balance of Payments: Balance of trade vs. balance of payments, the concept of current account and capital account, exchange rates, and types of exchange rate systems.

Exam Format

Class 12 Economics exams typically have a combination of multiple-choice questions, short-answer questions, and long-answer questions. The exam is usually divided into two parts, corresponding to Microeconomics and Macroeconomics. The distribution of marks can vary by board.

This overview is in line with many educational boards in India, including CBSE. However, specific topics and their depth might differ slightly depending on the curriculum of the board you're following.