Introduction - Class 11 Micro Economics English CBSE Notes
CBSE Notes for Class 11 are one of the most useful study resources for students who want to understand every chapter clearly and perform well in school examinations. At ATP Education, we provide carefully prepared chapter-wise CBSE Notes for Class 11 based on the latest CBSE syllabus and NCERT curriculum. These notes are designed to simplify learning, improve conceptual understanding, and help students revise important topics quickly before examinations.
CBSE Notes for Class 11 – Chapter-wise Revision Notes
Every chapter is explained in a simple and student-friendly manner so that learners can understand difficult concepts without confusion. Whether you are preparing for class tests, periodic assessments, half-yearly examinations, annual examinations, or board-oriented assessments, our Class 11 CBSE Notes help you revise the complete syllabus in less time while covering all the important concepts.
Introduction - Class 11 Micro Economics English CBSE Notes
Introduction
Chapter - 1.
Nature and scope of economics.
Economy -
An economy is a system which helps to produce goods and services and enables people to earn their living.
Economic as a positive or normative science :
- ''Economics is a science and economics is positive science mean the same thing''
- ''Economics as an art and normative economics means two related but different things"
- It shows Cause and effect relationshisp,
- It investigates "what is", "what was", "what will" ?
- It dose not pass value judgements.
- It is not concerned with welfare propositions.
- This approach of economics.was propunded by lione robbins.
- Normative is derived from the word "norm" or ''standerd'' which implies ''what ought to be".
- It passes value judgements.
- It is concerned with welfare propositions.
- It decides standars which should be adhered to in achieving economic objectives.
- This approach was propounded by alferd marshall.
herce, economics is both a positive and normative Sciennce
Scope of Economics:
- It studies the economics issues of an individual unit like an individual consumer, producer or a firm.
- In other words, it studies the berhaviour of individual economic units.
- In this we use " bit by bit " approdach which means breaking a big problem into small parts and then study one bit at a time.
- It deals with the problem of alloction of resources.
- it is also known as the "price theory".
- some of the components of micro economics are:
1. theory of consumer behavior.
2. theory of production.
3. theory of product pricing.
- It studies the economic issues at a level of an economy as a whole.
- Under this variables are aggregat and relate to large groups of economic units.
- In other words, it studies economic units.
- Macro economics is also known as "income theory" or "aggregative economics"
- Some components of macro economics are:
1. National income.
2. Labour force and population.
3. Unemployment.
4. Balance of payment.
Economic Problem -
It is a problem of selection of scarce resources for satisfying unlimited human wants.
Causes of Economic Problem -
- Resources are limited,
- Human wants are unlimited, and
- alternative uses of resources.
Introduction
Central Problems of An Economy
1. What to be produced?
- It is related to "which goods should be produced and in how much quantity".
- It is a problem of selection of goods for production.
- An economy can produced different possible combinations of goods and services with given resources. because there has many types of goods for production like consumer goods, producer goods. capital goods, civil goods or defence goods.
- If production of one goods is increases then less resources is available for other goods, because resources are limites and have alternative uses.
so because of it the question is arises "which goods should be produced and in how much quantity".
2. How to be produced?
- It is related to "what techniques should be used for production".
- It is a problem of choosing appropriate technique for production of goods.
- there can be more than one technique for production of goods. first is labour intensive technique and second one is capital intensive technique can be used for production.
- labour intensive technique helps in creating employment while capital intensive technique helps to increase production capacity.
Since, both techniques are important so the question arises "what techniques should be used for production".
3. Whom to be produced ?
- It is related to "for whom goods should be produced".
- It is a problem of distribution of income and selection of final user of final goods.
Introduction
Production Possibility Curve:
- A production possibility curve shows the various combinations of two commodities that can be produced using the given resouces and technology.
- It was deviced by prof. plaul A. Samuelson.
Features of Production Possibility Curve -
(a) Slopes downward : PPC Slopes downward from left to right because It assumes resources are limited so that to increase the production of one good, some units of other good has to be sacrificed.
(b) Concave to the origin : PPC Concave to the origin because of increasing Marginal Opportunity Cost (MOC) or Marginal Rate of Transformation (MRT). MRT is increasing because all resources are not equally efficient in the production of both goods.
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Reading the complete textbook is essential for building knowledge, but revision notes help students organize that knowledge effectively. Our CBSE Revision Notes for Class 11 summarize every chapter by highlighting important concepts, definitions, keywords, formulas, examples, and important points that students should remember during examinations. This approach saves valuable study time and makes revision much easier.
Students often find it difficult to revise lengthy chapters before examinations. Our notes solve this problem by presenting important information in a structured format that is easy to understand and remember. Regular revision using these notes helps improve confidence and strengthens conceptual clarity.
Chapter-wise Study Material
Each chapter included in the CBSE Notes for Class 11 section is prepared according to the latest academic session. Every topic is explained in simple language while maintaining accuracy and completeness. Students can easily revise important concepts, learn key points, and strengthen their understanding of each chapter.
The notes are suitable for daily classroom learning, homework preparation, revision before examinations, and self-study. They also serve as an excellent companion to NCERT textbooks by presenting the most important information in an organized manner.
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