CBSE Class 11 Economics Revision Notes Introduction
Points to Remember
Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.
Scarcity means shortage of goods and resources in relation to their demand.
Scarcity is the root of all Economic problem.
Father of Economics Adam Smith provided wealth definition of economics( Book- The Wealth of Nations, 1776):- Economics is an enquiry into the factors that determine the wealth of a country.
Scarcity definition given by Lionel Robbins(1932):- Economics is a science that studies human behaviour as a relationship between ends and scarce means which have the alternative uses.
Growth definition given by Paul A samuelson:- Economics is the study of how man and the society chooses with or without the use of money, to employ scarce productive resources which could have the alternative uses to provide various commodities overtime and distribute them for consumption now and in future among various people and the groups of the society.
Resources are :
(a) Scarce/limited and
(b) Have alternatives uses
Types of Activities:
1. Economic Activities
a. Production
b. Consumption
c. Investment
d. Exchange
e. Distribution
2. Non-Economics Activities
a. Social
b. Religious
c. Political
d. Charitable
e. Parental
Economic activities are those activities which are related to earn money and wealth for life. These activities generate new income and increase the flow of goods and services. For example production, consumption, investment, distribution.
Non-economic activities are those activities which are not related to earn money and wealth. These activities neither generate income nor increase the flow of goods & services. For example, a teacher teaching his own son.
Consumer: Consumer is an economic agent who buys the goods and services to satisfy his wants.
Producer is one who produces goods and services for the generation of income.
Service holder: A person who is in job and gives his services as a factor of production and is getting paid for it. E.g. Govt. Teacher.
Service Provider: A person who provides services to other for a payment. e.g. transporter, auto driver.
Statistics: Statistics is a method of taking decisions on the basis of numerical data.
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CBSE Class 11 Economics Revision Notes Introduction
Points to Remember
Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.
Scarcity means shortage of goods and resources in relation to their demand.
Scarcity is the root of all Economic problem.
Father of Economics Adam Smith provided wealth definition of economics( Book- The Wealth of Nations, 1776):- Economics is an enquiry into the factors that determine the wealth of a country.
Scarcity definition given by Lionel Robbins(1932):- Economics is a science that studies human behaviour as a relationship between ends and scarce means which have the alternative uses.
Growth definition given by Paul A samuelson:- Economics is the study of how man and the society chooses with or without the use of money, to employ scarce productive resources which could have the alternative uses to provide various commodities overtime and distribute them for consumption now and in future among various people and the groups of the society.
Resources are :
(a) Scarce/limited and
(b) Have alternatives uses
Types of Activities:
1. Economic Activities
a. Production
b. Consumption
c. Investment
d. Exchange
e. Distribution
2. Non-Economics Activities
a. Social
b. Religious
c. Political
d. Charitable
e. Parental
Economic activities are those activities which are related to earn money and wealth for life. These activities generate new income and increase the flow of goods and services. For example production, consumption, investment, distribution.
Non-economic activities are those activities which are not related to earn money and wealth. These activities neither generate income nor increase the flow of goods & services. For example, a teacher teaching his own son.
Consumer: Consumer is an economic agent who buys the goods and services to satisfy his wants.
Producer is one who produces goods and services for the generation of income.
Service holder: A person who is in job and gives his services as a factor of production and is getting paid for it. E.g. Govt. Teacher.
Service Provider: A person who provides services to other for a payment. e.g. transporter, auto driver.
Statistics: Statistics is a method of taking decisions on the basis of numerical data.