CBSE - Class 11 - Economics - CBSE Revision Notes
CBSE Revision Notes for Class 11 Economics
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CBSE Revision Notes for class 11 Economics
CBSE revision notes for class 11 Economics NCERT chapter wise notes of 11th Economics CBSE key points and chapter summary for 11 Economics all chapters in PDF format for free download. CBSE short key notes and chapter notes for revision in exams. CBSE short notes of 11th class Economics. Summary of the chapter for class 11 Economics are available in PDF format for free download. These NCERT notes are very helpful for CBSE exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. These notes are based on latest NCERT syllabus and designed as per the new curriculum issued by CBSE for this session. Class 11 Economics chapter wise NCERT note for Economics part and Economics for all the chapters can be downloaded from website and myCBSEguide mobile app for free.
CBSE Class 11 Notes and Key Points
- CBSE Revision notes (PDF Download) Free
- CBSE Revision notes for Class 11 Economics PDF
- CBSE Revision notes Class 11 Economics – CBSE
- CBSE Revisions notes and Key Points Class 11 Economics
- Summary of the NCERT books all chapters in Economics class 11
- Short notes for CBSE class 11th Economics
- Key notes and chapter summary of Economics class 11
- Quick revision notes for CBSE exams
CBSE Class 11 Economics Chapter-wise Revision Notes
- Chapter 1 – Indian Economy on the Eve of Independence
- Chapter 2 – Indian Economy 1950-1990
- Chapter 3 – Liberalisation, Privatisation and Globalisation: An Appraisal
- Chapter 4 – Poverty
- Chapter 5 – Human Capital Formation in India
- Chapter 6 – Rural Development
- Chapter 7 – Employment : Growth, Informalisation and Other Issues
- Chapter 8 – Infrastructure
- Chapter 9 – Environment and Sustainable Development
- Chapter 10 – Comparative Development Experiences if India and Its Neighbours
- Chapter 11 - Excretory Products and their Elimination
- Chapter 12 - Locomotion and Movement
- Chapter 13- Neural Control and Coordination
- Chapter 14 - Chemical Coordination and integration
Free Download of CBSE Class 11 Revision Notes
Key Notes for CBSE Board Students for Class 11. Important topics of all subjects are given in these CBSE notes. These notes will provide you overview of the chapter and important points to remember. These are very useful summary notes with neatly explained examples for best revision of the book.
CBSE Class-11 Revision Notes and Key Points
CBSE class-11 Key points and summary of the lessons is given under this section for Chem, Phy, Maths, Bio, Acc, Bstudy, Eco and other subjects. The notes includes all concepts given in NCERT books and syllabus issued by CBSE for class-11. Key notes are 'to the point' capsules for quick revision of the chapter. We have covered the whole syllabus in these notes.
- Revision Notes for class-11 Physics
- Revision Notes for class-11 Chemistry
- Revision Notes for class-11 Mathematics
- Revision Notes for class-11 Biology
- Revision Notes for class-11 Accountancy
- Revision Notes for class-11 Economics
- Revision Notes for class-11 Business Studies
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CBSE Class 11 Economics
Chapter - 1
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
2. Non-Economics Activities
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.
Statistics can be defined in two ways:-
1. Singular sense: Statistic Means Statistical methods and techniques related to collection, organisation, classification, Presentation, analysis and Interpretation of data.
2. Plural Sense: Statistics means Numerical facts and figures Which have been systematically collected for a definite purpose in any field of study.
Characteristics of statistics in plural sense
1. Aggregate of facts
2. Numerically expressed
3. Affected by multiplicity of causes
4. Reasonable accuracy
5. Collected in a systematic manner
6. Pre-determined Purpose
7. Placed in relation to each other
Stages of statistics in singular sense
1. Collection of data
2. Organisation of data
3. Presentation of data
4. Analysis of data
5. Interpretation of data
(1) Qualitative data - Not measured in numerical terms like beauty and intelligence.
(2) Quantitative data - Measured in numerical terms like price and Income.
Scope of Statistics
In the old days the use of statistics was restricted to deal with the affairs of the state. But now-a-days the scope of statistics has spread to all those areas where numerical facts are used such as economics, business industry, medicine, physics, chemistry and numerous other fields of knowledge.
Importance of Statistics in Economics
1. It enables an economist to present economic facts in precise and definite form.
2. Helps in condensing mass data info a few numerical measures.
3. Statistics is used in finding relationship between different economic factors.
4. Economics forecasting through statistical studies.
5. Helpful to formulate appropriate economic policies that solve economic problems.
6. Help to analyse the performance of policies applied before.
7. Economist try to find out cause and effect relationship between different sets of data.
8. Formulation of policies.
9. Used for inter-sectoral and inter-temporal comparisons.
10. It is a quantitative expression for economic problem.
Function of Statistics
1. Statistics simplifies complexities.
2. It expresses facts in numbers.
3.It presents data in condensed form.
4. Statistics compares different phenomena and reassures relationship between them.
5. Statistics is helpful in formation of policies.
6. Statistics is helpful in economic forecasting.
7. It facilitates comparisons.
8. It is useful in testing the laws of other sciences.
9. It helps in establishment of correlation between two facts.
Limitations of Statistics
1. Statistics does not study individuals.
2. Statistics results might lead to fallacious conclusions.
3. Statistics deals with quantitative facts only.
4. Statistics laws are true only on averages.
5. Only experts can make the best possible use of statistics.
6. Uniformity and homogeneity of data is essential.
7. Misuse of statistics is indeed its greatest limitation because misuse of statistics is possible.
8. Study of aggregates only
9. Without reference, results may prove to be wrong.