Download CBSE Revision Notes for CBSE Class 11 Economics Introduction to Microeconomics & Central Problems Meaning of microeconomics and macroeconomics What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production possibility frontier and opportunity cost.
Download CBSE Revision Notes for CBSE Class 11 Economics Consumer’s Equilibrium - Utility & Indifference Curve Consumer's equilibrium - meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis. Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium. Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand - (a) percentage change method and (b) geometric method (linear demand curve); relationship between price elasticity of demand and total expenditure.
Download CBSE Revision Notes for CBSE Class 11 Economics Production Function & Returns to a Factor Production function –Short-Run and Long-Run Total Product, Average Product and Marginal Product. Returns to a Factor Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships. Revenue - total, average and marginal revenue - meaning and their relationships. Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - (a) percentage-change method and (b) geometric method.
Download CBSE Revision Notes for CBSE Class 11 Economics Forms of Market Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply. Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features. Simple Applications of Demand and Supply: Price ceiling, price floor.
Download CBSE Revision Notes for CBSE Class 11 Economics Introduction to statistics What is Economics? Meaning, scope and importance of statistics in Economics.Economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses. Scarcity means shortage of goods and resources in relation to their demand.
Download CBSE Revision Notes for CBSE Class 11 Economics Collection of Data Collection of data - sources of data - primary and secondary; how basic data is collected, with concepts of Sampling; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.
Download CBSE Revision Notes for CBSE Class 11 Economics Organisation of Data classify the data for further statistical analysis- distinguish between quantitative and qualitative classification, prepare a frequency distribution table, know the technique of forming classes, be familiar with the method of tally marking, differentiate between univariate and bivariate frequency distributions.
Download CBSE Revision Notes for CBSE Class 11 Economics Presentation of Data Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data: (i) Geometric forms (bar diagrams and pie diagrams), (ii) Frequency diagrams (histogram, polygon and ogive) and (iii) Arithmetic line graphs (time series graph).
Download CBSE Revision Notes for CBSE Class 11 Economics Measures of Central Tendency Measures of Central Tendency- Merits of Arithmetic mean, Demerits of Arithmetic mean, Merits of Median, Demerits of median, Merits of mode, Demerits of mode, Relation among mean, median and mode, Graphic representation of mode.
Download CBSE Revision Notes for CBSE Class 11 Economics Measures of Dispersion Measures of Dispersion - absolute dispersion (range, quartile deviation, mean deviation and standard deviation); relative dispersion (co-efficient of range, co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of variation); Lorenz Curve: Meaning, construction and its application.
Download CBSE Revision Notes for CBSE Class 11 Economics Correlation Correlation - meaning, scatter diagram; Measures of correlation - Karl Pearson's method (two variables ungrouped data) Spearman's rank correlation.
Download CBSE Revision Notes for CBSE Class 11 Economics Introduction to Index Number Introduction to Index Numbers - meaning, types - wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers.
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.
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 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.
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.
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