ECONOMICS CLASS- 11 (MICROECONOMICS) CHAPTER-1 INDRODUCTION OF ECONOMICS (PART-1)

ECONOMICS CLASS- 11 (MICROECONOMICS) CHAPTER-1 INDRODUCTION OF ECONOMICS (PART-1)

(1.) Economics
 Meaning, Definition, Origin,Need to Study Economics
(2).Branches of Economics/Classification
 Microeconomics (Meaning, Important Theories)
 Macroeconomics (Meaning, Important Theories)
 Difference between Microeconomics and Macroeconomics.
(3)Economic Problem
 Meaning,Cause of economic problem
 Scarcity and choice
 Basic(Central) Problems of Economy(What to produce, How to produce, When to produce)
(4)Production possibilities Curve
 Meaning,Assumptions
 Properties
 Shift and Rotation of PPC
(5)Opportunity Cost
(6)Marginal Opportunity Cost
(7) Economy and Types of Economy
(8)Positive and Normative Economy