ECONOMICS
Chapter-1 Introduction of Economics and Economies
Economics:- It is the science of human behavior which related to scarcity of resources and distribution of source which is consumed by people to get maximum utility and profit.
Scarcity:- Scarcity implies a situation when supply of resources in less then demand for resources.
Choice:- Choice refer to the process of selection from available limited alternatives.
Micro-Economics:- When study and solution of problem of choice is done at the level of individually.
★ 'Micro' words come fro a Greek language 'micros' which means "small".
In the micro-Economics, only one unit is study.
Example:- Demand of salt in family by a one person.
There are 'Three' principle of micro-Economics:
(i) Principle of demand.
(ii) Principle of production.
(iii)Principle of distribution.
Macro-Economics:- When study and solution of problem of choice is done at the level of country.
★ 'Macro' words come from a Greek language 'Macros' which means ''large''.
In the macro-Economics, The study of demand of whole goods and service.
It is related to the study of:-
(i) National income.
(ii) Total employment.
(iii)Level of simple cost.
Positive Economics and Normative Economics:-
Positive Economics:- It is related to the issue of present, past and future. In which study by fect and figures.
1) Positive Economics deal with the 'What was','What is and 'What will'.
2) It is based on the data of present, past and future.
3) It don't denotes the value judgement of Economics.
4) In the positive Economics judgement and purity can check.
Normative Economics:- It is related to 'What out to be' and It deals with the issues and problems of Economist which is they thoughts.
1) In the normative Economics it denote the value judgement of statements.
2) It denotes the thoughts that why purity and judgement can not check.
Economy:- Economy is a system by which people of an aria earn living.
Example:- Principal goes to school.
_ Doctor goes to hospital and
_ Farmer goes to there filed.
All these denotes the nature and level of Economy activity for earn there living.
Types of Economy:-
(i) Agricultural Economy.
(ii) Industrial Economy.
Agricultural Economy:- In this Economy by which maximum people of an aria busy for earn there living.
Industrial Economy:- In this Economy maximum people busy to earn there living in industrial Economy.
On the base of dependent and controlled Economy activity there are three types of economy.
(i) Controlled Economies / Centerly Planed Economies:-
Those Economy in which degree of control of Economy activity is high which is control by government for welf are of society.
Example:- Controlled Economies is high in China, Russia and Koria.
(ii) Free Economies /Market Economies:-
Those Economy in which degree of control is less which is controlled by market to earn high profit.
Example:- Market Economy is less in U.K and U.S.A.
(iii) Mixed Economies:-
Those Economy in which degree of control is simple (neither high nor less).
Example:- India where the Economy is mixed.
- Introduction of Economics and Economies Important Notes and pdf Chapter-1 Class-11
- Central Problem of an Economy Chapter-2 Class-11 Important Notes and pdf
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