Microeconomics Overview
Microeconomics is a branch of economics that studies individual agents and markets, focusing on the allocation of resources and the interactions between consumers and firms. Here’s a concise breakdown of key chapters in Class 11 Microeconomics.
1. Introduction to Microeconomics
- Definition and scope of microeconomics
- Importance of studying microeconomics
- Micro vs. macroeconomics
2. Consumer Behavior
- Utility and its types: Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Indifference Curve Analysis
- Budget Constraints
3. Demand and Supply
- Definition of demand and its determinants
- Law of Demand and exceptions
- Definition of supply and its determinants
- Law of Supply
- Market Equilibrium: Demand and Supply curves
4. Elasticity of Demand
- Price Elasticity of Demand: Definition and types
- Factors affecting elasticity
- Income and Cross Elasticity of Demand
5. Production and Costs
- Factors of production
- Short-run vs. long-run production
- Cost concepts: Fixed, Variable, Total, Average, and Marginal Cost
6. Market Structures
- Perfect Competition: Characteristics and equilibrium
- Monopoly: Features and pricing strategies
- Monopolistic Competition: Differentiation and market power
- Oligopoly: Characteristics and types
7. Factor Markets
- Factors of production and their payments
- Labor market dynamics
- Capital and land markets
8. Market Failures and Government Intervention
- Public goods and externalities
- Market power and monopolies
- Role of government in correcting market failures
This structured approach to microeconomics will help in understanding the fundamental concepts clearly. For deeper insights, it's beneficial to explore detailed resources and practice problems available on platforms like EduRev.