Commerce Exam > Commerce Notes > Economics Class 11 > Key Notes - Introduction Micro Economics
Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce PDF Download
UNIT 1: INTRODUCTION
Key Concepts
1. Micro Economics
2. Economy
3. Central Problems of an Economy / Basic Economic Problems
- What to Produce?
- How to Produce?
- For whom to Produce?
4. Causes of an Economic Problem
5. Production Possibility Curve
6. Marginal Opportunity Cost–MOC
7. Marginal Rate of Transformation
8. Opportunity Cost
1. Micro Economics: It is a study of behaviour of individual units of an economy such as individual consumer, producer etc.
2. Economy: An economy is a system by which people get their living.
3. Economic Problem: “An economic problem is basically the problem of choice” which arises due to scarcity of resources having alternative uses”.
4. Causes of Economic Problem:
- Scarcity of resources
- Unlimited wants
- Limited resources having alternative uses
5. Basic (Central) Economic Problems
(a) Allocation of resources
• What to produce?
• How to produce?
• For whom to produce
(b) Efficient Utilization of Resources
(c) Growth of resources
6. Production Possibility Curve (PPC): PP curve shows all the possible combination of two goods that can be produced with the help of available resources and technology.
7. Marginal Opportunity Cost: MOC of a particular good along PPC is the amount of other good which is sacrificed for production of additional unit of another good.
8. Marginal Rate of Transformation: MRT is the ratio of units of one good sacrificed to produce one more unit of other good.
9. Scarcity of Resources: Scarcity of resources means shortage of resources in relation to their demand.
10. Opportunity Cost: It is the cost of next best alternative foregone.
The document Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on Key Notes - Introduction Micro Economics - Economics Class 11 - Commerce
| 1. What is micro economics? |  |
Ans. Micro economics is a branch of economics that deals with the study of individual economic agents such as households, firms, and markets. It analyzes the behavior of these agents and how they interact in the market to determine the prices of goods and services.
| 2. How is micro economics different from macro economics? | |
Ans. Micro economics is concerned with the behavior of individual economic agents, while macro economics deals with the performance of the economy as a whole. Micro economics focuses on the decisions made by individuals and firms in the market, while macro economics analyzes the overall trends and policies that affect the economy.
| 3. What are the key concepts in micro economics? | |
Ans. The key concepts in micro economics include supply and demand, elasticity, market structure, consumer behavior, production, costs, and pricing. These concepts help in understanding how markets work and how economic agents make decisions that affect the market outcomes.
| 4. How does micro economics relate to public policy? | |
Ans. Micro economics plays a crucial role in public policy as it provides insights into how policies affect individual economic agents and the market outcomes. For instance, policies related to taxation, trade, and regulation can impact the behavior of firms and consumers, and micro economic analysis can help in evaluating the effectiveness of such policies.
| 5. What are the applications of micro economics in real life? | |
Ans. Micro economics has several real-life applications, such as in pricing strategies of firms, consumer behavior analysis, market research, and policy evaluation. It can help in understanding how individuals and firms make decisions that affect the market outcomes, and how policies can impact the behavior of economic agents.
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