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Introduction to Microeconomics
Page 2


Introduction to Microeconomics
Synopsis
• Meaning of Goods, Services, Individual, Resource.
• Meaning of Economics
• Economy
• Types of Economy/ Organisation of Economic Activities
• Economic problem
• Why an economic problem arise
• Central problem of economy
• Production Possibility Frontier
• Positive and Normative Economics
• Microeconomics and Macroeconomcs
Page 3


Introduction to Microeconomics
Synopsis
• Meaning of Goods, Services, Individual, Resource.
• Meaning of Economics
• Economy
• Types of Economy/ Organisation of Economic Activities
• Economic problem
• Why an economic problem arise
• Central problem of economy
• Production Possibility Frontier
• Positive and Normative Economics
• Microeconomics and Macroeconomcs
Key Terms
• Goods: It means physical, tangible objects used to 
satisfy people’s wants and needs.
• Services: It means the intangible satisfaction of 
wants and needs.
Page 4


Introduction to Microeconomics
Synopsis
• Meaning of Goods, Services, Individual, Resource.
• Meaning of Economics
• Economy
• Types of Economy/ Organisation of Economic Activities
• Economic problem
• Why an economic problem arise
• Central problem of economy
• Production Possibility Frontier
• Positive and Normative Economics
• Microeconomics and Macroeconomcs
Key Terms
• Goods: It means physical, tangible objects used to 
satisfy people’s wants and needs.
• Services: It means the intangible satisfaction of 
wants and needs.
Key Terms
• Individual: It means an individual decision making 
unit, it can be a person or a group like a household, a 
firm etc.
• Resource: It means those goods and services which 
are used to produce other goods and services. For 
instance, land, labour, tools and machinery. Etc.
Page 5


Introduction to Microeconomics
Synopsis
• Meaning of Goods, Services, Individual, Resource.
• Meaning of Economics
• Economy
• Types of Economy/ Organisation of Economic Activities
• Economic problem
• Why an economic problem arise
• Central problem of economy
• Production Possibility Frontier
• Positive and Normative Economics
• Microeconomics and Macroeconomcs
Key Terms
• Goods: It means physical, tangible objects used to 
satisfy people’s wants and needs.
• Services: It means the intangible satisfaction of 
wants and needs.
Key Terms
• Individual: It means an individual decision making 
unit, it can be a person or a group like a household, a 
firm etc.
• Resource: It means those goods and services which 
are used to produce other goods and services. For 
instance, land, labour, tools and machinery. Etc.
Meaning of Economics
• Economics is concerned with the study 
of economic problems that arise 
because human wants are unlimited 
and resources to satisfy those wants 
and limited or scarce and these scarce 
resources have alternative uses.
• Economics focuses on the rational 
management of scarce resources in 
order to maximize economic welfare. 
Hence, economics is about making 
choices in the backdrop of scarcity.
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FAQs on PPT - Introduction to Microeconomics - Economics Class 11 - Commerce

1. What is microeconomics?
Ans. Microeconomics is a branch of economics that deals with the individual behavior of households and firms and how they interact in markets. It focuses on the study of how decisions are made by consumers and producers, how prices and quantities are determined in different markets, and how government policies can affect market outcomes.
2. What is the difference between microeconomics and macroeconomics?
Ans. Microeconomics deals with the study of individual economic agents such as households and firms, while macroeconomics deals with the study of the economy as a whole. While microeconomics focuses on the behavior of individual actors in the market, macroeconomics studies the aggregate behavior of the entire economy, including issues such as inflation, economic growth, and unemployment.
3. What are the basic principles of microeconomics?
Ans. The basic principles of microeconomics include the concept of supply and demand, the theory of the firm, the role of prices in the market, the concept of elasticity, market structures such as perfect competition, monopoly, and oligopoly, and the role of government in regulating markets.
4. How does microeconomics relate to everyday life?
Ans. Microeconomics relates to everyday life in several ways. It helps us understand how the prices of goods and services are determined, how people make decisions about what to buy and where to work, and how firms make decisions about what to produce and how much to charge. Microeconomics also helps us understand how government policies such as taxes and regulations can affect our lives.
5. What are some real-world examples of microeconomic principles in action?
Ans. Real-world examples of microeconomic principles include the pricing strategies of different companies, the decision-making process of individuals and households when deciding what to buy, the impact of taxes and subsidies on the supply and demand of goods and services, and the effects of government regulations on markets such as the healthcare and housing markets.
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