PPT : Introduction To Microeconomics Notes | Study Economics Class 12 - Commerce

 Page 1


 
 CPT Section C General Economics Chapter 1 
CA Janardhan Rao M.N.S 
Page 2


 
 CPT Section C General Economics Chapter 1 
CA Janardhan Rao M.N.S 
Understanding nature of economics and various 
methods of studying economics. 
Various problem of economics and how different 
economies solve their basic problems. 
Insight of Production Possibility Curve (PPC). 
Page 3


 
 CPT Section C General Economics Chapter 1 
CA Janardhan Rao M.N.S 
Understanding nature of economics and various 
methods of studying economics. 
Various problem of economics and how different 
economies solve their basic problems. 
Insight of Production Possibility Curve (PPC). 
Study of  Resource utilization which are Limited, to satisfy Wants which are 
Unlimited….. 
Fundamental Facts :-  
    Unlimited Wants  
Means to satisfy wants are Limited. 
Economics , Thus Study of utilization of  Scarce Resources towards Unlimited 
wants where ALL WANTS ARE SATISFIABLE 
Eco.. Studies this equation of Limited resources and Infinite wants in larger 
arena i.e., Nation as a whole 
It deals with above situation and also deals with means to increase productivity 
of the resources. 
Page 4


 
 CPT Section C General Economics Chapter 1 
CA Janardhan Rao M.N.S 
Understanding nature of economics and various 
methods of studying economics. 
Various problem of economics and how different 
economies solve their basic problems. 
Insight of Production Possibility Curve (PPC). 
Study of  Resource utilization which are Limited, to satisfy Wants which are 
Unlimited….. 
Fundamental Facts :-  
    Unlimited Wants  
Means to satisfy wants are Limited. 
Economics , Thus Study of utilization of  Scarce Resources towards Unlimited 
wants where ALL WANTS ARE SATISFIABLE 
Eco.. Studies this equation of Limited resources and Infinite wants in larger 
arena i.e., Nation as a whole 
It deals with above situation and also deals with means to increase productivity 
of the resources. 
“Science of Wealth” by Adam Smith 
• - Father of Economics 
• - Nature and Causes of Wealth of Nations 
• - Merits  
• - Criticism  
“Science of Material Well-Being” by Alfred Marshall 
• - Emphasis on Welfare 
• - Merits  
• - Criticism  
Page 5


 
 CPT Section C General Economics Chapter 1 
CA Janardhan Rao M.N.S 
Understanding nature of economics and various 
methods of studying economics. 
Various problem of economics and how different 
economies solve their basic problems. 
Insight of Production Possibility Curve (PPC). 
Study of  Resource utilization which are Limited, to satisfy Wants which are 
Unlimited….. 
Fundamental Facts :-  
    Unlimited Wants  
Means to satisfy wants are Limited. 
Economics , Thus Study of utilization of  Scarce Resources towards Unlimited 
wants where ALL WANTS ARE SATISFIABLE 
Eco.. Studies this equation of Limited resources and Infinite wants in larger 
arena i.e., Nation as a whole 
It deals with above situation and also deals with means to increase productivity 
of the resources. 
“Science of Wealth” by Adam Smith 
• - Father of Economics 
• - Nature and Causes of Wealth of Nations 
• - Merits  
• - Criticism  
“Science of Material Well-Being” by Alfred Marshall 
• - Emphasis on Welfare 
• - Merits  
• - Criticism  
“Science of Choice Making” by Lionel Robbins 
• - Relationship between Ends and Scarce means having alternative 
uses 
• - Merits 
• - Criticism