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.
All you need of Commerce at this link: Commerce
|
75 videos|274 docs|46 tests
|
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.
About this Document
|
120.2K Views |
|
4.60/5 Rating |
|
Nov 16, 2024 Last updated |
Document Description: Key Notes - Introduction Micro Economics for Commerce 2024 is part of Economics Class 11 preparation.
The notes and questions for Key Notes - Introduction Micro Economics have been prepared according to the Commerce exam syllabus. Information about Key Notes - Introduction Micro Economics covers topics
like and Key Notes - Introduction Micro Economics Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Key Notes - Introduction Micro Economics.
Introduction of Key Notes - Introduction Micro Economics in English is available as part of our Economics Class 11
for Commerce & Key Notes - Introduction Micro Economics in Hindi for Economics Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Economics Class 11 | Best notes, free PDF download
Information about Key Notes - Introduction Micro Economics
In this doc you can find the meaning of Key Notes - Introduction Micro Economics defined & explained in the simplest way possible. Besides explaining types of
Key Notes - Introduction Micro Economics theory, EduRev gives you an ample number of questions to practice Key Notes - Introduction Micro Economics tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Sample Paper
,past year papers
,Exam
,ppt
,Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce
,Extra Questions
,Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce
,practice quizzes
,Free
,Previous Year Questions with Solutions
,Objective type Questions
,Semester Notes
,video lectures
,Important questions
,MCQs
,mock tests for examination
,Key Notes - Introduction Micro Economics | Economics Class 11 - Commerce
,Summary
,shortcuts and tricks
,study material
,Viva Questions
;
Additional Information about Key Notes - Introduction Micro Economics for Commerce Preparation
Key Notes - Introduction Micro Economics Free PDF Download
The Key Notes - Introduction Micro Economics is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Key Notes - Introduction Micro Economics now and kickstart your journey towards success in the Commerce exam.
Importance of Key Notes - Introduction Micro Economics
The importance of Key Notes - Introduction Micro Economics cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Key Notes - Introduction Micro Economics
Key Notes - Introduction Micro Economics Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Key Notes - Introduction Micro Economics.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Key Notes - Introduction Micro Economics Notes on EduRev are your ultimate resource for success.
Key Notes - Introduction Micro Economics Commerce Questions
The "Key Notes - Introduction Micro Economics Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Key Notes - Introduction Micro Economics on the App
Students of Commerce can study Key Notes - Introduction Micro Economics alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Key Notes - Introduction Micro Economics,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Key Notes - Introduction Micro Economics is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup