Economics · Class 11 Commerce
Ch 1Economics: An Introduction — Class 11 Economics, concept-first.
Economics is the social science that studies how individuals, households, firms and nations make choices about using scarce resources to satisfy their many wants.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Definitions of Economics
Economics has been defined in four major ways, each addressing a weakness in the one before it. Adam Smith's wealth definition treated Economics as the science of wealth — its production, exchange and distribution — but…
Most relevant Q&A
- Define economics according to Adam Smith.Free
- What is the main criticism of Marshall's welfare definition of economics?Free
- State Robbins' definition of economics.Preview
- What do you mean by the 'scarcity' definition of economics? Why is it considered superior to the wealth definition?Preview
- Critically explain the four major definitions of economics given by Adam Smith, Marshall, Robbins and Samuelson.Free
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning and Definitions of Economics
Economics is the social science that studies how individuals, households, firms and nations make choices about using scarce resources to satisfy their many wants.
Microeconomics and Macroeconomics
Modern economics is conventionally split into two broad branches, based on the scale at which economic behaviour is examined.
Positive Economics and Normative Economics
Economics can also be divided by the kind of statement it makes, quite separately from the microeconomics/macroeconomics divide above.
Scope and Subject Matter of Economics
The 'scope' of a subject means the full range of topics it covers. As the GSHSEB Economics curriculum sets it out, the traditional subject matter of economics is usually organised under five interconn…
Nature and Importance of Economics
Economics is generally described as both a science and an art. It is a science because it studies cause-and-effect relationships between economic variables (such as price and quantity demanded) in a s…
Very Short Answer Questions
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Short Answer Questions
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- Q5Distinguish between microeconomics and macroeconomics.Free
- Q6Explain the difference between positive and normative economics with one example each.Free
- Q7What do you mean by the 'scarcity' definition of economics? Why is it considered superior to the wealth definition?Preview
- Q8List the main branches that fall under the scope of economics.Preview
- Q9Why is economics called both a science and an art?Preview