Ch 1Introduction — Class 11 Economics, concept-first.

Economics is one of the oldest social sciences, concerned with how individuals, households, firms and governments make choices about scarce resources.

Adam Smith, widely regarded as the father of modern Economics, set out his view of the subject in his 1776 work An Inquiry into the Nature and Causes of the Wealth of Nations.

Alfred Marshall, in his 1890 book Principles of Economics, shifted the focus of the subject away from wealth alone and toward human welfare:

Lionel Robbins, in his 1932 essay An Essay on the Nature and Significance of Economic Science, rejected both the wealth and welfare definitions as too narrow and proposed a far more general one:

Paul Samuelson, one of the most influential 20th-century economists, offered a definition that tried to combine the strengths of the wealth, welfare and scarcity views while explicitly adding a time a…

The terms "microeconomics" and "macroeconomics" come from the Greek words mikros (small) and makros (large), and were introduced into economic vocabulary by the Norwegian economist Ragnar Frisch in 19…

Before moving to the theory of demand, production and value in later chapters, every student of BIEAP economics must be clear about six basic terms that recur throughout the subject.

Sample papers and previous-year board questions for this subject.