CBSE Class 12 Economics Introduction

CBSE Class 12 Ecomonics - Introduction. Learning the important concepts is very important for every student to get better marks in examinations. The concepts should be clear which will help in faster learning. The attached concepts made as per NCERT and CBSE pattern will help the student to understand the chapter and score better marks in the examinations.

PART-A

INTRODUCTORY MICRO ECONOMICS

UNIT 1: INTRODUCTION 

KEY CONCEPTS

1.  MICRO ECONOMICS

2.  ECONOMY

3.  TYPES OF ECONOMY

• PLANNED ECONOMY

• MARKET ECONOMY

4.  CENTRAL PROBLEMS OF AN ECONOMY | BASIC ECONOMIC PROBLEMS

• WHAT TO PRODUCE?

• HOW TO PRODUCE?

• FOR WHOM TO PRODUCE?

5.   CAUSES OF AN ECONOMIC PROBLEM

6.   PRODUCTION POSSIBILITY CURVE

7.   MARGINAL OPPORTUNITY COST –MOC

8.   MARGINAL RATE OF TRANSFORMATION

9.   SCARCITY OF RESOURCES

10. 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. TYPES OF ECONOMY:

(i) Capitalist economy / Market economy

(ii) Socialist economy / Planned economy

(iii)Mixed economy

4. MARKET ECONOMY: It is an economic system, in which all material means of production are owned and operated by the private with profit motive.

5. PLANNED ECONOMY: In this economy all material means of production are owned by the government or by a centrally planned authority. All important decisions regarding production, exchange and distributions, consumptions of goods and services are made by the government or by a centrally planned authority

6. ECONOMIC PROBLEM: “An economic problem is basically the problem of choice” which arises due to scarcity of resources having alternative uses”.

7. CAUSES OF ECONOMIC PROBLEM :

i) Scarcity of resources

ii) Unlimited wants

iii) Limited resources having alternative uses

8. BASIC (CENTRAL) ECONOMIC PROBLEMS

i) Allocation of resources

a. What to produce?

b. How to produce?

c. For whom to produce

ii). Efficient Utilization of resources

iii.) Growth of resources

9. 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.

10. 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.

11. SCARCITY OF RESOURCES: Scarcity of resources means shortage of resources in relation to their demand.

12. OPPORTUNITY COST: It is the cost of next best alternative foregone.

13. POSITIVE ECONOMICS: Positive economics deals with what is, what was (or) how an economic problem facing the society is actually solved.

14. NORMATIVE ECONOMICS: It deals with what ought to be (or) how an economic problem should be solved. 

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