Class 11 Economics – Basic Concept of Economics and Allocation of Resource

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Chapter 1: Basic concept of economics and allocation of resources

1.1 Definition of economics: Adam Smith, Alfred Marshall, Robbins

1.2 Concepts of positive and normative economics

1.3 Concepts and differences of micro and macro economics

1.4 Types of goods and services: Normal, Geffen, Inferior, Substitutes, Complement, Private , Public, economic and free

1.5 Introduction and characteristics of factors of production: Land, Labor, Capital and Organization

Also Visit:

1. Demand, Supply and Market Equilibrium
2. Elasticity of Demand and Supply
3. Consumer’s Behavior

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Notes By: Bikash Pandeya

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