A Brief Introduction to Economics
- Economics is a subject that deals with the scarcity of resources and different ways to utilize them to efficiently produce an outcome that effectively satisfies the needs of the producer, the consumer and aids in the welfare of the society. The outcome provided can either be goods or services. Economics is a sub-division of the social sciences subject.
- Employment; multinational companies; businesses; real estate; industrial organisations; national and international trading; government laws and policies regarding money, savings, taxes; environmental factors and other legal matters – all are a part of economics but economics is not just about that.
- The essence of it can be seen in various fields like political science, engineering, medicine, law, mathematics, geography and psychology, etc.
- Economics can be roughly divided into 2 parts- Microeconomics and Macroeconomics.
- Microeconomics studies are basically about the use of personal resources and are the key to maintaining a person’s financial stability and growth. For example, daily or monthly expenditure, savings, EMI, taxes, personal assets, etc.
- Macroeconomics on the other hand is the study of the universal economy. For example, stock market, foreign exchange market, inflation, day-trading, cryptocurrency trading, national income, GDP, employment rates throughout the country, the passing of recent economy-related laws, etc.
- Finally, Economists are professionals and practitioners who study the distribution of available resources, and production of goods and services by collecting and analysing data regarding the latest trends and economic issues arising in the world.Visit Here: magazines2
- For class 11, the central board of secondary education (CBSE) has devised a comprehensive syllabus. The students are required to study from the NCERT Economics textbooks for class 11.Visit The Site: artdailymagazine
Syllabus for Class 11 Economics 2021-2022
- The NCERT economics textbook is divided into 3 parts- Part A, B and C.
- Part A
It comprises of introduction to economics and the tools required to study statistics.
Unit 1 – Introduction
- What is Economics?
- Meaning, Scope, functions and Importance
Unit 2 – Collection, Organisation and Presentation of Data
Unit 3 – Statistical Tools and Interpretation
- Measures of Central Tendency
- Introduction to Index Numbers
It conveys the basic knowledge of microeconomics such as production, demand, supply, cost, revenues, marketing strategies, consumer behaviour, etc.
Unit 4 – Introduction
- What are Microeconomics and Macroeconomics?
- Central problems of an Economy
Unit 5 – Consumer’s Equilibrium
- Consumer’s Equilibrium
- Indifference Curve
Unit 6 – Behaviour of the Producer
- Production function
- Returns to a factor
- Producer’s equilibrium
Unit 7 – Forms of Market and Price Determination Under Perfect Competition with Simple Applications
- Perfect Competition
- Market Forms
- Applications of Demand and Supply
It is the project work to help the students learn the application of the knowledge gained from studying these concepts.
Studying tips for scoring well in class 11
Clarity of concepts
Make sure to give time and focus to each and every important topic mentioned in the syllabus. Clarity of concepts is a must as they lay the foundation and make it easier to understand higher-level topics.
Maintaining notes simultaneously is essential as they save time and help you get familiar with all the important topics and questions. Making organised notes helps you learn and revise fast. Highlight the important details. It is important to note that the way you retain a topic depends solely on you. You can use diagrams, flowcharts, abbreviations, or formulas to not only make studying interesting but also be able to retain the information that you have just learnt. You can also engage in making your own notes in simple easy language so when you sit down for revision you can simply go through your notes and recapitulate everything quickly. For science, you must practice diagrams and write down formulas and names in your notebook for practising.
Math relies only on reasoning and formulae. So, all that you will be required to do is to be exceptionally good with formulas and mathematical concepts. Keep a chapter-by-chapter table of all relevant axioms, formulae, and theorems on hand so you are able to go through them every now and then.
Solving different questions
Make sure to solve and practice various types of questions because practice is the key. Practice writing clear, short and informative sentences as well as staying on topic. Try to write the answers according to the appropriate word limit. Don’t write too little or too much.
Learning formulae, graphs and tables
Make a chapter-wise note of all the important formulae, graphs and tables. Learn and practice them by understanding the derivation and meaning behind them. This way it will become easier to remember and you will build a strong base.
Make sure to include regular revision of what you have previously studied in your study schedule. This way it will consume less time when you will revise before the economics exam.
How to revise before the exam
Go through all the notes you made during class and self-studies. Revise all the definitions. Read all the highlighted concepts. This will be easier to revise as you would have already done regular revision while finishing the syllabus.
Graphs, Tables and Formulae
Revise all the graphs questions, tables and formulae chapter-wise. Practice the most important ones at least twice.
Read the solved question/answers and the most important questions. Practice the ones marked important and pay attention to the points mentioned in each answer. Make sure to write at least 5-10 points for each answer according to its weightage.
Solve the assignments given in class as the teacher includes all the questions based on important topics in them. These will also serve as self-assessment practice papers.
Previous Year Question Papers
Search and collect the previous year question papers. You can go through them to understand the type of questions mostly asked and the marking scheme. You can also solve them for more last-minute practice.
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