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Revision Notes
Economics: An Introduction — Revision Notes
Gujarat Board · Class 11 · Economics
Economics: An Introduction revision notes for Gujarat Board Class 11 Economics: 4 topics in quick points. Includes 1 Meaning and Origin of Economics, 2.
45 questions22 flashcards4 concepts
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Key Topics to Revise
1
1.1 Meaning and Origin of Economics
- The word 'Economics' in Indian thought is 'Arthshastra' derived from Sanskrit word 'Artha' meaning purpose or goal
- Arthshastra means 'the science of benefits or purpose in practical life'
- English word 'Economics' comes from Greek word 'Oikonomos' where 'Oikos' means household and 'Nomos' means management
2
1.2 Economics in Indian Thought
- Indian culture is over 5000 years old with rich philosophical insights
- Four Purusharthas: Dharma (righteousness), Artha (wealth/purpose), Kama (desire), Moksha (liberation)
- Activities for 'Artha' are the subject matter of economics
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1.3 Development of Economics in the West
- Aristotle gave early views in 'Oeconomien'
- Industrial Revolution led to specialization in knowledge
- Adam Smith pioneered economics as specialized science with 'Wealth of Nations' (1776)
4
1.4 Economic vs Non-Economic Activities
- Not all human activities are subject to economic study
- Economic activities have specific characteristics: purpose of economic gain, exchange involvement, cost-benefit analysis
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Full NotesKey Concepts
Economics comes from Greek word 'Oikonomos'Economic activities are performed withMicroeconomics studies individual economic units likeEconomic data can be presented descriptively
Frequently Asked Questions
What are the important topics in Economics: An Introduction for Gujarat Board Class 11 Economics?
Key topics in Economics: An Introduction include 1 Meaning and Origin of Economics, 2 Economics in Indian Thought, 3 Development of Economics in the West, 4 Economic vs Non-Economic Activities. Study these first, then practise questions on each for Class 11 exams.
How should I revise Economics: An Introduction for Class 11 exams?
Learn the core ideas first, then work through the 45 practice questions on Economics: An Introduction. Revise definitions regularly and use flashcards for quick recall before the exam.
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