Basic Concepts of Economics
ICSE · Class 11 · Economics
Summary of Basic Concepts of Economics for ICSE Class 11 Economics. Key concepts, important points, and chapter overview.
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Basic concepts form the foundation of economics. Microeconomics studies individual units such as a household, firm, or single commodity, while macroeconomics studies the economy as a whole through aggregates like national income, total output, and general price level. Utility, value, wealth, wants,
Key Concepts
Microeconomics studies the economic behaviour
Microeconomics studies the economic behaviour of individual units such as a person, household, firm, or a single market. It is also called Price Theor
Macroeconomics studies aggregates of the whole
Macroeconomics studies aggregates of the whole economy such as national income, aggregate demand, aggregate supply, total employment, and general pric
Utility is the psychological satisfaction
Utility is the psychological satisfaction a person gets from consuming a commodity. It is measured in utils. Utility is subjective, relative, abstract
Marginal utility is the addition made
Marginal utility is the addition made to total utility by consuming one more unit of a commodity. Total utility is the total satisfaction from all uni
The law states that after consuming
The law states that after consuming a certain amount of a commodity, the marginal utility from each additional unit goes on diminishing.
Learning Objectives
- Understand the meaning and scope of microeconomics and macroeconomics
- Explain utility, marginal utility, and total utility
- Distinguish between value and price
- Identify the meaning, characteristics, and forms of wealth
- Classify human wants and factors of production
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