Chapter 3 of 25
Concept Maps
Basic Problems of an Economy — Concept Maps
ICSE · Class 11 · Economics
4 concept maps of Basic Problems of an Economy for ICSE Class 11 Economics, each also written out as a text outline.
43 questions38 flashcards2 formulas & key relations5 concepts
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4 Concept Maps
Economic Problem: Causes and Components
The map in words
- Economic Problem
- Root Causes
- Unlimited Wants
- Primary needs
- Secondary desires
- Increasing wants
- Limited Resources
- Land
- Labor
- Capital
- Enterprise
- Alternative Uses
- Resource flexibility
- Competing demands
- Unlimited Wants
- Central Problems
- What to Produce
- Type of goods
- Quantity of goods
- How to Produce
- Technique choice
- Labor vs Capital
- For Whom to Produce
- Functional distribution
- Personal distribution
- What to Produce
- Consequences
- Scarcity
- Choice necessity
- Opportunity cost
- Root Causes
Basic Problems of an Economy - Comprehensive Overview
The map in words
- Basic Problems of an Economy
- 1 Economic Problem
- Unlimited Wants
- Recurring
- Increasing
- Different Urgency
- Limited Resources
- Scarce
- Finite Supply
- Alternative Uses
- Scarcity
- Root Cause
- Permanent Condition
- Universal
- Unlimited Wants
- 2 Three Central Problems
- What to Produce
- Type of Goods
- Consumer vs Capital
- Quantity Decision
- How to Produce
- Production Technique
- Labour-Intensive
- Capital-Intensive
- For Whom to Produce
- Functional Distribution
- Personal Distribution
- Income Allocation
- What to Produce
- 3 Efficient Resource Use
- Production Efficiency
- Full Utilization
- No Wastage
- Optimization
- Distribution Efficiency
- Fair Allocation
- Maximize Welfare
- Pareto Optimality
- Production Efficiency
- 4 Production Possibility Curve
- Meaning
- Show Combinations
- Maximum Output
- Full Resource Use
- Assumptions
- Fixed Resources
- Constant Technology
- Full Employment
- Differential Efficiency
- Features
- Downward Slope
- Concave Shape
- Increasing MOC
- Applications
- Analyze What
- Analyze How
- Analyze For Whom
- Meaning
- 5 Changes in PPC
- Shift
- Outward Growth
- Inward Decline
- Both Goods Change
- Rotation
- X-Axis Rotation
- Y-Axis Rotation
- One Good Changes
- Sectoral Technology
- Shift
- 1 Economic Problem
Overview of Basic Problems of an Economy
The map in words
- Basic Problems of Economy
- Economic Problem
- Meaning
- Scarcity of Resources
- Unlimited Wants
- Causes
- Unlimited Wants
- Limited Resources
- Alternative Uses
- Root Cause
- Scarcity
- Meaning
- Central Problems
- What to Produce
- Which Goods
- What Quantity
- Consumer vs Capital
- How to Produce
- Labour Intensive
- Capital Intensive
- Max Output Min Cost
- For Whom to Produce
- Functional Distribution
- Personal Distribution
- What to Produce
- Production Possibility Curve
- Meaning
- Two Goods
- Full Resource Use
- Given Technology
- Features
- Downward Sloping
- Concave to Origin
- Assumptions
- Fixed Resources
- Constant Technology
- Full Employment
- Changes in PPC
- Shift
- Both Goods Change
- Rightward Increase
- Leftward Decrease
- Rotation
- One Good Changes
- X axis Rotation
- Y axis Rotation
- Shift
- Meaning
- Economic Problem
Scarcity creates the need to choose how resources are used for what to produce, how to produce, and for whom to produce, and these choices are shown through the Production Possibility Curve
The map in words
- Scarcity creates the need to choose how resources are used for what to produce, how to produce, and for whom to produce, and these choices are shown through the Production Possibility Curve
- Economic Problem
- Central Problems of an Economy
- Efficient Use of Resources
- Production Possibility Curve
- Changes in PPC
- What to Produce
- How to Produce
- For Whom to Produce
Explore these maps interactively
Explore DiagramsFrequently Asked Questions
What are the important topics in Basic Problems of an Economy for ICSE Class 11 Economics?
Key topics in Basic Problems of an Economy include Economic Problem and Its Causes, Central Problems of an Economy, Efficient Use of Resources, Production Possibility Curve: Meaning, Assumptions and Features. Study these first, then practise questions on each for Class 11 exams.
What do the concept maps for Basic Problems of an Economy show?
The 4 maps show how the ideas in Basic Problems of an Economy connect: Economic Problem: Causes and Components; Basic Problems of an Economy - Comprehensive Overview. Each map is also written out as an outline on this page.
How should I revise Basic Problems of an Economy for Class 11 exams?
Learn the core ideas first, then work through the 43 practice questions on Basic Problems of an Economy. Revise definitions regularly and use flashcards for quick recall before the exam.
Sources & Official References
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Practice Quiz
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Important Questions
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Revision Notes
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Formula Sheet
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Chapter Summary
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Study Plan
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Flashcards
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Syllabus
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