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Definition of Economics — Concept Maps

ICSE · Class 11 · Economics

4 concept maps of Definition of Economics for ICSE Class 11 Economics, each also written out as a text outline.

44 questions34 flashcards5 concepts

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4 Concept Maps

Overview of Definitions of Economics – Chapter Mind Map

Overview of Definitions of Economics – Chapter Mind Map

The map in words

  • Definitions of Economics
    • Activities
      • Economic Activities
        • Production
        • Consumption
        • Distribution
        • Exchange
      • Non-Economic Activities
        • Social
        • Political
        • Religious
        • Charitable
        • Parental
        • Recreational
    • Definitions
      • Wealth Definition
        • Adam Smith 1776
        • Science of Wealth
        • Economic Man
        • Criticisms
          • Too much stress on wealth
          • Only material goods
          • Welfare neglected
      • Welfare Definition
        • Alfred Marshall 1890
        • Study of Mankind
        • Material Welfare
        • Real Man
        • Criticisms
          • Hard to measure welfare
          • Social not Human science
      • Scarcity Definition
        • Lionel Robbins 1932
        • Unlimited Ends
        • Scarce Means
        • Alternative Uses
        • Science of Choice
        • Criticisms
          • Abundance ignored
          • Macro ignored
      • Growth Definition
        • Paul Samuelson
        • Time Element
        • Dynamism
        • Most Comprehensive
    • Comparison
      • Marshall vs Robbins
        • Similarities
          • Both study Man
          • Both study Science
          • Both study Rational Man
        • Dissimilarities
          • Social vs Human Science
          • Normative vs Positive
          • Classificatory vs Analytical

Flowchart showing Robbins' main criticisms of Marshall's welfare definition and their collective conclusion.

Flowchart showing Robbins' main criticisms of Marshall's welfare definition and their collective conclusion.

The map in words

  • Criticisms of Welfare Definition by Robbins
    • Restricts Scope: Ignores Isolated Individuals
      • Need Better Definition
    • Welfare Hard to Measure: Subjective
    • Classifications Impractical: All Acts Have Economic Aspect
    • Concept Too Vague: Not Scientific

Flowchart showing Robbins' core reasoning: scarcity creates the need for choice, making economics a universal science.

Flowchart showing Robbins' core reasoning: scarcity creates the need for choice, making economics a universal science.

The map in words

  • Fundamental Economic Problem
    • Unlimited Wants
      • Creates
        • Need for Choice
          • Economics = Science of Choice
            • Applicable to All Societies and Individuals
    • Scarce/Limited Means

Economics as the study of human activities, wealth, welfare, scarcity, and growth

Economics as the study of human activities, wealth, welfare, scarcity, and growth

The map in words

  • Economics as the study of human activities, wealth, welfare, scarcity, and growth
    • Economic and non-economic activities
    • Wealth definition
    • Welfare definition
    • Scarcity definition
    • Growth definition
    • Comparison of Marshall and Robbins
    • Criticism and conclusion
    • Historical and conceptual background

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Frequently Asked Questions

What are the important topics in Definition of Economics for ICSE Class 11 Economics?
Key topics in Definition of Economics include Economic and Non-economic Activities, Wealth Definition, Welfare Definition, Scarcity Definition. Study these first, then practise questions on each for Class 11 exams.
What do the concept maps for Definition of Economics show?
The 4 maps show how the ideas in Definition of Economics connect: Overview of Definitions of Economics – Chapter Mind Map; Flowchart showing Robbins' main criticisms of Marshall's welfare definition and their collective conclusion.. Each map is also written out as an outline on this page.
How should I revise Definition of Economics for Class 11 exams?
Learn the core ideas first, then work through the 44 practice questions on Definition of Economics. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All ICSE Class 11 Economics Concept Maps

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