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Definition of Economics

ICSE · Class 11 · Economics

Quick revision notes for Definition of Economics — ICSE Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.

44 questions34 flashcards5 concepts

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Key Topics to Revise

1

Economic and Non-economic Activities

  • Economic activities are performed in exchange for money.
  • Their main purpose is to satisfy human wants.
  • They are measurable in money terms.
2

Wealth Definition

  • The Wealth Definition is one of the four main groups of definitions of economics.
  • Adam Smith, the father of modern economics, gave the Science of Wealth view.
  • Adam Smith wrote An Enquiry into the Nature and Causes of Wealth of Nations in 1776.
3

Welfare Definition

  • Alfred Marshall gave the Welfare Definition in Principles of Economics in 1890.
  • Marshall was the first to use the term economics in 1890 in this book.
  • His definition states that economics is a study of mankind in the ordinary business of life.
4

Scarcity Definition

  • Lionel Robbins gave the Scarcity Definition in 1932 in An Essay on the Nature and Significance of Economic Science.
  • His definition says economics is the science which studies human behaviour as a relationship between ends and scarce means which have their alternative uses.
  • It is based on four facts: economics is a science, wants are unlimited, means are scarce, and means have alternative uses.

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Full Notes

Key Concepts

Economic activities are carried outNonAdam Smith and his followers definedAlfred Marshall defined economics asLionel Robbins defined economics as

Frequently Asked Questions

What are the important topics in Definition of Economics for ICSE Class 11 Economics?
Key topics in Definition of Economics include Overview of Definitions of Economics – Chapter Mind Map, Flowchart showing Robbins' main criticisms of Marshall's welfare definition and their collective conclusion., Flowchart showing Robbins' core reasoning: scarcity creates the need for choice, making economics a universal science.. These are the concepts ICSE Class 11 examiners draw on most — study them first, then practise related questions.
How to score full marks in Definition of Economics — ICSE Class 11 Economics?
Understand the core concepts first, then work through the 44 practice questions available for this chapter. Revise formulas and 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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