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Revision Notes
Definition of Economics — Revision Notes
ICSE · Class 11 · Economics
Definition of Economics revision notes for ICSE Class 11 Economics: 4 topics in quick points. Part of the ICSE Class 11 Economics syllabus.
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 NotesKey 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 Economic and Non-economic Activities, Wealth Definition, Welfare Definition, Scarcity Definition. Study these first, then practise questions on each for Class 11 exams.
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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