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Definition of Economics — Study Plan

ICSE · Class 11 · Economics

A step-by-step study plan for Definition of Economics, ICSE Class 11 Economics: what to learn first, what to practise and when to revise.

44 questions34 flashcards5 concepts

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Study Plan

1
Day 1–2

Learn the Theory

Read the textbook chapter carefully. Note down definitions, formulas and key ideas. Focus on: Economic and Non-economic Activities, Wealth Definition, Welfare Definition.

2
Day 3

Practise

Solve the textbook exercises and extra practice questions. There are 44 questions available for this chapter.

3
Day 4

Revise & Test

Revise key points without looking at your notes. Take a practice quiz and mark weak areas for another pass.

4
Day 7

Spaced Revision

Come back to Definition of Economics after a week. Use flashcards for quick recall and try past exam questions on this chapter.

What to Focus On

  • Economic activities are performed for money or wealth.
  • Non-economic activities are performed without money motive.
  • Economic activities include production, consumption, distribution, and exchange.
  • Economics is derived from Oiks and Nemein.
  • The original meaning is household management.
  • Aristotle is regarded by some writers as the first economist.
  • Adam Smith gave the wealth definition in 1776.
  • Economics was treated as the science of wealth.
  • Only material goods counted as wealth in classical economics.

Common Mistakes to Avoid

Economics means only wealth, so anything that is not wealth is outside economics.

Under the wealth definition, services like teaching, medicine, and engineering are also wealth.

Marshall’s economics studies total human welfare, including social, religious, and political life.

Memory Tips

Greek origin of the term Economics

Aristotle as the first economist by some writers

Kautilya used economics for both economic and political activities

Adam Smith and the Wealth Definition

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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.
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 Study Plan

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