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What is Economics

NIOS · Class 10 · Economics

Quick revision notes for What is Economics — NIOS Class 10 Economics. Key concepts, formulas, and definitions for last-minute revision.

80 questions32 flashcards5 concepts

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Key Topics to Revise

1

Meaning of Economics

  • Economics has been understood in different ways over time.
  • Late eighteenth and early nineteenth century scholars viewed economics as the science of wealth.
  • This view focused on the nature and causes of wealth and its creation by individuals and nations.
2

Branches of Economics

  • The study of Economics is divided into two distinct branches: Micro Economics and Macro Economics.
  • Micro means very small.
  • Micro economics studies economic decisions taken by a single individual at a very small level.
3

Positive and Normative Economics

  • Positive economics deals with what is and what might happen.
  • Normative economics deals with what ought to be or what should be.
  • Positive economics is based on facts and figures.

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Full Notes

Key Concepts

Classical thinkers of the late eighteenthLater economists saw economics asEconomics is also viewed asIn the twentieth centuryIn the late twentieth century

Frequently Asked Questions

What are the important topics in What is Economics for NIOS Class 10 Economics?
Key topics in What is Economics include Evolution of the Definition of Economics, Evolution of the Definition of Economics, Overview of What is Economics – Chapter Mind Map. These are the concepts NIOS Class 10 examiners draw on most — study them first, then practise related questions.
How to score full marks in What is Economics — NIOS Class 10 Economics?
Understand the core concepts first, then work through the 80 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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All 24 chapters — NIOS Class 10 Economics Revision Notes

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