INTRODUCTORY MICRO ECONOMICS / व्यष्टि अर्थशास्त्र Class 11
Introductory Micro Economics / व्यष्टि अर्थशास्त्र for Class 11, provides a wide range of concepts and advanced information regarding the subject which includes all the questions provided in the CBSE Class 11 Economics Syllabus.
This course is designed after keeping pace with the changes introduced by CBSE. It is based on the latest syllabi prescribed by CBSE for the year 2020-2021 and onwards. The course also contains Multiple-Choice, Value-Based, Evaluation, and Multi-Disciplinary Questions as introduced by CBSE.
Economics concentrates on how Consumers, Producers, Market, households, societies, and individuals make choices about when, where, and how to use their natural resources at its best. It is a study that deals with many abstract and ideal blueprints to study the action and foretell how Consumers, Producers, and Market will acknowledge to given changes in Demand or Supply.
Micro Economics for class 11 is a lower level of class 12th MacroEconomics. In class 11th book Micro Economics, we will study the basic fundamental aspects of the subject. And, in class 12 we will study a progressed degree of concepts.
- Understanding of some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers, and consumers.
- Realization of learners’ role in nation-building and sensitivity to the economic issues that the nation is facing today.
- Equipment with basic tools of economics and statistics to analyze economic issues. This is pertinent for even those who may not pursue this course beyond the senior secondary stage.
- Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically with reasoning.
SALIENT FEATURES OF COURSE:
- Each Topic has been written and explained in accordance with the latest guideline issued by CBSE.
- The Concepts have been systematically explained through the use of Diagrams, tables, and examples.
- HOTS Questions with answers have been given at the end of each chapter to enhance the student’s understanding, analytical ability, and interpretation.
- A Quiz of Multiple Choices Questions (MCQ) with answers has been given at the end of Lecture.
- Questions of NCERT TEXTBOOK also discussed with explanations.
- VALUE-BASED Questions with answers have been given in the revision section.
- Practical Problems have been a weightage of 20 to 30 marks in the board examination. To have a Complete edge, a large number of comprehensive solved and unsolved practical problems have been discussed in our lectures.
- Power Booster Section has been provided for the knowledge enrichment of the students.
- This course consist also revision section in which we discuss:
- Last year’s CBSE Question Papers Of Different Schools.
- List of important Questions.
- Value-based, Evaluation, and Multi-Disciplinary Questions.
- Latest CBSE Sample Paper with Marking Scheme.
DETAILED SYLLABUS: ECONOMICS CLASS 11th (New Syllabus in 2020-2021 after delete)
CLASS – XI (2020-21) Theory: 80 Marks Duration:3 Hours Project: 20 Marks
|Part A||Statistics for Economics|
|Collection, Organisation, and Presentation of Data||27|
|Statistical Tools and Interpretation||27||66|
|Part B||Introductory Microeconomics|
|Consumer’s Equilibrium and Demand||13||32|
|Producer Behaviour and Supply||13||32|
|Forms of Market and Price Determination under perfect competition with simple applications||10||28|
|Part C||Project Work||20||20|
DETAILED SYLLABUS FOR MICROECONOMICS CLASS XI CBSE AFTER DELETION IN 2020:
Part B: Introductory Microeconomics
Unit 4: Introduction
Meaning of microeconomics and macroeconomics; positive and normative economics.
What is an economy? Central problems of an economy: what, how, and for whom to produce; concepts of production possibility frontier (Deleted in 2020-2021 Session) and opportunity cost.
Unit 5: Consumer’s Equilibrium and Demand
Consumer’s equilibrium – meaning of utility, marginal utility, the law of diminishing marginal utility, conditions of consumer’s equilibrium using marginal utility analysis.
Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map), and conditions of consumer’s equilibrium.
Demand, market demand, determinants of demand, demand schedule, demand curve, and its slope, movement along and shifts in the demand curve; price elasticity of demand – factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method.
Unit 6: Producer Behaviour and Supply
Meaning of Production Function – Short-Run and Long-Run
Total Product, Average Product, and Marginal Product.
Returns to a Factor
Cost: Short run costs – total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, the average variable cost, and marginal cost-meaning and their relationships.
Revenue – Total, average and marginal revenue – meaning and their relationship. Producer’s equilibrium-meaning and its conditions in terms of marginal revenue- marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in the supply curve, price elasticity of supply; measurement of price elasticity of supply – percentage-change method.
Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications.
Perfect competition – Features; Determination of market equilibrium and effects of shifts in demand and supply. Other Market Forms – monopoly, monopolistic competition – their meaning and features.
Simple Applications of Demand and Supply: Price ceiling, price floor.
- Lectures 0
- Quizzes 0
- Duration 50 hours
- Skill level All levels
- Language English
- Students 22
- Certificate No
- Assessments Yes
UNIT 4: INTRODUCTION
Topics Under This Chapter 1: INTRODUCTION, We will cover : 1.1: ABOUT ECONOMICS, 1.2: SCARCITY, 1.3: ECONOMIC PROBLEM, 1.4: MEANING OF ECONOMICS, 1.5: MICROECONOMICS AND MACROECONOMICS, 1.6: CENTRAL PROBLEMS OF AN ECONOMY, 1.7: OPPORTUNITY COST, 1.8: PRODUCTION POSSIBILITY FRONTIER (PPF).
UNIT 5: CONSUMER'S EQUILIBRIUM AND DEMAND
This Unit can be Categorize in Three Sections such as: Chapter 2: Consumer's Equilibrium, Chapter 3: Demand, and Chapter 4: Elasticity Of Demand. Topics Under Chapter 2: CONSUMER'S EQUILIBRIUM are: 2.1: INTRODUCTION, 2.2: CARDINAL UTILITY APPROACH, 2.3: CONCEPT OF UTILITY, 2.4: LAW OF DIMINISHING MARGINAL UTILITY, 2.5: CONSUMER'S EQUILIBRIUM, 2.6: ORDINAL UTILITY APPROACH(INDIFFERENCE CURVE ANALYSIS), 2.7: BUDGET LINE, 2.8: CONSUMER'S EQUILIBRIUM BY INDIFFERENCE CURVE ANALYSIS.;; Topics Under Chapter 3: DEMAND are: 3.1:MEANING OF DEMAND, 3.2: DETERMINANTS OF DEMAND(INDIVIDUAL DEMAND), 3.3: DETERMINANTS OF MARKET DEMAND, 3.4: DEMAND FUNCTION, 3.5: DEMAND SCHEDULE, 3.6: DEMAND CURVE, 3.7: LAW OF DEMAND, 3.8: MOVEMENT ALONG THE DEMAND CURVE(CHANGE IN QUANTITY DEMANDED), 3.9: SHIFT IN DEMAND CURVE(CHANGE IN DEMAND), 3.10: MOVEMENT ALONG DEMAND CURVE VS SHIFT IN DEMAND CURVE, 3.11: SUBSTITUTE GOODS AND COMPLEMENTARY GOODS, 3.12: NORMAL GOODS AND INFERIOR GOODS. ;; Topics Under Chapter 4: ELASTICITY OF DEMAND are: 4.1: INTRODUCTION, 4.2: CONCEPT OF ELASTICITY OF DEMAND, 4.3: PRICE ELASTICITY OF DEMAND, 4.4: METHODS FOR MEASURING PRICE ELASTICITY OF DEMAND, 4.5: RELATIONSHIP BETWEEN PRICE ELASTICITY OF DEMAND AND TOTAL EXPENDITURE, 4.6: DEGREES OF ELASTICITY OF DEMAND, 4.7: FACTORS AFFECTING PRICE ELASTICITY OF DEMAND.
UNIT 6: PRODUCER BEHAVIOUR AND SUPPLY
This Unit can be Categorize in Five Sections such as: Chapter 5: Production Function, Chapter 6: Cost, Chapter 7: Revenue, Chapter 8: Producer's Equilibrium, Chapter 9: Supply. Topics Under Chapter 5: PRODUCTION FUNCTION are: 5.1: INTRODUCTION, 5.2: PRODUCTION FUNCTION, 5.3: SHORT RUN AND LONG RUN, 5.4: VARIABLE FACTORS AND FIXED FACTORS, 5.5: CONCEPT OF PRODUCT, 5.6: LAW OF VARIABLE PROPORTIONS, 5.7: LAW OF DIMINISHING RETURN, 5.8: RELATIONSHIP BETWEEN TP AND MP, 5.9: RELATIONSHIP BETWEEN AP AND MP.;; Topics Under Chapter 6: COST are: 6.1: MEANING OF COST, 6.2: SHORT RUN COST, 6.3: AVERAGE COST, 6.4: MARGINAL COST, 6.5: RELATIONSHIP BETWEEN SHORT RUN COST CURVES.;; Topics Under Chapter 7: REVENUE are: 7.1: MEANING, 7.2: CONCEPT OF REVENUE, 7.3: RELATIONSHIP BETWEEN REVENUE CONCEPTS, 7.4: BREAK-EVEN POINT, 7.5: SHUT DOWN POINT.;; Topics Under Chapter 8: PRODUCER'S EQUILIBRIUM are: 8.1: INTRODUCTION, 8.2: MEANING OF PROFIT, 8.3: PRODUCER'S EQUILIBRIUM, 8.4: MARGINAL REVENUE MARGINAL COST APPROACH (MR-MC APPROACH).;; And Topics Under Chapter 9: SUPPLY are: 9.1: MEANING OF SUPPLY, 9.2: DETERMINANTS OF SUPPLY (INDIVIDUAL SUPPLY), 9.3: DETERMINANTS OF MARKET SUPPLY, 9.4: SUPPLY FUNCTION, 9.5: SUPPLY SCHEDULE, 9.6: SUPPLY CURVE, 9.7: LAW OFF SUPPLY, 9.8: MOVEMENT ALONG THE SUPPLY CURVE (CHANGE IN QUANTITY SUPPLIED), 9.9: SHIFT IN SUPPLY CURVE (CHANGE IN SUPPLY), 9.10: MOVEMENT ALONG SUPPLY CURVE VS SHIFT IN SUPPLY CURVE, 9.11: EFFECT ON SUPPLY CURVE (DUE TO CHANGES IN OTHER FACTORS), 9.12: PRICE ELASTICITY OF SUPPLY, 9.13: METHODS FOR MEASURING PRICE ELASTICITY OF SUPPLY, 9.14: KINDS OF ELASTICITY OF SUPPLY, 9.15: TIME PERIOD AND SUPPLY
UNIT 7: FORMS OF MARKET AND PRICE DETERMINATION UNDER PERFECT COMPETITION WITH SIMPLE APPLICATIONS
This Unit can be Categorize in Two Sections such as: Chapter 10: Main Market Forms, and Chapter 11: Price Determination with Simple Applications. Topics Under Chapter 10: MAIN MARKET FORMS are: 10.1: MEANING OF MARKET, 10.2: PERFECT COMPETITION, 10.3: MONOPOLY, 10.4: MONOPOLISTIC COMPETITION, 10.5: PERFECT COMPETITION VS MONOPOLY, 10.6: PERFECT COMPETITION VS MONOPOLISTIC COMPETITION, 10.7: MONOPOLY VS MONOPOLISTIC COMPETITION, 10.8: OLIGOPOLY, 10.9: COMPARISON BETWEEN DIFFERENT MARKET STRUCTURES.;; Topics Under Chapter 11: PRICE DETERMINATION AND SIMPLE APPLICATION are: 11.1: INTRODUCTION, 11.2: DETERMINATION OF MARKET EQUILIBRIUM UNDER PERFECT COMPETITION, 11.3: VIABLE AND NON VIABLE INDUSTRY, 11.4: EFFECTS OF CHANGES IN DEMAND AND SUPPLY ON MARKET EQUILIBRIUM, 11.5: CHANGE IN DEMAND, 11.6: CHANGE IN SUPPLY, 11.7: CHANGE IN BOTH DEMAND AND SUPPLY, 11.8: SPECIAL CASES, 11.9: SIMPLE APPLICATIONS OF TOOLS OF DEMAND AND SUPPLY, 11.10: PRICE CEILING, 11.11: PRICE FLOOR OR MINIMUM SUPPORT PRICE (MSP).