Class 11th Economics: Introduction to Microeconomics and Statistics

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Last updated 4:00 AM on 7/15/26
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10 Terms

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Economy
A system which provides people the means to work and earn a living.
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Scarcity
The limitation of supply in relation to demand for a commodity.
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Production
The process of creating goods and services.
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Consumption
The use of goods and services by individuals.
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Investment
The allocation of resources to generate profit or create value.
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Positive Economics
Focuses on facts and how economic problems are solved.
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Normative Economics
Deals with what ought to be or what should happen.
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Economic Problem
A problem of choice involving satisfaction of unlimited wants with limited resources.
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Comprehensive Definition of Economics
The study of how society uses its limited resources to produce and distribute goods and services.
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Unlimited Human Wants
The idea that human desires are infinite and ever-changing.