Introduction to Economics
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Class 11th Economics subject consists of an introduction and an extensive detailed concept to make the students familiar with both microeconomics and macroeconomics.
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The duration of the Economics paper will be of one hour.
Here we have discussed the important topics covered in the Economics subject and the tips on clearing the Class 11th Economics Mock Test.
Tips to score well in the Class 11th Economics Mock Test:
To pass your Class 11th Economics Mock Test with flying colors, you can have a look at the following tips, which will be of great help to you.
1. Study the paper first: In order to answer the questions, the student should take a moment in the beginning and study the question paper properly. Make sure to read all the rules and guidance, check out the questions, and weightage of each question. Plan a strategy and post that, start answering the paper. This will help in avoiding missing out on any question.
2. Draw the figures neatly: The Economics paper consists of various concepts where figures would be needed. Although these would-be basic graphs and tables, the student is expected to draw them neatly and show the workings properly. The test takers should not take much time or struggle with understanding what you have written. The answer sheet should be neat and tidy, without any cuts.
3. Answer Step-by-Step: In Economics, the students are taught multiple concepts and analyses. The student needs to be very careful while answering the question. The test taker does not want the answer directly but actually wants to see your reasoning behind that answer. Instead of just stating the answer directly, mentioning the how and why along with it.
As per CBSE, the Class 11th Economics Paper is Divided into Two Parts
Part A – Statistics for Economics
Unit 1: Introduction to Economics –
· This unit covers the meaning of Economics, its scope, functions, and importance of Economics in Statistics.
Unit 2: Organization, Collection, and the Different Ways of Presentation of Data –
· This unit covers the topics related to the collection of data, that includes identifying the source of the data, primary and secondary data, allocation of the basic data, different methods of collecting data, Census of India.
· Organization of data – Its meaning, different variables, frequency distribution etc.
· Presentation of data – The different ways of presenting data i.e., Frequency diagrams, diagrammatic presentations etc.
Unit 3: Statistical Tools & Interpretation –
· This unit covers the numerical and the interpretation of the solution through different measures such as measures of central tendency, measures of dispersion, correlation, introduction to index numbers.
Part B – Introductory Macroeconomics
Unit 4: Introduction
· The unit covers basic concepts of macroeconomics such as the meaning, central problems of economy, different concepts and opportunity costs etc.
Unit 5: Consumers Equilibrium & Demand
· Introduction to the concept of consumers equilibrium, utility, marginal utility, law of diminishing, different conditions of consumers equilibrium etc.
· Analysis of the indifference curve for consumer equilibrium of the consumers budget, preference of the consumers based on indifference curve and maps, different conditions of the consumers equilibrium.
· Variants of demand – topics covering what is demand, market demand, demand curve, movement along the demand curve, shift along the demand curve, price elasticity of demand etc.
Unit 6: Producer Behaviour and Supply
· Topics related to production - production function, short & long run, average and marginal product.
· Topics related to cost – fixed cost, total cost, average cost, variable cost, marginal cost etc.
· Topics related to revenue – Total and marginal revenue, producer’s equilibrium, supply market supply, determinants of supply, supply curve, movement and shift along the supply curve etc.
Unit 7: Forms of Market and Price Determination Under Perfect Competition – Basic Applications
· Perfect competition: The different features, determinants of the market equilibrium, shifts in demand and supply.
· Basic applications of demand and supply – Price floor and price ceiling