Basic Concepts in Economics

Adam Smith's & Alfred Marshall's Definition

Description: Adam Smith's economics focuses on wealth creation. Alfred Marshall's definition emphasizes welfare. Robbins' definition highlights scarcity, choice, and allocation of resources for optimal utility.

Classification of Wants & Factors of production

Description: Classification of Wants: Sorting human desires by necessity and luxury.Factors of Production: Resources—land, labor, capital, and entrepreneurship—essential for economic activities to produce goods and services.

Macro- Economic

Description: Macroeconomics studies the overall economy, focusing on issues like inflation, unemployment, GDP, and government policies affecting growth and stability.

Basic Concept of Macroeconomics

Board: CBSE

Stream: Commerce

Standard: XII

Course: Economics

National Income of Related Aggregates

Board: CBSE

Stream: Commerce

Standard: XII

Course: Economics

Partition Values

Board: State Board

Stream: Commerce

Standard: XI

Course: Economics

Money

Board: State Board

Stream: Commerce

Standard: XI

Course: Economics

Aggregate Demand & Related Concepts

Board: CBSE

Stream: Commerce

Standard: XII

Course: Economics