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Grade XIEconomics(Important Concepts)

Important Concepts - Economics Micro-economics

Chapter 1- Introduction

1. Scarcity and economics

2. Subject Matter of Economics- difference between micro and macro

3. Positive and Normative economics

4. Central Problems of an Economy

5. Production Possibility Curve- Opportunity Cost and shifts

6. Types of Economic Systems

Chapter 2- Consumer’s Equilibrium and Demand

1. Concepts of Total utility and Law of Marginal Utility

2. Equilibrium using Ordinal Approach in one and two commodity case

3. Budget Line and Indifference Curve- Concept and Properties

4. Equilibrium using Cardinal Approach

5. Demand: Determinants of Demand, Law of Demand, Shifts vs Movements in Demand Curve

6. Concept of Normal and Giffen goods

7. Price Elasticity of Demand: Factors Determining Elasticity, Measurement of Elasticity

Chapter 3- Producer Behaviour and Supply

1. Concepts of Product: TP, AP and MP

2. Law of returns to a factor

3. Concepts of Costs, Shapes of Cost curves in short run

4. Concepts of Revenue, Shapes of Revenue curves in different market forms

5. Equilibrium conditions under perfect competitive market- TR-TC and MR-MC approach

6. Supply: Determinants of Supply, Law of Supply, Shifts vs Movements in Supply Curve

7. Price Elasticity of Supply: Factors Determining Elasticity, Measurement of Elasticity

Chapter 4- Forms of Market and Price Determination under Perfect Competition

1. Market equilibrium: Changes in equilibrium when demand and supply changes

2. Price ceiling and Price flooring and its implications

3. Perfect Competition: Concept and features

4. Monopoly Competition: Concept and features

5. Monopolistic Competition: Concept and features

6. Oligopoly Competition: Concept and features

Statistics

Chapter 1- Introduction

1. Need to study economics

2. Importance and limitations of statistics

Chapter 2- Collection of Data

1. Sources and methods of collection of data

2. Types of sampling methods

3. Census of India and NSSO

Chapter 3- Organisation of Data

1. Types of variables and their classification

2. Types of statistical series

3. Types of Frequency distribution

Chapter 4- Presentation of Data

1. Geometric diagrams- Bar diagrams, Pie chart, Arithmetic Line Graphs

2. Frequency Diagrams and its Types

Chapter 5- Measures of Central Tendency

1. Arithmetic Mean

2. Median

3. Mode

4. Quartiles

5. Deciles and Percentiles

Chapter 6- Measures of Dispersion

1. Types of Dispersion

a. Range

b. Quartile Deviation

c. Mean Deviation

d. Standard Deviation

2. Relative Measures of Dispersion

Chapter 7

1. Karl Pearson Correlation Coefficient and Spearman Rank Correlation Coefficient

Chapter 8

1. Simple and Weighted Index Numbers

2. Consumer Price Index and Industrial Production Index