Class 12 Economics Microeconomics Introduction – Get here the Notes for Class 12 Economics Microeconomics Introduction. Candidates who are ambitious to qualify the Class 12 with good score can check this article for Notes. This is possible only when you have the best CBSE Class 12 Economics Notes, study material, and a smart preparation plan. CBSE 2019 Class 12th Exam is approaching and candidates will have to make the best use of the time available towards the last stage of your CBSE Class 12th Economics Preparation. To help you with that, below we have provided the Notes of 12 Economics for topic Microeconomics Introduction.
- Class: 12th
- Subject: Economics
- Topic: Microeconomics Introduction
- Resource: Notes
CBSE Notes Class 12 Business Studies Microeconomics Introduction
Candidates who are pursuing in Class 12 are advised to revise the notes from this post. With the help of Notes, candidates can plan their Strategy for particular weaker section of the subject and study hard. So, go ahead and check the Important Notes for Class 12 Economics Microeconomics Introduction.
Introduction to Microeconomics
Economy Economy refers to the nature and level of economic activities in an area. It shows how the people of the concerned area earn their living.
Types of Economy
- Market economies are those economies, in which economic activities are left to the free play of the market forces.
- Centrally planned economies are those economies where the course of economic activities is dictated or decided by some central authority or by the government.
- Mixed economies share the characteristics of both market and centrally planned economies.
Central Problems of Economy at the Micro Level
(i) What to produce?
(ii) How to produce? or Choice of technique of production.
(iii) For whom to produce? or Resources of allocation.
Economics Economics is defined as the allocation of scarce resources in such a manner that our economic welfare is maximised.
Branches of Economics
- Micro Economics It studies the economic issues of an individual unit like an individual consumer, an individual producer etc.
- Macro Economics It studies the economicissues at the level of an economy as a whole live total employment of resources, total national product etc.
PPC (production Possibility Curve) It shows different combinations of two goods, which can be produced with given resources and technology.
Opportunity Cost It is the value of a factor in its next best alternative use.
Marginal Opportunity Cost The rate at which output in use-1 is lost for every additional unit of output in use-2 (ΔQ1/ΔQ2) implies marginal opportunity cost.
Class 12 Key Points, Important Questions & Practice Papers
Hope these notes helped you in your schools exam preparation. Candidates can also check out the Key Points, Important Questions & Practice Papers for various Subjects for Class 12 in both Hindi and English language form the link below.
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Class 12 NCERT Solutions
Candidates who are studying in Class 12 can also check Class 12 NCERT Solutions from here. This will help the candidates to know the solutions for all subjects covered in Class 12th. Candidates can click on the subject wise link to get the same. Class 12 Chapter-wise, detailed solutions to the questions of the NCERT textbooks are provided with the objective of helping students compare their answers with the sample answers.
Class 12 Mock Test / Practice
Mock test are the practice test or you can say the blue print of the main exam. Before appearing in the main examination, candidates must try mock test as it helps the students learn from their mistakes. With the help of Class 12 Mock Test / Practice, candidates can also get an idea about the pattern and marking scheme of that examination. For the sake of the candidates we are providing Class 12 Mock Test / Practice links below.
Class 12 Exemplar Questions
Exemplar Questions Class 12 is a very important resource for students preparing for the Examination. Here we have provided Exemplar Problems Solutions along with NCERT Exemplar Problems Class 12. Question from very important topics is covered by Exemplar Questions for Class 12.Class 12 Business Studies Notes Maths Notes Economics Notes Sociology Notes
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