Old Is Gold - Question Paper 2065 | Economics Class 11

Old is Gold | Commerce
Old Question Paper of Economics
Year: 2065 (2008)
For: Management Grade XI

Subject Code: 126 ‘D’ 

Candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks. 

Time:- 3 hrs. Full Marks:- 75  | Pass Marks:- 27 

National Income - Economics | Management Class 11

Notes | Commerce
National Income - Economics
For: Management Class 11

National Income is the sum of all incomes of the people of a country in a particular period of time. In other words, the monetary value of final goods produce in a country during a year is called national income. Alternatively, national income includes payments made to productive resources in the form of wage interest, rent, profit etc.

Difficulties in Measurement of National Income | Economics Class 11

Notes | Commerce
Difficulties in Measurement of National Income
For: Management Class 11

There are many difficulties in measuring national income of a country accurately because it is a multi-dimensional concept. So, the calculation of national income itself is a complex and challenging activities. While measuring the national income, there arise some conceptual and statistical difficulties which are as follows:

Computation or Measurement of National Income | Economics Class 11

Notes | Commerce
Computation  or Measurement of National Income
For: Management Class 11

National income can be measured by using several methods upon the availability of particular method depend upon the availability of the data in the country and objective of measurement. First of all Schumpeter suggested three methods of measuring national income.

Difference Between Gross Domestic Product (GDP) And Gross National Product (GNP)

Notes | Commerce
Difference Between GDP and GNP
For: Management Class 11

1. Gross Domestic product. (GDP)

GDP is the sum of money value of all final goods and services produced with in the domestic territory of country during a year. It should be noted that goods and services must be produced with in the country. In order to calculate the value of GDP, all goods and services produced are multiplied by their market prices.

Meaning And Concept of National Income | Economics Class 11

Notes | Commerce
Meaning And Concept of National Income
For: Management Class 11

Meaning of National Income

National Income is the sum of all incomes of the people of a country in a particular period of time. In other words, the monetary value of final goods produce in a country during a year is called national income. Alternatively, national income includes payments made to productive resources in the form of wage interest, rent, profit etc. Thus,

Scarcity And Choice | Economics Class 11

Notes | Commerce
Unit Two: Scarcity And Choice
For: Management Class 11

Concepts of Scarcity

Scarcity refers to the condition of insufficiency where the human beings are incapable to fulfill their wants in sufficient manner. In other words, it is a situation of fewer resources in comparison to unlimited human wants. Human wants are unlimited. We may satisfy some of our wants but soon new wants arise. It is impossible to produce goods and services so as to satisfy all wants of people. Thus scarcity explains this relationship between limited resources and unlimited wants and the problem there in.

Nature of Economics | Management Class 11

Notes | Commerce
Nature of Economics
Grade: XI

This chapter is categorized in following topics. Please open the link and read one by one.

1. Concept of Economics | Management Class 11
2. Definition of Economics | Management Class 11
3. Adam Smith's Definition of Economics | Management Class 11

Difference Between Positive and Normative Economics

Notes | Commerce
Difference Between Positive and Normative Economics
For: Management Class 11

As we know that economics is a science and positive and normative economics are the two different aspects of economics. Positive economics studies the real nature of the subject and normative economics studies the facts not as they are but as they ought to be. So, there are several differences between positive and normative economics which are as follows:-

Difference Between Microeconomics and Macroeconomics

Notes | Commerce
Difference between Microeconomics and Macroeconomics

Unit: Nature of Economics

For: Management Class 11

This Content is Moved to our new site => http://www.merospark.com/hseb-notes/difference-microeconomics-macroeconomics/

Micro and macro economics, both are the branches of economics. On the one thing, micro economics deals with individual facts, that is branches, flowers, leaf, etc. and on the other hand macro economics deals with aggregate facts that is whole tree. Both play an important role in formulation of economic principles.

Scope and Subject of Economics | Management Class 11

Notes | Commerce

Scope and Subject of Economics

Grade: XI

Scope of Economics

Scope of economics means the area covered by economics for its study. The scope of economics is largely determined by the definition of economics. Under the scope of economics, mainly subject matter of economics, nature of economics and relationship of economics with other science are studied.

Comparison Between Marshall's and Robbin's Definitions of Economics

Notes | Commerce
Comparison Between Marshall's and Robbin's Definitions of Economics
Class: 11 | Management
Subject: Economics

According to Marshall, economics is a science of material welfare. His definition has focus on the role of mankind as well as wealth in economic life. But Robbins’s definition considered economics as a study of scarcity and choice. A comparative study of both definitions is made on the basis of their similarities and differences.

Old Question Paper 2070 - Economics Class 11 | Download

Question Paper | Management
Old Question Paper of Economics
Grade : XI
Year : 2070 B.S. (2013)

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Definition of Economics | Management Class 11

Economics | Notes
Definition of Economics
Class: 11

For the study of the subject of economics, it is necessary to know what economics is. The beginner of a new subject always wants to have a precise definition of the subject but it is not easy to define economics. However, it is necessary to have a raw idea of the subject to start the study.

Robbins's Definition of Economics | Management Class 11

Economics | Notes

Robbins’s Definition of Economics

Class: 11

Lionel Robbins publish a book “An essay on the nature and significant of economic science”. In 1932, In this book, he criticized welfare definition of Marshall and give new definition of economic which is popular known as modern and analytic definition. He presented his definition new angle of unlimited wants and limited resources further. He tried to relate human behaviors with scar means and selection of wants so this definition identify the economic as the science of scarcity and choice in his own words economic is the science which study the human behaviors as a relationship between end and scar means which as alternate user.

Marshall's Definition of Economics | Management Class 11

Economics | Notes
Marshall's (1842 - 1924) Definition of Economics
Class: 11

New classical economist Alfred Marshall publish a book “principal of economic in 1890 and define economic from different angle. He re-corrected the Adam Smith’s definition. His Argued Human thus marshal views are also know as material welfare view.

According to the Marshall’s “Economic is the study of Man Kind in ordinary business of life. It examines that part of individual and social action with must closely connected with the attainment and with the use of material request of well being. Thus it is one side of study of wealth and the other more important side part of study of man.

Adam Smith's Definition of Economics | Management Class 11

Economics | Notes
Adam Smith's (1723 - 1790) Definition of Economics
Class: 11

Adam Smith, who is known as father of economic publish a book “An Inquiry into the nature and cause of wealth of nation” in 1776 AD. This is the first book which separated the economic from other social sciences. In this book Adam Smith presents the view that economic is the study about wealth of nation, How nation collect and allocate its wealth. It is the subject matter of economic.

According to the Adam Smith “Economic is the science of wealth which study about production and uses of wealth.”

Application of Statistics in Economics | Management Class 11

Notes | Economics
Application of Statistics in Economics
Class : 11

Statistical aspect is one of the important aspects for quantitative analysis in economics. Economics statistics is a systematic body of knowledge concerned with the application of statistical methods to theoretical economics argument. It is a science that checks the ideas in economies theory with the help of quantitative and historical information and suggests methods of improvements where necessary. In fact, statistical methods are the tools and appliances of an economist’s laboratory.

Application of Mathematics in Economics | Management Class 11

Notes | Economics
Application of Mathematics in Economics
Class : 11

The use of mathematics in economics puts the literary form of economics theory into mathematical language. It provides concrete form to economics laws and relations and make it more logical and practical. Beside this, mathematics helps in the systematic understanding of the relations involved and in derivation of the results which would be very difficult through verbal logic.