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  • Economics Assignment 1 For Class 11

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    Ankur Srivastava
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    The document provides an introduction to microeconomics, defining key economic concepts and the three main types of economies. It defines an economy as a system that facilitates production and distribution of goods and services. The three types of economies are: 1) a market economy where individuals own production for profit; 2) a planned economy where the government owns and plans production for social welfare; and 3) a mixed economy with elements of both private and public production guided by both markets and central planning.

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    Economics Assignment 1 for Class 11

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    The document provides an introduction to microeconomics, defining key economic concepts and the three main types of economies. It defines an economy as a system that facilitates production and distribution of goods and services. The three types of economies are: 1) a market economy where individuals own production for profit; 2) a planned economy where the government owns and plans production for social welfare; and 3) a mixed economy with elements of both private and public production guided by both markets and central planning.

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    © All Rights Reserved
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    2K views1 page

    Economics Assignment 1 For Class 11

    Uploaded by

    Ankur Srivastava
    The document provides an introduction to microeconomics, defining key economic concepts and the three main types of economies. It defines an economy as a system that facilitates production and distribution of goods and services. The three types of economies are: 1) a market economy where individuals own production for profit; 2) a planned economy where the government owns and plans production for social welfare; and 3) a mixed economy with elements of both private and public production guided by both markets and central planning.

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    Date: 20/04/2020

    ASSIGNMENT OF MICRO ECONOMICS FOR CLASS-XI


    Chapter -1 (INTRODUCTION)

     Write down the the following concepts in your notebook and learn them.

    Economy: - An economy is a system of organizations and institutions that either facilitate or play a
    role in the production and distribution of goods and services in a society. Economies determine how
    resources are distributed among members of a society; they determine the value of goods or services;
    and they even determine what sorts of things can be traded or bartered for those services and goods.

    Three Types of economy:

    1. Market/capitalist economy: - In this type of Economy the factors of production are owned and
    operated by individuals or group of individuals. Main objective of production is self-interest or profit
    maximization. Central problems are solved by price mechanism or market forces of demand &
    supply.
    2. Planned/centrally planned/ socialistic economy: - Factors of production are owned and operated
    by Govt. Main objective of production is social welfare. Central problems are solved by central
    planning authority.
    3. Mixed Economy: - The Economy in which factors of production are owned and operated by both
    Govt. and private sector. Main objective is profit maximization (private sector) and social welfare
    (Government sector). Central problems are solved by central planning authority (in public sector) and
    price mechanism (in private sector)

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