Cheat sheet · Class 11 · CBSE · Commerce Economics
Microeconomics: Introduction cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 11 · Economics
Cheat sheet
Chapter 8Microeconomics: Introduction
What to produce? How? For whom? — the central problems.
1. Central Problems
- What to produce and how much.
- How to produce (technique).
- For whom to produce (distribution).
2. Production Possibility Frontier
- Shows max combinations of two goods with given resources.
- Concave due to rising opportunity cost (MRT).
- Shifts right with growth/technology.
3. Concepts
| Term | Meaning |
|---|---|
| Opportunity cost | value of the next best alternative given up |
| Centrally planned economy | government decides |
| Market economy | price mechanism decides |
| Positive economics | what is |
| Normative economics | what ought to be |
| Micro vs macro | individual units vs economy as a whole |
4. Key Points
- Points inside PPF: unemployment of resources.
- Points outside: unattainable.
- Scarcity is the root problem.
- Mixed economy combines both.
Remember: 3 central problems | PPF | opportunity cost
Microeconomics: Introduction: questions and notes
More Class 11 · CBSE · Commerce Economics cheat sheets
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