This lesson offers an introduction to microeconomics, focusing on core concepts essential for understanding how economies function. It begins by defining economics, microeconomics, and macroeconomics, economy and its types, differentiating between positive and normative economics. The lesson then addresses economic problems and the central problems of an economy, such as what to produce, how to produce, and for whom to produce, linking these to the concept of opportunity cost. Finally, it explains the production possibility frontier (PPF), illustrating its meaning, characteristics, and how changes in the PPF reflect shifts in production capabilities and resource allocation.
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Unit I Introduction to microeconomics
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Unit I Introduction to microeconomics class 11, This lesson introduces microeconomics by exploring basic economic concepts, including the definitions of economics, microeconomics, and macroeconomics, types of economies, and the distinction between positive and normative economics. It covers central economic problems—what, how, and for whom to produce—alongside opportunity cost. The lesson concludes with the production possibility frontier (PPF), its features, and how it illustrates changes in resource allocation and production capacity.
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