Introduction to Micro Economics Class 12 Revision Notes
Introduction to Micro Economics class 12 notes explains the basic ideas in microeconomics. We will focus on the behavior of the individual’s consumers and producers of a single commodity. Also, we will analyze the price and the quantity determination in the market for a single commodity. This chapter explains the term economy, economizing of resources, and economic problem. It also, explains the distinction between microeconomics and macroeconomics. Microeconomics studies the economic behavior of individual units and macroeconomic study the economy as a whole. It also explains the central problem of an economy that every economy faces i.e. what to produce, how to produce and for whom to produce. The main reason for the study of economics is scarcity. It is a situation in which resources are insufficient to meet all the human wants.
It also explains the economic problem i.e. scarcity of resources, unlimited human wants and alternate uses. This chapter also discusses the major central problem that is what to produce, how to produce and for whom to produce. It’s also explained the opportunity cost is the cost of the next best alternative forgone. This chapter also explains the production possibility frontier (PPF) it is a graphical representation of all possible combination of two goods that can be produced with the given resources and technology and i.e. PPF slopes downwards, PPF is concave shaped, all points inside PPF, rotation of PPF and shit in PPF. It’s also explaining the assumption for PPF, marginal opportunity cost, characteristics of PPF.
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Sub-topic covered under Introduction to Micro Economics:
- Introduction to Microeconomics: The sub-topic explains the economic behavior of individual unit it is all about making choices in the presence of scarcity.
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