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Economics studies how individuals, businesses, and governments allocate limited resources to satisfy unlimited needs and wants. It encompasses key concepts such as scarcity, choice, and opportunity cost, which form the foundation of economic decision-making. By applying economic theories and models, stakeholders can make informed choices that improve living standards and promote growth.
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e11-1.pdfClass Notes
Memorization
What we have learnt
- Economics is the study of r...
- The basic economic problems...
- Understanding economic conc...
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What we have learnt
- Economics is the study of resource allocation under conditions of scarcity.
- The basic economic problems include what to produce, how to produce, and for whom to produce.
- Understanding economic concepts aids in making informed decisions both at personal and societal levels.
Key Concepts
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Term: Scarcity
Definition: The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, compelling choices to be made regarding resource allocation.
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Term: Opportunity Cost
Definition: The value of the next best alternative that must be forgone when making a decision.
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Term: Supply and Demand
Definition: The relationship between the quantity of a good that producers are willing to sell and the quantity that consumers are willing to buy at various prices.
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Term: Market Equilibrium
Definition: The point at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.
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Term: Elasticity
Definition: A measure of how much the quantity demanded or supplied of a good responds to changes in price.
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Term: Utility
Definition: The satisfaction or benefit derived from consuming goods and services.