WORKSHEET

ECONOMICS

CLASS:11 ECONOMICS AND ECONOMY

WAVE 1

1.What do you mean by consumption good?

2. Give two examples of microeconomic studies.

3.Define microeconomics.

4.What is economics?.

5.What is meant by normative economics?.

6 What do you mean by rational management of resources?

WAVE 2

7. State the fundamental fact that has led to the emergence of economic problem.

8. Distinguish between a centrally planned economy and a market economy.

9. Differentiate between positive and normative economics.

10.When does the problem of resource allocation arise?

 WAVE 3

11. How does scarcity and choice go together?

12.Why does an economic problem arise?

13.What is meant by an economy? what are its different types?