Chapter 1 of Sandeep Garg's Class 11 Microeconomics Solutions Expert Economic teachers from the latest edition of Sandeep Garg Microeconomics Class 11 textbook solutions clarify the introduction according to the updated CBSE syllabus.
Sandeep Garg Economics Class 11 Solutions are provided by MNS EdTech to provide students with a detailed understanding of the subject. These experiences provide students with a priceless advantage when it comes to completing homework or preparing for exams.
In this post, we will provide you with solutions to Microeconomics Chapter 1- Introduction, which will assist students in achieving high grades on their board exams.
Sandeep Garg Solutions Class 11 – Part B – Chapter 1-Microeconomics
Question 1
What is an economy?
Answer:
Economy is a system that provides people with the means to work and earn a living.
Question 2
Define scarcity.
Answer:
Scarcity refers to a situation in which resources are insufficient to meet all the human wants.
Question 3
What are the major central problems of the economy?
Answer:
The major central problems are:
- What to produce?
- How to produce?
- For whom to produce?
Question 4
What are the reasons for the economic problem?
Answer:
The three main reasons for the existence of economic problems are:
- Scarcity of resources
- Alternate uses of these scarce resources
- Unlimited human wants
Question 5
What are the two branches of economics?
Answer:
Economics is classified into two parts, namely,
Microeconomics: It is that part of economic theory which studies the behaviour of individual units of an economy.
Macroeconomics: It is that part of economic theory which studies the behaviour of aggregates of the economy as a whole.
Students can also refer to – Introduction To Microeconomics
Question 6
Expand the term PPF.
Answer:
Production possibility frontier
True or False Questions
Question 7
The problem of ‘how to produce’ involves a choice between consumer goods and capital goods. (True/False)
Answer:
False
Question 8
The economy always operates on the production possibility frontier. (True/False)
Answer:
False
Question 9
The growth of resources shifts the production possibility frontier towards the right. (True/False)
Answer:
True
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