Class 11 Economics Important Chapter 12 Introduction

Class 11 Economics Important Chapter 12 Introduction Solutions English Medium As Per AHSEC New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 11 Economics Important Solutions and select need one. AHSEC Class 11 Economics Additional Notes English Medium Download PDF. HS 1st Year Economics Important Solutions in English.

Class 11 Economics Important Chapter 12 Introduction

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. Assam AHSEC Board Class 11 Economics Additional Question Answer are part of All Subject Solutions. Here we have given HS 1st Year Economics Important Notes in English for All Chapters, You can practice these here.

Introduction

Chapter: 12

PART – B : STATISTICS FOR ECONOMICS

IMPORTANT QUESTION AND ANSWER

Short Type Question and Answer:

1. From which Greek words is the term Economics derived and what do they mean?

Ans: It is derived from ‘Oikos’ meaning household and ‘Nomus’ meaning management.

2. What was the main focus of economics in Kautilya’s Arthashastra?

Ans: The study of a country’s wealth, laws governing it, tax collection, and measures to keep citizens happy.

3. Who is regarded as the father of modern economics?

Ans: Adam Smith.

4. According to Alfred Marshall, what is the primary focus of economics?

Ans: Human welfare, with wealth as only a means to achieve it.

5. Which economist defined economics as a science of choice due to scarcity?

Ans: Prof. Lionel Robbins.

6. What does the term ‘economic man’ refer to in the wealth definition?

Ans: A man motivated by self-interest in all economic activities.

7. Give one example of ‘alternative uses of means’ as explained by Robbins.

Ans: Coal can be used in factories, railways, thermal power plants, and households.

8. According to Samuelson’s growth definition, what should be done besides efficient allocation of resources?

Ans: Efforts should be made to increase the available resources.

9. Mention two core branches of modern economics.

Ans: Microeconomics and Macroeconomics.

10. In microeconomics, what does the letter ‘I’ in MICRO stand for?

Ans: Individuals.

11. Who is considered the founder of modern macroeconomics?

Ans: John Maynard Keynes.

12. In the plural sense, what does the term statistics mean?

Ans: Numerical facts or observations collected for a definite purpose.

13. Name one field where statistics is crucial for diagnosing problems accurately.

Ans: Medicine.

14. Give one limitation of statistics related to accuracy.

Ans: Statistical results are approximations and not perfectly accurate.

15. How can statistics be misused?

Ans: By manipulating data to prove either side of an argument or to draw misleading conclusions.