Economics and Economy Class 11 Notes PDF — Chapter 1

Economics and Economy introduces scarcity, choice and the allocation of limited resources. These notes establish the basic language of microeconomics and explain how economic activities and different types of economies are organised.

Board: CBSE · Class: 11 · Updated: 2026-09-04 · Access: Free, no registration

Important topics covered

  • Meaning and scope of economics
  • Scarcity, choice and opportunity cost
  • Economic and non-economic activities
  • Microeconomics and macroeconomics
  • Market, planned and mixed economies

Exam-focused revision checklist

  1. Use scarcity and alternative uses when explaining an economic problem.
  2. Differentiate positive and normative ideas where applicable.
  3. Support types of economies with simple examples.

Important questions with answer guidance

What should students explain about Meaning and scope of economics?

Meaning and scope of economics is an important part of Economics and Economy. Begin with its meaning, explain the main elements or relationship clearly, and support the answer with an example, schedule or diagram wherever the chapter requires it. Use scarcity and alternative uses when explaining an economic problem.

What should students explain about Scarcity, choice and opportunity cost?

Scarcity, choice and opportunity cost is an important part of Economics and Economy. Begin with its meaning, explain the main elements or relationship clearly, and support the answer with an example, schedule or diagram wherever the chapter requires it. Differentiate positive and normative ideas where applicable.

What should students explain about Economic and non-economic activities?

Economic and non-economic activities is an important part of Economics and Economy. Begin with its meaning, explain the main elements or relationship clearly, and support the answer with an example, schedule or diagram wherever the chapter requires it. Support types of economies with simple examples.

What should students explain about Microeconomics and macroeconomics?

Microeconomics and macroeconomics is an important part of Economics and Economy. Begin with its meaning, explain the main elements or relationship clearly, and support the answer with an example, schedule or diagram wherever the chapter requires it. Use scarcity and alternative uses when explaining an economic problem.

Chapter MCQs with answers

MCQ 1: Which of the following is directly covered in Chapter 1: Economics and Economy?

  1. What, how and for whom to produce
  2. Meaning and scope of economics
  3. Meaning and measurement of utility
  4. Preferences and indifference sets

Answer: B. Meaning and scope of economics is one of the core topics covered in this chapter.

MCQ 2: Which of the following is directly covered in Chapter 1: Economics and Economy?

  1. Total utility and marginal utility relationship
  2. Indifference curve and indifference map
  3. Scarcity, choice and opportunity cost
  4. Individual and market demand schedules

Answer: C. Scarcity, choice and opportunity cost is one of the core topics covered in this chapter.

MCQ 3: Which of the following is directly covered in Chapter 1: Economics and Economy?

  1. Properties of indifference curves
  2. Law of demand and its assumptions
  3. Total expenditure method
  4. Economic and non-economic activities

Answer: D. Economic and non-economic activities is one of the core topics covered in this chapter.

MCQ 4: Which of the following is directly covered in Chapter 1: Economics and Economy?

  1. Microeconomics and macroeconomics
  2. Movement along and shift of the demand curve
  3. Geometric or point method
  4. Relationship among TP, AP and MP

Answer: A. Microeconomics and macroeconomics is one of the core topics covered in this chapter.

Download Economics and Economy notes PDF for CBSE Class 11 Microeconomics

Use the complete chapter PDF for school tests, board-exam revision and concept review. View or download the free Economics and Economy notes PDF.

Why you can trust this study resource

This chapter-specific resource is organised by Smit Sir for Class 11 Commerce students. It is free to view and download and should be used alongside NCERT questions and the latest official CBSE sample papers.

Frequently asked questions

Are these Economics and Economy notes free?

Yes. The complete CBSE Class 11 chapter PDF can be viewed online or downloaded without payment or registration.

What is covered in Chapter 1?

The notes cover Meaning and scope of economics, Scarcity, choice and opportunity cost, Economic and non-economic activities and the other important concepts listed on this page.

How should I use these notes for CBSE exam revision?

Start with the overview, revise each key topic, read the complete PDF and finish with the exam checklist, important questions and MCQs. Also practise NCERT questions and the latest official CBSE sample papers.

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