Economics-SS1 First term

In this term, learners should look out for the following in detail. 

1. Meaning of economics and related concepts:
   • Definition
   • Scope
   • Importance and concept of economics (wants scarcity, scale of preference choice and opportunity cost).  
2. Basic tools for economic analysis:
   • Graph, chart, and tables with related examples.
   • Construction of frequency distribution.
3. Basic tools for economic analysis:
   • Measures of central tendency
   • Meaning, types (Mean median, mode)
   • Merit and demerit with simple application   
4. Concept of demand and supply:
   • Price system
   • Demand and demand Schedule
   • Curves
   • Laws
   • Factors affecting Demand.
5. Concepts of demand and supply:
   • Meaning
   • supply curve
   • Laws
   • Factors affecting supply
6. Determinant of equilibrium price:
   • Quantity
   • point
   • Simple application   
7. Theory of production:
   • Meaning of production
   • Types of production
   • Factor of production.  
8. Theory of production:
   • Meaning of division of labour
   • Specialization
   • Advantages and disadvantages
   • Limitation of division of labour  
9. Theory of production:
   • Scale of production
   • Advantages and disadvantages of large scale production.  
10. Basic Economic system:
    • Types of economic system (Capitalization)
    • Advantages and disadvantages.
11. Basic economic system:
    • Socialism and mixed economy
    • Advantages and disadvantages
12. Basic economic problem of society:
    • what to produce
    • how to produce
    • for whom to produce
    • Efficient use of resources.