{"id":13590,"date":"2022-01-09T11:54:46","date_gmt":"2022-01-09T06:24:46","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=13590"},"modified":"2024-12-28T15:45:41","modified_gmt":"2024-12-28T10:15:41","slug":"11th-economics-chapter-1-exercise","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/","title":{"rendered":"11th Economics Chapter 1 Exercise Answers (Basic Concepts in Economics) Maharashtra Board &#8211; Free Solution"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d9873eee565\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d9873eee565\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#11th_Economics_Chapter_1_Exercise\" >11th Economics Chapter 1 Exercise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Chapter_1_%E2%80%93_Basic_Concepts_in_Economics\" >Chapter 1 &#8211; Basic Concepts in Economics<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q_1_Choose_the_correct_option\" >Q. 1. Choose the correct option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q_2_Complete_the_correlation\" >Q. 2. Complete the correlation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q_3_Identify_and_explain_the_concepts_from_the_given_illustrations\" >Q. 3. Identify and explain the concepts from the given illustrations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q4_Answer_the_following\" >Q.4. Answer the following<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q5_State_with_reasons_whether_you_agree_or_disagree_with_the_following_statements\" >Q.5. State with reasons whether you agree or disagree with the following statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Q6_Answer_in_detail\" >Q.6. Answer in detail<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#11th_Economics_Textbook_Solutions\" >11th Economics Textbook Solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/#Check_out_other_posts_related_to_11th_Commerce\" >Check out other posts related to 11th Commerce<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"11th_Economics_Chapter_1_Exercise\"><\/span>11th Economics Chapter 1 Exercise<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-1024x576.jpg\" alt=\"11th Economics Chapter 1 Exercise\nBasic Concepts in Economics\" class=\"wp-image-13901 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-1024x576.jpg 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-300x169.jpg 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-768x432.jpg 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-1536x864.jpg 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise-640x360.jpg 640w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/01\/11th-Economics-Chapter-1-Exercise.jpg 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">11th Economics Chapter 1 Exercise<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-black-color has-vivid-green-cyan-background-color has-text-color has-background has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Chapter_1_%E2%80%93_Basic_Concepts_in_Economics\"><\/span><strong>Chapter 1 &#8211; <\/strong>Basic Concepts in Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_1_Choose_the_correct_option\"><\/span>Q. 1. Choose the correct option<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) Statements related to Economics:<\/strong><br>a) Economics is a social science.<br>b) Concept of economics is derived from Greek word \u2018Oikonomia\u2019.<br>c) Economics is related to the study of human economic behavior.<br>d) Economics is related to management of the household.<br><strong>Options: <br><\/strong>1) a, b and c <br>2) a and b<br>3) b and c<br><strong><span class=\"has-inline-color has-vivid-purple-color\">4) a, b, c and d<\/span><\/strong><\/p>\n\n\n\n<p><strong>2) Statements incorrect with reference to Adam Smith&#8217;s definition:<br><\/strong>a) Adam Smith is a classical economist.<br>b) Wealth of Nations is authored by Adam Smith.<br>c) Economics is the science of wealth.<br>d) Economics studies common man.<br><strong>Options:<br><span class=\"has-inline-color has-vivid-purple-color\">1) d<br><\/span><\/strong>2) a, b and c<br>3) a and d<br>4) c and d<\/p>\n\n\n\n<p><strong>3) Key points in Lionel Robbins&#8217; definition:<br><\/strong>a) Wants are unlimited<br>b) Means are limited<br>c) Wants are not gradable<br>d) Means have alternative uses.<br><strong>Options: <br><\/strong>1) a and b <br>2) b and c<br><strong><span class=\"has-inline-color has-vivid-purple-color\">3) a, b and d <br><\/span><\/strong>4) a, b, c and d<\/p>\n\n\n\n<p><strong>4) Statements related to wealth:<br><\/strong>a) Wealth means anything which has market value and can be exchanged for money.<br>b) It is external to human being.<br>c) Wealth has no utility.<br>d) Wealth is scarce and exchangeable.<br><strong>Options: <br><span class=\"has-inline-color has-vivid-purple-color\">1) a, b and d <br><\/span><\/strong>2) a, c and d<br>3) b, c and d <br>4) None of the above<\/p>\n\n\n\n<p><strong>5) Aspects considered in National Income:<\/strong><br>a) Final goods and services are included in national income.<br>b) Produced goods and services in a financial year are included in national income.<br>c) Double counting is avoided.<br>d) Value is considered as per market price.<br><strong>Options:<\/strong><br>1) a and c<br>2) b and c<br>3) a, b and d <br><strong><span class=\"has-inline-color has-vivid-purple-color\">4) a, b, c and d<\/span><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_2_Complete_the_correlation\"><\/span>Q. 2. Complete the correlation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) Natural science : Exact science : : Social science : <strong><span style=\"text-decoration: underline;\">Abstract Science<\/span><\/strong><\/p>\n\n\n\n<p>2) Physics : <strong><span style=\"text-decoration: underline;\">Natural science<\/span><\/strong> : : Psychology : Social sciences<\/p>\n\n\n\n<p>3) Arthshastra : Kautilya : : Wealth of Nations : <strong><span style=\"text-decoration: underline;\">Adam Smith<\/span><\/strong><\/p>\n\n\n\n<p>4) Necessity : <strong><span style=\"text-decoration: underline;\">Food<\/span><\/strong> : : Comforts : Washing machine<\/p>\n\n\n\n<p>5) Free goods : Value-in-use : : Economic goods : <strong><span style=\"text-decoration: underline;\">Value in Exchange<\/span><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_3_Identify_and_explain_the_concepts_from_the_given_illustrations\"><\/span>Q. 3. Identify and explain the concepts from the given illustrations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">1) My father purchased a two wheeler vehicle. This helps to fulfill my travel needs.<br><\/span>Concept:<\/strong> Individual Want<strong><br>Explanation:<\/strong> Personal or individual wants refer to those wants which are satisfied at the individual level, e.g. a doctor using a stethoscope, a judge wearing his coat.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">2) A study of the annual income of the family of Ramesh.<br><\/span>Concept: <\/strong>Microeconomics<strong><br>Explanation:<\/strong> Micro Economics deals with the behaviour of the individual variables such as a household, worker, firm, industry, etc.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">3) As per the data for financial year 2018-19, the country&#8217;s production of goods and services increased by 20%.<br><\/span>Concept: <\/strong>Economics Growth<strong><br>Explanation:<\/strong> Economic growth means an increase in the real national income of the country, over a long period of time.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">4) Karuna&#8217;s mother saves Rs.1000\/- every month out of her given salary.<br><\/span>Concept: <\/strong>Savings<strong><br>Explanation:<\/strong> Saving is that part of income that is not spent currently on consumption.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">5) Ram&#8217;s father utilized his provident fund amount to set up grocery store.<br><\/mark>Concept: <\/strong>Investment<strong><br>Explanation:<\/strong> Investment refers to the creation of capital assets through mobilization of savings, e.g. machinery, equipment etc.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Solution of other subjects<br><\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\">Solution of all Chapters of Economics<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">2<\/a>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">3<\/a><strong> &#8211;<\/strong> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">5<\/a><\/strong> <strong>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">8<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">9<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">10<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q4_Answer_the_following\"><\/span>Q.4. Answer the following<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Explain the features of wealth.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> Wealth refers to \u201canything which has market value and can be exchanged for money.\u201d<\/p>\n\n\n\n<p><strong>Following are the features of wealth.<\/strong><\/p>\n\n\n\n<p><strong>i) <span style=\"text-decoration: underline;\">Utility<\/span>: <\/strong>A commodity must have the capacity to satisfy human wants, e.g. furniture, refrigerator etc.<\/p>\n\n\n\n<p><strong>ii) <span style=\"text-decoration: underline;\">Scarcity<\/span>:<\/strong> A commodity must be scarce in supply in relation to its demand if it is to be included in the term \u2018Wealth\u2019, e.g. all economic goods for which price is paid.<\/p>\n\n\n\n<p><strong>iii) <span style=\"text-decoration: underline;\">Transferability<\/span>:<\/strong> A commodity should be transferable from person to person as well as from place to place. If the good is material or tangible then only it is possible to transfer it from place to place, e.g. vehicle, jewellery, etc.<\/p>\n\n\n\n<p><strong>iv) <span style=\"text-decoration: underline;\">Externality<\/span>:<\/strong> A good can be transferred only if it is external to the human body, e.g. bag, chair, etc.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Explain the characteristics of human wants.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> In economics, want denotes a feeling of &#8216;lack of satisfaction&#8217;.<\/p>\n\n\n\n<p><strong>Characteristics of wants:<\/strong><\/p>\n\n\n\n<p><strong>i) <span style=\"text-decoration: underline;\">Wants are unlimited<\/span>:<\/strong> Wants not only arise again and again but they are also unending. If one want gets satisfied, another arises. Wants go on multiplying in number.<\/p>\n\n\n\n<p><strong>ii) <span style=\"text-decoration: underline;\">Wants are recurring in nature<\/span>:<\/strong> Several human wants occur again and again, while some might be only occasional.<\/p>\n\n\n\n<p><strong>iii) <span style=\"text-decoration: underline;\">Wants differ with age<\/span>:<\/strong> Wants and their satisfaction differ as per the chronological age.<\/p>\n\n\n\n<p><strong>iv) <span style=\"text-decoration: underline;\">Wants differ with gender<\/span>:<\/strong> Men and women want different goods according to their needs.<\/p>\n\n\n\n<p><strong>v) <span style=\"text-decoration: underline;\">Wants differ due to preferences<\/span>:<\/strong> Individual habits, tastes and preferences matter a lot while deciding wants of the people.<\/p>\n\n\n\n<p><strong>vi) <span style=\"text-decoration: underline;\">Wants differ with seasons<\/span>:<\/strong> Wants keep on changing with seasons.<\/p>\n\n\n\n<p><strong>vii) <span style=\"text-decoration: underline;\">Wants differ due to culture<\/span>:<\/strong> Differences in culture influence wants that are related to food, dressing styles etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q5_State_with_reasons_whether_you_agree_or_disagree_with_the_following_statements\"><\/span>Q.5. State with reasons whether you agree or disagree with the following statements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">1) All wants can be satisfied at a time.<\/span><\/strong><\/p>\n\n\n\n<p><strong>Answer: <\/strong>No, I disagree with this statement.<strong><br>Reasons:<\/strong> a) Human wants are unlimited and means to satisfy them are limited.<br>b) They are unending. If one want gets satisfied, another arises. Wants go on multiplying in number.<br>c) Some human wants occur again and again even if satisfied once.<br>d) Therefore, all wants cannot be satisfied at a time.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Human wants change as per the seasons and preferences.<\/strong> <\/mark><\/p>\n\n\n\n<p><strong>Answer: <\/strong>Yes, I agree with this statement.<strong><br>Reasons:<\/strong> a) In economics, want denotes a feeling of &#8216;lack of satisfaction&#8217;.<br>b) This feeling enables the individual to satisfy his want.<br>c) Human wants differ with seasons. Example a person require woolen cloths in winter and umbrella in rainy season.<br>d) Wants also differ with preferences, i.e they are influenced by individual habits and taste.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>3) Value-in-use and Value-in-exchange are the same. <\/strong> <\/mark><\/p>\n\n\n\n<p><strong>Answer: <\/strong>No, I disagree with this statement.<strong><br>Reasons:<\/strong> a) Value-in-use refers to the worth of a commodity. It is usefulness of a commodity, e.g. no one has to pay price for sunshine but its immense worth for life can never be doubted.<br>b) In economic language, sunshine has a high value-in-use. It is an example of &#8216;free good&#8217;.<br>c) Value-in-exchange refers to the worth of a commodity or a service expressed in terms of another commodity. When this value is expressed in terms of money, it is called price of a commodity.<br>d) A good which commands a price is termed as an &#8216;economic good&#8217;, e.g. TV, car etc.<br>Thus, Value-in-use and Value-in-exchange are not same.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Solution of other subjects<br><\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\">Solution of all Chapters of Economics<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">2<\/a>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">3<\/a><strong> &#8211;<\/strong> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">5<\/a><\/strong> <strong>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">8<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">9<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">10<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q6_Answer_in_detail\"><\/span>Q.6. Answer in detail<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Explain the basic concepts of macro economics.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> Macro Economics deals not with individual quantities as such, but with the aggregates of these quantities, not with the individual incomes but with the national income, not with individual prices but with the general price level, not with individual output but with the national output&#8221;.<\/p>\n\n\n\n<p><strong>Basic Concepts of Macro Economics are as follows:<\/strong><\/p>\n\n\n\n<p><strong>1) National Income:<\/strong><\/p>\n\n\n\n<p>This reveals the total economic performance of a nation. It is referred to as the total income of a country.<br><br><strong>2) Saving:<\/strong><\/p>\n\n\n\n<p>It is that part of the income which is set aside to satisfy future needs by foregoing current consumption. In other words, saving is that part of income that is not spent currently on consumption.<\/p>\n\n\n\n<p><strong>3) Investment:<\/strong><\/p>\n\n\n\n<p>It refers to the creation of capital assets through mobilization of savings, e.g. machinery, equipment, etc.<\/p>\n\n\n\n<p><strong>4) Trade Cycles:<\/strong><\/p>\n\n\n\n<p>Trade cycles are fluctuations in business. They are ups and downs in the overall economic activities. Ups and downs mean fluctuations caused by inflation and depression respectively.<br>\u2003\u2022 Inflation is a continuous rise in general price level.<br>\u2003\u2022 Depression is a continuous fall in overall prices and a lowering down of economic activity in general.<\/p>\n\n\n\n<p><strong>5) Economic Growth:<\/strong><\/p>\n\n\n\n<p>The term economic growth has a &#8216;quantitative&#8217; dimension. In simple words, economic growth means an increase in the real national income of the country, over a long period of time.<\/p>\n\n\n\n<p><strong>6) Economic Development:<\/strong><\/p>\n\n\n\n<p>This is a wider concept that has a &#8216;qualitative&#8217; dimension. Economic development implies economic growth plus progressive changes in certain important variables that determine the well-being of the people, e.g. education, health etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"11th_Economics_Textbook_Solutions\"><\/span>11th Economics Textbook Solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Chapter Name <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Solution Link<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1) Basic Concepts in Economics<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2) Money<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3) Partition Values<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4) The Economy of Maharashtra<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5) Rural Development in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">6) Population in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">7) Unemployment in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">8) Poverty in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">9) Economic Policy of India Since 1991<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">10) Economic Planning in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">Solution<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Check_out_other_posts_related_to_11th_Commerce\"><\/span>Check out other posts related to 11th Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Textbook Solutions of 11th Commerce (All Subjects)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Click <\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" rel=\"noreferrer noopener\">Here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong> Free pdf of 11th Commerce Textbooks <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-books-pdf\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-books-pdf\/\">Click Here<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":13901,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[4420],"class_list":["post-13590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hsc-maharashtra-board","tag-11th-economics-1st-chapter-exercise"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/13590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=13590"}],"version-history":[{"count":6,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/13590\/revisions"}],"predecessor-version":[{"id":35928,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/13590\/revisions\/35928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/13901"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=13590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=13590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=13590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}