Class 11 Economics (New Course | New Syllabus) Notes

Chapter 1: Basic Concept of Economics and Allocation of Resources

1 Origin and Development of Economics

1.1 Meaning and definition of economics

a. Adam Smith’s definition of economics/ Wealth definition of economics
b. Alfred Marshall's definition of economics/ Material welfare definition of economics
c. Lionel Robbins’ definition of economics/ economics as a science of scarcity and choice
------- Similarities and Differences between Marshall's and Robbins Definition of Economics
------- The superiority of Robbins' definition over other definitions of economics
d. P.A. Samuelson's Definition of Economics or Growth/ Modern definition of economics

1.2 Subject matter of Economics

1.3 Positive and Normative Economics
------- Difference between positive and Normative economics

1.4 Microeconomics and Macroeconomics
------ Inter-dependence between micro and macroeconomics
------ Difference between micro and macroeconomics

1.5 Meaning of Goods and Services

a. Differences between goods and services

b. Types of Goods and services 

1.6 Factors of production
a. Land, Feature/ Characteristics of land
b. Labour, Features/ Characteristics of labor

c. Capital, Features/ characteristics of capital.

d. The organization, Features/ Characteristics of the organization

Chapter 2: Demand, Supply, and Market Equilibrium

2.1 Market economy
------- Features of the market economy

2.2 Demand and Factors Affecting Demand

------- Types of Demand

------- Factors affecting Demand (Detail)
-------Difference between Desire and Demand
-------Law of Demand
-------Causes of Demand curve sloping downwards
-------Exceptions or Limitations of the law of demand
-------Demand Schedule, Demand curve, the Demand equation
-------Individual and Market demand curves

-------Movement and Shift in Demand Curve

------- Causes of Shift in Demand Curve

-------Difference between Movement and Shift in Demand Curve

2.3 Supply and factors affecting supply

------- Factors affecting Supply (Detail)
-------Law of supply
-------Exceptions / Limitations of Law of supply
-------Supply Schedule, Supply Curve and Supply equation
-------Individual and Market supply curves 

-------Movement and shift in the supply curve

------- Causes of Shift in Supply Curve

-------Difference between Movement and Shift in Supply Curve

2.4 Interaction between Demand and Supply/ Equilibrium

Chapter 3: Elasticity of Demand and Supply

3.1 Elasticity
3.2 Elasticity of Demand
a. Price elasticity of demand
b. Income elasticity of demand

c. Cross elasticity of demand
d. Determinants or factors affecting the elasticity of demand

3.3 Elasticity of supply

a. Determinants or factors affecting the elasticity of supply

Chapter 4: Consumer's Behavior

Concept and approach of utility
Cardinal utility
Concept of total utility
Concept of Average Utility
Concept of marginal utility
Relationship Between Total Utility and Marginal Utility
Law of diminishing marginal utility
Law of substitution 
Consumer’s surplus

Producer's Surplus

Chapter 5: Theory of Production

Production Function
Types of the production function
Concept of total product (TP) Average product (AP) and Marginal Product (MP)
Relationship between AP and MP
Law of variable proportion
Isoquant
Isoquant map
Law of returns to scale using isoquant

Chapter 6: Introduction to Macroeconomics

Basic concepts of Macroeconomics
Scope of macroeconomics

Macroeconomic variables
Closed and Open Economy
Differences between open and closed economy

Chapter 7: National Income Accounting

National income accounting
Various Concepts of National Income
Nominal GDP and Real GDP
MEASUREMENT OF NATIONAL INCOME
DIFFICULTIES IN MEASUREMENT OF NATIONAL INCOME IN NEPAL

Chapter 8: Money and Inflation

Barter system
Origin of Money
Importance of Money
Functions of Money
Kinds of Money
Qualities/ Characteristics/ Features of good money
Concept of Money Supply: Narrow and Broad Money
The quantity theory of money (Fisher’s equation of money)
Inflation (Detail)
Deflation (Detail)

Chapter 9: Economic Development, Growth, and Capital Formation

Concept of economic development

Concept of Economic Growth

Difference between Economic Development and Economic Growth

Indicators of economic development
Characteristics of Developing countries
Capital formation Process

Chapter 10: Overview of the Nepalese Economy

Geographical location and area of Nepal

Important Facts of Nepalese Economy

Contemporary features of Nepalese Economy

Macroeconomic Indicators of Federal State of Nepal

Macroeconomic Indicators of Seven Provinces of Nepal

Chapter 11: Natural resources of Nepal

Meaning of Natural Resources

Classification of Natural Resources

Natural resources of Nepal (Water, Forest, Mineral, Soil)

------ Role or Importance of Water resource
------ Uses or Prospects of Water resource
------ Potentiality of hydroelectricity
------ Current situation of Water resource

-------Problems of water resource development in Nepal
------ Importance of forest resource
------ Current situation of forest resource
------ Causes and Consequences of deforestation

------ Current situation of Mineral resources in Nepal
------ Importance of Mineral resource
------ Problems of mineral resource development in Nepal

Natural resource management and climate change and its effects on the economy (This is topic)
------ Concept and aspects of natural resource management

------ Climate Change and its aspects

Chapter 12: Agriculture

Agriculture and Importance of Agriculture

Characteristics of Nepalese Agriculture

Problems of Agriculture in Nepal

Remedial measures of agriculture problems

Agriculture Finance

----- Importance of Agriculture Finance

----- Purpose of Finance

----- Period of Finance

----- Sources of Agricultural finance

Agriculture Marketing 

----- Importance of Agriculture Marketing

----- Nature of Agriculture Marketing

----- Problems of Agriculture Marketing

----- Remedial measures of Agriculture Marketing

Chapter 13: Manufacturing and Tourism Industries in Nepal

Manufacturing Industries in Nepal (Concept, history, types, importance, and problems)
Tourism Industry (Concept, types, importance, problems, current situation, prospects)

Chapter 14: Transportation and Communication

Transportation
---- Role or Importance of Transportation in the economic development of Nepal
---- Means and Current situation of Transportation in Nepal

Communication
---- Role or Importance of Communication in the economic development of Nepal
---- Means and Current situation of Communication in Nepal

Problems and solutions for Transport and Communication problems in Nepal