CBSE Class 11th Economics Notes

CBSE class 11th Economics notes are essential for the students from an exam point of view. It also gives them a perspective on the lessons they have learned and how different their understanding of the chapters is from that of the notes. The chapter-wise notes provided below cover all essential topics and concepts elaborately explained in simple language.

These notes offer in-depth information about the subject. The notes are not designed for the students for rote learning. Instead, it is developed to make the students understand the language of Economics cohesively.

The textbook language can be a bit technical and make the student feel dizzy and find the subject uninteresting. This is why the notes serve as an antidote to such by-products of textual language. It is written to enable the students to understand the concepts explained easily. Students can go through them before their exams and prepare effectively.

CBSE 11th Economics Chapters and Notes

Students must look into the academic curriculum of the subject so that they are aware of what concepts and topics will be taught in class. Below we have listed down the units topics and notes that will help you in learning: 

Download Chapter-Wise CBSE Class 11th Economics Notes 

Part A: Statistics for Economics  

Ever heard of the word Statistician?

This course is an introduction into becoming one. Statistics is a central part of Economic study. Every data that is acquired is in the form of statistics and this is how alterations are made in Economic policies in and around the country. The union government also has a position for the statistician. There are examinations too for being a statistician but all that starts from the introduction. 

In this course, the learners are expected to acquire skills in collection, organisation and  presentation of quantitative and qualitative information pertaining to various simple  economic aspects systematically. It also intends to provide some basic statistical tools  to analyse, and interpret any economic information and draw appropriate inferences. In  this process, the learners are also expected to understand the behaviour of various  economic data

The statistics and probability chapters which were the lifeline of many students for passing Maths is studied through Economics mainly. An extension of what the students have learned in class 9 & 10 will be addressed in this course.

Unit 1: Introduction

• What is Economics?  

• Meaning, scope, functions and importance of statistics in Economics  

This unit prioritises the overall understanding of Economics in a nutshell. The word Economics is a complex one and students fail to decipher the actual meaning of it in one single sentence but that’s inevitable for the simplest fact that Economics cannot be understood in a single sentence, it requires time and attention, for it is the study of human behaviours from various lenses. These lenses are explained in this unit. 

Unit 2: Collection, Organisation and Presentation of data 

• Collection of data - sources of data - primary and secondary; how basic data is  collected with concepts of Sampling; methods of collecting data; some important  sources of secondary data: Census of India and National Sample Survey Organisation.  

• Organisation of Data: Meaning and types of variables; Frequency Distribution.  

• Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data: 

                1. Geometric forms (bar diagrams and pie diagrams),

                2. Frequency diagrams  (histogram, polygon and Ogive) and

                3. Arithmetic line graphs (time series graph)

This unit is where the statistical part of Economics is elucidated. The various ways in which a series of data is evaluated is what this unit is designed to cheat. The CBSE Class 11th Economics notes is also designed to establish the core features of this unit so that students can comprehend the chapters well. 

Unit 3: Statistical Tools and Interpretation

For all the numerical problems and solutions, the appropriate economic interpretation may be  attempted. This means, the students need to solve the problems and provide interpretation for  the results derived.  

• Measures of Central Tendency- Arithmetic mean, median and mode  

• Measures of Dispersion - absolute dispersion (range, quartile deviation, mean deviation and  standard deviation); relative dispersion (coefficient of range, coefficient of quartile-deviation,  coefficient of mean deviation, coefficient of variation)  

• Correlation – meaning and properties, scatter diagram; Measures of correlation - Karl  Pearson's method (two variables ungrouped data) Spearman's rank correlation.  

• Introduction to Index Numbers - meaning, types - wholesale price index, consumer price  index and index of industrial production, uses of index numbers; Inflation and index numbers

What the preceding unit leaves is picked up by this unit to differentiate between different ways of calculating data or drawing an overview of a series of data. This unit emphasises the quantity of certain behavioural measures and uses different methods in drawing a conclusion that serves the purpose of the research or evaluation.

Part B: Introductory Microeconomics  

Unit 4: Introduction

• Meaning of microeconomics and macroeconomics; positive and normative economics  

• What is an economy? Central problems of an economy: what, how and for whom to  produce; concepts of production possibility frontier and opportunity cost.  

This unit gives a better picture to the students of what exactly economics theoretically represents. Concepts of positive and normative economics, factors of production and so forth are understood in detail in this unit through various other concepts. 

The most important aspect of this unit is explaining as to why economic problems arise and why there is a need to tackle it. It also manages to explain economic systems and their economic conditions accordingly.

Microeconomics is a study of individual economic units in the framework of the whole economic system. It studies the branches while Macroeconomics studies the entire tree and that is the difference between Micro and Macro.

Unit 5: Consumer's Equilibrium and Demand 

Consumer's equilibrium - meaning of utility, marginal utility, law of diminishing marginal  utility, conditions of consumer's equilibrium using marginal utility analysis.  

• Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget  set and budget line), preferences of the consumer (indifference curve, indifference  map) and conditions of consumer's equilibrium. 

• Demand, market demand, determinants of demand, demand schedule, demand curve  and its slope, movement along and shifts in the demand curve; price elasticity of  demand - factors affecting price elasticity of demand; measurement of price elasticity of  demand – percentage-change method.  

In this unit, the consumer equilibrium is explained to make the students understand where the stability of an economic system lies. This unit is very technical with the language of economics but the CBSE Class 11th Notes helps to reduce the technicality to a certain level. 

Additionally,  this unit focuses on explaining the various facets of consumer demand and the relational aspects of it.

Unit 6: Producer Behaviour and Supply 

• Meaning of Production Function – Short-Run and Long-Run  

• Total Product, Average Product and Marginal Product.  

• Returns to a Factor  

• Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost;  Average fixed cost, average variable cost and marginal cost-meaning and their  relationships.  

• Revenue - total, average and marginal revenue - meaning and their relationship.  Producer's equilibrium-meaning and its conditions in terms of marginal revenue marginal cost. Supply, market supply, determinants of supply, supply schedule, supply  curve and its slope, movements along and shifts in supply curve, price elasticity of  supply; measurement of price elasticity of supply - percentage-change method. 

This unit focuses on the same level of micro-economic study but from a producer’s point of view. It is central to that of the consumer because the production part is assimilated in the context of Producer behaviour and supply.

Unit 7: Forms of Market and Price Determination under Perfect Competition with simple  applications.

• Perfect competition - Features; Determination of market equilibrium and effects of  shifts in demand and supply.  

• Other Market Forms - monopoly, monopolistic competition - their meaning and  features.  

• Simple Applications of Demand and Supply: Price ceiling, price floor.  

This unit is the most interesting unit of this course as it teaches the price determination and it is the factor through which all estimations of economics are interlinked. It is an intermediary concept in most of the studies designed to describe different economic systems and problems. 

The CBSE class 11th Economics notes for all the seven units are provided with the following conditions in mind:

1. Reduction in technical language.

2. Simple explanation of complex topics.

3. Simplifying numericals and problem- solving questions.

4. Designed for retention of concepts theoretically and practically.

Part C: Project in Economics

Guidelines as given in class 11th curriculum 

Marks Distribution of CBSE Class 11th Economics

CBSE class 11th Economics notes are made for the students to understand the topic better. Students can go through them as they have been designed in the easiest way, which will help them understand every topic in-depth and not get confused. The term 1 syllabus for CBSE Class 11th Economics Notes is given:

Units	Term 1 – MCQ Based Question Paper	Marks
Part A	Statistics for Economics
	Introduction	04
	Collection, Organisation and Presentation of Data	09
	Statistical Tools and Interpretation – Arithmetic Mean, Median and Mode	10
	Sub Total	23
Part B	Introductory Microeconomics
	Introduction	4
	Consumer’s Equilibrium and Demand	13
	Sub Total	17
	Total	40
Part C	Project Work (Part 1)	10

The term 2 syllabus for CBSE Class 11th Economics Notes is given:

Units	Term 2 – Subjective Question Paper	Marks
Part A	Statistics for Economics
	Statistical Tools and Interpretation – Measures of Dispersion, Correlation, Index Number	17
	Sub Total	17
Part B	Introductory Microeconomics
	Producer Behaviour and Supply	13
	Forms of Market and Price Determination under perfect competition with simple applications	10
	Sub Total	23
	Total	40
Part C	Project Work (Part 2)	10

Deleted Portions from Class 11th Economics Syllabus

Due to the ongoing pandemic, various portions of the syllabus have been deleted. Students can go through the table given below and learn about the deleted syllabus of class 11th Economics.

Part A: Statistics for Economics

Deleted Portion from Part A Economics for Class 11th

Unit	Topics Deleted
Unit 3: Statistical Tools and Interpretation	Measures of Dispersion – (range, quartile deviation, mean deviation and); (co-efficient of range, co-efficient of quartile-deviation, coefficient of mean deviation, Correlation –Spearman’s rank correlation.  Index Numbers – Index of Industrial Production

Part B: Introductory Microeconomics

Deleted Portion from Part B Economics for Class 11th

Unit	Topics Deleted
Unit 6: Producer Behaviour and Supply	Producer’s equilibrium-meaning and its conditions in terms of marginal revenue and marginal cost.
Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications	Other Market Forms – monopoly, monopolistic competition – their meaning and features
Unit 4: Introduction	Concepts of production possibility frontier

Tips to Prepare for CBSE Class 11th Economics Exam

In class 11th, students are taught Economics in-depth, which can be overwhelming for them. However, students can use these tips to help students score good marks in the class 11th Economics exam.

• Create an overview and make your notes accordingly.

• Go through the course's main ideas.

• For every important topic, go through its sub-topics and supporting details.

• Practice from previous year's sample papers and get familiar with the question paper.

• Rewrite your notes and read them out loud.

• Don't simply memorize facts. Understand them and ask yourself open-ended questions.