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EC ECONOMICS
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Author:

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Mrs. K. Vidhya, M.A., B.Ed., M.Phill

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Author’s Note
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Dear policy makers and the architects..iN
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I thank the almighty to introduce this EC Economics 11th
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the.teachers who are the architects shaping the ww . . of
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every student with utmost care.
This EC Guide is prepared in such a manner to guide the

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students to secure full marks in the Exam.
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Each and every answer is prepared to guide both the Slow
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learners and the Toppers.
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Try to answer diagrammatic questions and problems

Examination.
Practice the diagrams, Tables, headings, Sub-headings and
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K. Vidhya
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Chapter Title Page No.

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Introduction To Micro - Economics 05

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2. Consumption Analysis 24
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5. Market Structure and Pricing 83

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Indian Economy
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9. Development Experiences in India 155

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11. Tamil Nadu Economy 183
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Mathematical
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Govt. Supplementary Exam - Aug- 2022 222

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Govt. Question Paper - March- 2023
225
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Loyola EC-11th Economics

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N e t
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earned or unearned, accruing over a period of

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Part – A : Multiple Choice Questions ( 1 mark)

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Loyola EC-11th Economics

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Loyola EC-11th Economics

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a. Price Theory b. Income Theory
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c. It is same as pleasure
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Loyola EC-11th Economics

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Loyola EC-11th Economics

N eet t N eet t
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9

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Loyola EC-11th Economics

eet t e et t
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of wants. l a
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v It studies the way in which people use the available resources to satisfy their multiplicity
.N l a
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assaa 31. What are the different featuresa
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services. SEP-2020 a as saa
dd things are not physical objects but existPPinaaconnection
of
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wwww : Services vary across regions or cultural

2. Heterogeneous www w
backgrounds.
(Eg.) Music
3. Inseparable from
eet t
their makers t t
: Services are inextricably connected to their makers.
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(Eg.) Labour and Labourer are inseparable.
l a
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assaa 32. What are the important features aa aa
4. Perishable : Services cannot be stored as inventories.
a a ss as
as

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P Paa dd of utility? MAR-2020 Aug-2022
P Padd
a
w w . .want satisfying power of a commodity or a service.
Utility : Utility is the
w w ..
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Features of utility
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1. Utility is psychological.
w w
2. Utility is not equivalent to usefulness.

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3. Utility is not the same as pleasure.
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4.t t Utility is personal and relative. eet t
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5. al l a
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Utility is the function of the intensity of human want.
l a
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aa a s
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P P P Paadd
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33. Distinguish between
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. economics and macro economics. (anyw
w
3)
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GMQ-18 MAR-2019

S.No. w
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Macro
1 It deals with the economic decision – It deals with aggregates and averages
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making of individual economic agents. of the entire economy.

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the whole economy.

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i lal i
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assaa and aameans, it analyses a problem on the basis ofaafacts
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10

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Loyola EC-11th Economics

eet t
Positive Economics : eet t
lalai .iN
.N l a
l i
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1. An increase in money supply implies a price rise in an economy. a
l i
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assaa population. aa a
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aa a
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Normative Economics :
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Part – D : Answer the following questions in about a page ( 5 marks)
N eet t eet t
i.35.
i. NCompare and contrast various definitions of.iN
i . N
Economics. i .
i N
. N
s a
salala 1. Wealth Definition : “Adam Smith”
ss l a
l a GMQ-18
aa into nature and causes of wealth of nations”
ssaal a
SEP-2020 May-2022
l a
a a a a a

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Adam Smith is his bookd das the science of wealth”
“An inquiry dd
PP aa PPaa
Criticismw :w ww. .
(1776) defines “Economics
ww ..
ww and ‘Wealth -

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spending’ activities.

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2. An undue emphasis is given to material wealth.
e
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3. eet t
It ignores human welfare which is as essential part of economics.
l a
l i
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al l a
l i
a .iN
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l
Ruskin and carlyle regard economics as a ‘dismal science’, “Pig Science” etc as iti
a .iN
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assaa is against ethics.
aas saa a as saa
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2. Welfare DefinitionP P:a add Marshall” P P aadd
ww . .his book “Principles of Economics” (1890) defines
“Alfred
w w . .economics as :
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Alfred Marshall is
Economy” or economics is a study of mankindw w ww
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“Political in the ordinary business of

life; it examines that part of individual and social action which is most closely connected
with the attainment and with the use of the material requisites of well-being. Thus, it is
t t
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ee t ee t
on one side a study of wealth; and on the other and more important side, a part of the
l a
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a .iN
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l a
l i
a.iN
.N l a
l i
a.iN
.N
assaa aa aa
w

Criticism :
a
dd s
a s a
dd s
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P
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1. Marshall regards only material things.
a P
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w

2. He does not consider immaterial things, such as the services of a doctor, a teacher
w
w ww
wwww
and so on.
wwww
w

3. The concept of welfare is not clearly defined.

4. Welfare vary with person, country and time period.
5. Welfare not only depends on the stock of wealth possessed but also on political,
N e et t e et t
l a
l i
a .
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social and cultural activities of the nation.
i l a
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assaa Lionel Robbins publishedd
aa a
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book
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ss“An
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he defined “Economics is a science which studies P P
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human behaviour
w w ww
wwww
as a relationship between ends and scarce means which
wwww
have alternative

11

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Loyola EC-11th Economics

eet t
Criticism : eet t
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1. Robbins does not make any distinction between goods conducive to human welfare and goods
l
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a a
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a a
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a a
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3. Robbins definition does not cover the theory of economic growth and development.
4. Growth Definition : “Samuelson”
Paul samuelson defines economics as “The study of how men and society choose,
with or without the use of money to employ scarce productive resources which could
et
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have alternative uses, to produce various commodities over time, and distribute them for

lalai.iN
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consumption now and in the future among various people and groups of society”.

assaa aa aa
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aass as
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PPaadd P Padd
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wwww wwww

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have clear and precise idea
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t t
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l a
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4. Verification of hypothesis.
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dd a a ss
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aw
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find
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nature is understood by studying the various definitions given by the Economists.

The nature of Economics can be clearly understood from the following definitions :
1. Adam Smith (classical Era) who considered Economics is a science of wealth gave wealth definition.
eet t eet t
2. Alfred Marshall (Neo-classical era) considered Economics as a social science which studies wealth on
l a
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one side and the material welfare of human being on the other side.
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aa aa
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art or a science and science, whether positive or normative science.

12

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Loyola EC-11th Economics

eet t
Economics : It’s subject matter : eet t
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ee ee
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Human science or Social science :
a s
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a P Paadd
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wwww
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wwww
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t t
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assaa aa aa
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a dd a
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l a
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13

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Loyola EC-11th Economics

eet t eet t
38. Explain basic problems of the economy with the help of production possibility curve.
lalai .iN
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Production possibility curve :
l .iN
.N l a
l i
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.N MAR-2019

assaa aadd s
a aa
s
aa a
dd s
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The Problem of choice between relatively scarce commodities due to limited resources can be
a
illustrated with the help of a geometric device, is known as production possibility curve.
w P
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Basic problems of the Economy :
w ww P
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wwww wwww
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w w .. w
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wants.
eet t eet t
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2. It may be related to the allocation of resources between people of different standards.
al i i
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assaa arise. a s
a aa
s a s
a aa
s
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P P Paadd
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wwww wwww
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2. Every society possesses only a specific amount of resources, which can produce only
limited amount of output even with the help of best technology.
3. The PPC reflects the constraints imposed by the element of economic scarcity.
t t
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iii) Solution of central problems :
e ee t
l a
l i
a .iN
.N l a
l i
a.iN
.N l a
l i
a.iN
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1. The central problems of an economy can be explained with the help of PPC.

assaa aa aa
w

2. The solution for what to produce involves the decision regarding the choice of location
a
dd s
a s
on the production possibility curves. a
dd s
a s
P
.. Paa P
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w

3. A production combination represented by any point inside the PPC indicates that the
w
w ww
wwww Part II – Additional Questionswwww
economy is using inefficient methods of production and combination of resources.
w

Part-A. I. Match the following and choose the answer using the codes given below
eet t eet t
l a
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i .N l a
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aa aNature
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14

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Loyola EC-11th Economics

eet t eet t
lalai .iN
.N d Samuelson
c Robbins 3
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Principles N
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of Economics
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b Services 2 Nature
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w . . w
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wwwwrenamed “Political Economy” as “Economics” inw
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th
b. 19 century
th
c. 20 centuryw
th st

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ai
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2. Adam Smith wrote “Wealth of Nations” in
N eet t
l a
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a .
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a. 1723
. al
b. 1890
l a
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c. 1776 d. 1932
Ans: c) 1776 la
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assaa 3. Alfred Marshall wrote “Principlesaas saaEconomics” in a assaa
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ww .. b. c. 1776
wwd.. . Ans: b) 1890
1932

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4. Lionell Robbins book, “An essay on the nature and significance of economic science”
was published in
a. 1932 b. 1776 c. 1723 d. 1890
t t
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N e e t N ee t Ans: a) 1932
l a
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. Examples for perishable goods lalai i.
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dd ss dd a ass
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.
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w w ww w w w w
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the unit of measurement of utility. ww
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a. Price b. Utils c. Consumption d. Human wants

Ans: b) Utils
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7. The value of goods expressed in money terms is __________
l a
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a. Price b. Revenue
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c. Market d. Cost
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. is ww ..
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15

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Loyola EC-11th Economics

eet t e et t
lalai .iN
a. Marshall’s law
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c. Engel’s law l a
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d. Samuelson’s law l a
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aa dda a ss
dindeconomics that makes the economic lawsPPhypothetical
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c. Moneyw www the same
remaining w w wwthe same
d. Wants remaining
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10. Utility can be measured indirectly using the ‘Measuring rod of money’ is the statement of
e et t
a. Adam Smith b. Samuelson e et t
c. Marshall d. Lionel Robbins

lalai.iN
.N l a
l i
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a a MAR-2019
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e et t
d. Utility has no ethical or moral significance eet t
l a
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.N al l a
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.N l a i
a .iN
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Ans: d) Utility has no ethical or moral significance
l
assaa 2. b.a. Macro
Consumption is the result ofa a s saa of factors of production aassaa
as
co-ordination
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w w
c. Macro Economics .is. called as price theory w w..
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wwww
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d. production
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IV. Choose the incorrect pair :
t t
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l a
l i
a .1.iN
.N a Micro Economics - Value
l a
l i
a.iN N
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a a a
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a s b Macro Economics
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dd s
a s
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d Public finance. . Pa
c International Economics
a P
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w w - Financial Administration
w w
wwww wwww - Happiness index
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2. a Adam Smith - Classical era

eet t
b Marshall - Neo classicalt era
ee t
l a
l i
a .iN
.N c Robbins - New
lal i
a N
.N
.iage l a
l i
a .iN
.N
assaa d Samuelson
aa a
dd s
a a- aOld age
s
a add aa ssaa
ww P
..P w w P
.. P
Ans: d) Samuelson - Old age

wwww wwww
16

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.N aai.iN.N aai.iN
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Loyola EC-11th Economics

N eet t N e t
e t
lalai .
i . N V. Choose the
l a
l
odd
i
a .
i . N
one out :
l a
l i
a .iN
.N
assaa 1. a. c. Time
Form utility
utility
aaddaassaa b. Place utility aassaa
d. Total utility
aaddutility
Ans: d) Total
2. a. Net economicw w P
.. P
welfare b. Wealth definitionw w..P P
ww
c. Welfare ww
definition wwww
d. Scarcity definition
Ans: a) Net economic welfare
VI. Choose the correct pair:
ee t t e et t
lalai.i1.N
.Na International economics
l a
l i
- Public
a .iN N
.investment l a
l i
a .iN
.N
assaa b Health economics aa sa- aDrug price control
s aas saa

et
DevelopmentalP Paadd - Ecology and environment PPaadd
c
ww ..economics
w w ..
wwww economics - Ans: ww

.N
d Environment Human development index
w w
b) Health economics - Drug price control

ai
2. att Equilibrium - Keyres t t
i .
i N
. Nee al i .iN
.Nee i .iN
.N
ssaal a
la c b Utils
ss l a
- Marshall
l a
a- aEngland ssaa l a
l a
a Ragnar frisch aa aa
as
P Paa
Neo-classical.school
dd - Adam smith P Pa a dd
d
w w . ww..
wwww wwb) Utils - Marshall
wwAns:
ad

VII. Choose the incorrect statement :

t t
.P

ee t ee t
1. a. Macro economics is concerned with the economy as a whole

l a
l i
a .iN
.N l a
l i
a.iN
.N
b. Micro economics is the study of economic actions of individual units
l a
l i
a.iN
.N
assaa aa aa
c. Health economics is an area of applied economics
w

a
dd s
a s a
dd s
a s
d. International economics analyse the inter relationship between economy and
P
.. Paa P
.. Paa
w

environment.
w
w ww
wwww wwww
Ans: d) International economics analyse the inter relationship between economy and
w

environment.
2. a. Economics is an art – A.C. Pigou, Marshall

eet
b.
t eet
Economics is a science – Robbins, Jordan
t
l a
l i
a .iN
.N
c.
d. lal a.iN
.N
Economic laws are statement of tendencies – Adam Smith
i l a
l i
a .iN
.N
Political economy is said to have strangled itself with definitions – Keynes
assaa aa a s
a aa
s
add
a aassaa
Ans: c) Economic laws are statement of tendencies – Adam Smith
dd
ww P
..P ww P
.. P
wwww wwww
17

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t e et t
lalai .iN
.N l a
l a .iN
.N
VIII. Analyse the reason for the following :
i l a
l i
a .iN
.N
assaa 1. Reason
Assertion (A)
(R)
: Deductive method
a
: Hypotheses
add a as saa conclusions from general truth. aassaa
derives
a
can be verified through direct observation and
adstatistical
d
w
methods
w P
.. P ww P
.. P
ww(R) are true, (R) is the correct explanation ofww
wwand
a. Both (A) ww
(A)
b. Both (A) and (R) are true, (R) is not the correct explanation of (A)
c. (A) is true, (R) is false. d. Both (A) and (R) are false.

et
e t t t
Ans: b) Both (A) and (R) are true, (R) is not the correct explanation of (A)
e e
lalai.i2.N
.NAssertion (A) : In every society certainlalchoices
a i .iN
.Nhave to be made. l a
l i
a .iN
.N
assaa Reason (R) : Resources are always
aa s saascarce but wants are numerous. as
asaa

et
a. Both (A) and (R) are true,
P P aad(R)d is the correct explanation of (A) PPaadd
w
b. Both (A) and (R)w .are. true, (R) is not the correct explanation of (A)ww. .
www ,w wwis true.

.N
c. (A) is true (R) is false. ww
d. (A) is false (R)
Ans: a) Both (A) and (R) are true, (R) is the correct explanation of (A)

ai
IX. Fill in the blanks with suitable option given below :
N ee t t eet t
l a
l i
a i .N Revenue
. a.
1. The value of goods al
expressed in money
l
terms
a
l ai .iN
.N
is
l a
l i
a .iN
.N
assaa aa aa
b. Market c. Price d. Cost
a ass a as s
as
P Pa add P
Ans:
P aaddc) Price
2. Alfred Marshall wrote
ww . .“Principles of Economics” in w
w ..
a. 1776
wwww b. 1932 c. 1723
wwww d. 1890Ans: d) 1890
ad

3. ________ is the assumption in economics that makes the economic laws hypothetical
t t
.P

ee t
a. Other things remaining the same
e e t
b. Time remaining the same

l a
l i
a .iN
.N
c. Money remaining the same
l a
l i
a.iN
.N d. Wants remaining the same
l a
l i
a.iN
.N
assaa aa aa
Ans: a) Other things remaining the same
w

d aass
d the best option : a
dd s
a s
P P a
X.aChoose
. . goods P
.. Paa
w

1. Examples forw w w ww
w
perishable
wwfurniture wwww
w

a. Television, b. Table, chair

c. Fish, fruits, flowers d. Vehicles, capital goods
Ans: c) Fish, fruits, flowers
eet t eet t
2. The proportion of total expenditure incurred food items declines as total expenditure
l a
l i
a .iN
.N la
goes on increasing is _________l i
a.iN
.N l a
l i
a .iN
.N
assaa a. Marshall’s law
a
c. Adam smith’s law a a
dd s
a aa
s
add
a aas
d. Engel’s law
saa
b. Samuelson’s law
Ans: d) Engel’s law
ww P
..P ww P
.. P
wwww wwww
18

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t eet t
lalai .iN
a. Marshall b. Samuelson l a
l i
a .iN
3. Utility can be measured indirectly using the ‘Measuring rod of money’ is the statement of
.N .N
c. Robbins d. Frisch l a
l i
a .iN
.N
assaa aa dd a as aa
s
aad a
d s
a aa
s
Ans: a) Marshall
Part – B : XI. Answer.the
w w P
. Pfollowing questions in one or two sentences
ww P P
. . (2 marks)
1. What arew w ww of Economics?
branches GMQ-18 w w ww
i) Consumption, ii) Production, iii) Exchange, iv) Distribution
2. What is scarcity ?
eet t e et t
Scarcity is the gap between what people want and what they are able to get.
N
lalai .NWrite a note on Distribution.
.i3. l a
l i
a .iN
.N l a
l i
a .iN
.N
assaa a ass
Distribution studies about the pricing aofafactors of production. a s
asaa

et
PP aa dd P P aadd
4. Explain Value.
ww .a.commodity to command other commodities inww . .exchange.
ww
Value is the power of ww

.N
an
w w
5. What is Income ?
w w
Income is the amount of monetary or other returns, either earned or unearned, accruing

ai
over a period of time.
eet t eet t
l a
l i
a .iN
.N al
6. Give the meaning of Inductive method.
l a
l i
a .iN
.N l a
l i
a .iN
.N
assaa aa aa
Induction is a process in logic facilitative or arriving at an inference, moving from particular
a as s a s
a s
as
to general.
P P aadd PP aadd
1. Consumerw w w . . 2.Capital goods 3.Perishable goods 4. w
7. Name the kinds of goods ? Mar-2020
w. . goods
www goods
wwww Durable
ad

Part – C : XII. Answer the following questions in one Paragraph ( 3 marks)

1. What are the four definitions of economics.
t t
.P

ee t ee t
l a
l i
a .iN
.N are presented here. l a
l i
a.iN
.N l a
l i
a.iN
.N
Based on the particular stage of the growth of the subject of economics, the four definitions

assaa aa aa
w

a s
a s a s
a
1. Smith’s wealth definition, representing the classical era.
dd dd s
P
.. Paa P
.. Paa
2. Marshall’s welfare definition, representing the Neo-classical era.
w

w
w ww
3. Robbins scarcity definition representing the new age.
wwww wwww
4. Samuelson’s growth definition representing the modern age.
w

2. What are the major implications of Samuelson’s growth definition ?

1. Like Robbins, Samuelson states that the means which have alternative uses are scarce
eet t
in relation to unlimited ends. eet t
l a
l i
a .iN
.N lal i
a.iN
.N l a
l i
a .iN
.N
2. His definition is dynamic by including the element of time and it covers the theory of

assaa economic growth.

a
dd s
a aa
s ddaassaa
3. This definition is applicable also in a non-monetary, barter economy.
aa aa
w P
..P ww P
.. P
4. His definition covers various aspects like production, distribution and consumption.
w
wwww wwww
5. Samuelson treats economics as a social science.

19

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t eet t
3. Whether economics is an art or science ? Explain.
lalai .iN
.N
1. Economics as an art :
l a
l i
a .iN
.N l a
l i
a .iN
.N
assaa
aadd s
a aa
s
aa a
dd s
a aa
s
 Art is the practical application of knowledge for achieving particular goals.
a
Economics provides guidance to the solutions to all the economic problems.
ww P
.. P ww P
..P
 A.C. Pigou, Alfred Marshall and others regard economics as an art.


wwww
2. Economics as a science : wwww
 Science is a systematic study of knowledge. Science develops the co-relation
between cause and effect based on facts.

eet t t t
 Economics examines the relationship between the cause and effect of the problems.
ee
lalai.iN
.N l a
l a .iN
.N
Hence, it is rightly considered as both an art and a science.
i l a
l i
a .iN
.N
assaa 4. ss aa
State the importance of micro economics.
aa as
asaa

et
a
1. To understand the operation
P P addof an economy. P Padd
a
2. To provide tools . for. economic policies. ..
ww
wwthe condition of economic welfare. www
w

.N
ww
3. To examine
4. Efficient utilization of resources.
w
w
5. Useful in international trade.

ai
6. Useful in decision making.
eet t eet t
l a
l i
a .iN
.N
7.
8.
Optimal resource allocation.
al
Basis for prediction. l al i
a .iN
.N l a
l i
a .iN
.N
assaa 9. Price determination. aas saa aassaa
as
P Pa add P Paadd
There arew
w w.
5. What are the methods .of economic analysis ?
ww. .

w w w
two types of methods used in economics.
w
w ww
ad

1. Deductive Method :
1. It is also named as analytical or abstract method.
2. It is a process in logic facilitating or arriving at an inference, moving from general to
t t
.P

ee t ee t
l a
l i
a .iN
.N

particular.
l a
l i
a.iN
.N
3. It consists in deriving conclusions from general truths.l a
l i
a.iN
.N
assaa aa aa
w

2. Inductive method : a
dd s
a s a
dd s
a s

P
.. Paa P
.. Paa
Inductive method is also called as empirical method. It involves the process of
w

w
w ww
reasoning from particular facts to general principle.
wwww wwww
In this method, economic generalizations are derived based on
w

1. Experimentations 2. Observations 3. Statistical methods

 Alfred Marshall has rightly remarked “Inductive and Deductive methods are both

e t
e t t t
needed for scientific thought as the right and left foot are both needed for
ee
l a
l i
a .iN
.N walking”
lal i
a.iN
.N l a
l i
a .iN
.N
assaa aa a
dd s
a aa
s
add
a aassaa
ww P
..P ww P
.. P
wwww wwww
20

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

e et t ee t t
lalai .iN
.1.NExplain production possibility curve withl a
l a N.N
Part – D : XIII. Answer the following questions in about a page ( 5 marks)
.diagram.
i i l a
l i
a .iN
.N
assaa The problem of choice between a a aa s saa scarce commodities can be illustrated awith
dd as production possibility curve. PPaadd
relatively as sa
a
a
Assumptions w
P
ww. . P
help of a geometric device a known
ww ..

The analysis
:w ww :
wwof production possibility curve is based on certainwwassumptions
1. The time period remains constant.
2. Techniques of production are fixed.
et
e t eet t
3. Only two goods can be produced from the given resources.

lalai.iN
.N l a
l i
a .iN
.N
4. There is full employment in the economy.
l a
l i
a .iN
.N
assaa aasaa
5. Resources of production are fully mobile.
s as
asaa

et
PP add P P dd
6. The factors of production are given in quantity and quality.
a aa
ww.. w
w ..
7. The law of diminishing returns operates in production.

wwww wwww

.N
Production possibility schedule :
Quantity of food
Production Possibilities No. of car produced

ai
production in tons

eet t I
eet t 0 25

l a
l i
a .iN
.N al II
l a
l i
a .iN
.N 100
l a
l i
a .iN
23.N
assaa aa aa
III 200 20
a s
a s a s
a s
as
P Paadd
IV 300
P Paadd 15

w
w .. V
ww..
400 8

wwww VI
wwww 500 0
ad

Explanation :
The above schedule suggests that if all resources
are used for food production a maximum of 500
t t
.P

ee t ee t
l a
l i
a .iN
.N l a
l i
a.iN
tons of food can be produced, given the existing
.N
technology. Instead, if all resources are used l a
l i
a.iN
.N
assaa aa aa
w

a s s
for producing cars, 25 cars can be produced. In
dd a a
dd s
a s
P
.. Paa
between these two extreme possibilities exist, if
P
.. Paa
w

w
w
we are willing to give up some food, we can have ww
some cars. wwww wwww
w

Diagram Explanation :
 The quantity of food is shown on x - axis and
eet t
the number of cars on y - axis.
eet t
l a
l i
a .iN
.N

lal a.iN
.N
 Six different production possibilities P1 , P2 , P3
i l a
l i
a .iN
.N
assaa aa aa
, P4 , P5 , P6 are shown.
a
dd s
a s
 Point outside the curve P cannot be attained
ddaass
P
..Paa
due to limited resources. P
.. Paa
ww ww
wwww wwww
 Point inside the curve P7 can be attained but at these points resources are not fully
employed.
21

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t
2. Explain the types of economics. eet t
lalai .iN
.N
1. Micro - Economics : l a
l i
a .iN
.N l a
l i
a .iN
.N
assaa a s aa
s a s aa
s
Micro economics is the study of the economic actions of individual units say
aadd a
households, firms or industries. aadd a
ww P
.. P ww P
..P
2. Macro - Economics : Macro economics is concerned with the economy as a whole. It
wwww wwww
is the study of aggregates such as national output, inflation, unemployment and taxes.
3. International economics : No country can grow in isolation, every country is having
links with the other countries through foreign capital, investment and international
et
e t trade.
eet t
lalai.iN
.N l a
l i
a .iN
.N l a i .iN
.N
4. Public economics : Public finance is concerned with the income or revenue raising and
l a
assaa asaa
s as
asaa
expenditure incurring activities of the public authorities. It covers public expenditure,
a

et
PPaadd P Padd
Public revenue, public debt and financial administration.
a
ww.. w
w ..
5. Developmental economics : The development economics deals with features of
wwww wwww

.N
developed nations, obstacles for development. Economic and non-economic factors
influencing development, various growth models and strategies.
6. Health economics : Health economics is an area of applied economics. It covers

ai
eet eet
health indicators, preventive and curative measures, medical research and education.
t t
l a
l i
a .iN
.N l a
l a .iN
.N
Rural health and budgetary allocation for health etc.
al i l a
l i
a .iN
.N
assaa aa aa
7. Environmental economics : Environmental economics analyses the inter relationship
a ass a s
a s
as
P P add P P add
between economy and environment. It is a study of inter disciplinary tools for the
a a
w
w ..
problems of ecology, economy and environment.
ww..
ww
3. Explain the wwdivisions of economics.
Sub w
w ww
ad

MAR-2020 May-2022
Consumption :
1. Human wants coming under consumption is the starting point of economic activity.
t t
.P

2. The characteristics of human wants based on the behaviour of the consumer, the law
ee t ee t
l a
l i
a .iN
.N
Production: l a
l a.iN
.N
of DMU and consumer’s surplus are dealt under consumption.
i l a
l i
a.iN
.N
assaa aa aa
w

a s
a s a s
a s
1. Production is the process of transformation of inputs into output.
dd dd
P
.. Paa P
.. Paa
2. This division covers the characteristics and role of the factors of production and the
w

w
w
relationship between inputs and output. ww
Exchange: wwww wwww
w

1. Exchange is concerned with price determination in different market forms.

2. This division covers trade and commerce.
t t t t
3. Consumption is possible only if the produced commodity is placed in the hands of the
ee ee
l a
l i
a .iN
.N consumer.
lal i
a.iN
.N l a
l i
a .iN
.N
assaa aa aa
Distribution:
a
dd s
a s ddaass
1. Distribution studies about the pricing of factors of production.
P
..Paa P
.. Paa
2. The reward for factors of production is studied in this division under rent, wages,
ww ww
wwww
interest and profit.
wwww
22

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t eet t
4. Explain welfare definition with features and criticism. SEP-2020
lalai .iN
.N l a
l i
a .iN
.N l a i
a .iN
.N
Alfred Marshall (1842-1924) in his book “Principles of Economics” (1890) defines
l
assaa a s aa
s a s aa
s
Economics thus: “Political Economy” or Economics is a study of mankind in the ordinary
aadd a aadd a
business of life; it examines that part of individual and social action which is most closely
ww P
.. P ww P
..P
connected with the attainment and with the use of the material requisites of well-being.
wwww wwww
Thus, it is on one side a study of wealth; and on the other, and more important side, a part
of the study of man.”
The important features of Marshall’s definition are:

et t t t
 Economics does not treat wealth as the be-all and end-all of economic activities.
e ee
lalai.iN


.N l a
l a .iN
.N
 Man promotes primarily welfare and not wealth.
i l a
l i
a .iN
.N
 The science of Economics contains the concerns of ordinary people who are moved by love
assaa aasaa
s as
asaa

et
and not merely guided or directed by the desire to get maximum monetary benefit.

PPaadd P Padd
a
 Economics is a social science. It studies people in the society who influence one another
Criticism: ww.. w
w ..
wwww wwww

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 Marshall regards only material things. He does not consider immaterial things, such as the
services of a doctor, a teacher and so on.

ai
 They also promote people’s welfare.
t t t t
 In the theory of wages, Marshall ignores the amount of money that goes as reward for the
ee ee
l a
l i
a .iN
.N al l a
l i
a .iN
services of ‘immaterial’ services. .N l a
l i
a .iN
.N
assaa aa aa
 Marshall’s definition is based on the concept of welfare.
a s
a s a s
a s
as

P P add P P add
 But it is not clearly defined. Welfare varies from person to person, country to country and
a a
w
w ..
one period to another.
ww..

wwww wwww
 Marshall clearly distinguishes between those things that are capable of promoting welfare
ad

of people and those things that are not.

 However, welfare means happiness or comfortable living conditions of an individual or
group of people.
t t
.P

ee t ee t
l a
l i
a .iN
.N l a
l i
a
***** ****** N.N
.i***** l a
l i
a.iN
.N
assaa aa*** aa
w

a
dd s
a s a
dd s
a s
P
.. Paa P
.. Paa
w

w
w ww
wwww wwww
w

eet t eet t
l a
l i
a .iN
.N lal i
a.iN
.N l a
l i
a .iN
.N
assaa aa a
dd s
a aa
s
add
a aassaa
ww P
..P ww P
.. P
wwww wwww
23

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.N aai.iN.N aai.iN
.N
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Loyola EC-11th Economics

eet t eet t
lalai .iN
.N l a
l i
a .iN
.N
GOVT. SUPPLEMENTARY EXAM - MARCH 2023
l a
l i
a .iN
.N
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Higher Secondary Second Year
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Time Allowed : 3.00 Hours
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Note : i) Answer All the questions. wwww
PART - I

ii) C
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option code and the corresponding answer. 20 x 1 = 20
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a) Adam Smith
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The first person who used Mathmatics in Economics is:
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b) Sir William Petty a
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d) Giovanni Cevas
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c) Irving Fisher

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What is the term used to denote the co-existence of two different features in an economy?

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a) Dualism b) Technology
c) Inequality d) Dependency
3. Revenue received from the sale of additional unit is termed as ______ revenue.

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a) marginal b) profit
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_______ is known as “Gateway of Tamil Nadu”.
d) average

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a) Thoothukudi b) Coimbatore

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c) Sivakasi
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The reward for labour is:
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a) profit b) rent
c) interest d) wage
6. Agricultural Produce Market Committee (APMC) is a _______
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a) Visweswaraiah b) M.S. Swaminathan

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c) N.R. Viswanathan
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d) Gandhi
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8. The population growth rate of the year 1951 is known as _______

a) year of urbanisation b) year of small divide
c) year of Great Divide d) year of Population Explosion
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Risk bearing theory of profit was propounded by the American economist _______ in 1907.
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10. A book seller sold 40 books with the price of Rs. 10 each. The total revenue of the seller is _____
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b) Rs. 100
d) Rs. 200
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Loyola EC-11th Economics

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a) Salem b) Chennai
c) Thirupathur d) Coimbatore
13. The relationship between the price of a commodity and the supply of a commodity is:
a) zero b) Negative
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14. Mixed economy means:
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15. Given potential price is Rs. 250 and the actual price is Rs. 200. Find the Consumer Surplus.

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c) 50 d) 175

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16. Author of “An Inquiry into the Nature and Causes of Wealth of Nations”.

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18. The farmers have access to credit under Kisan Credit Card Scheme the which bank?
a) Regional Rural Banks b) Public Sector Banks
c) Co-operative Banks d) All the above

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19. The process of reasoning from Particular to General is:

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c) Normative economics d) Inductive method
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a) MC < MR b) MC = MR
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d) MC > MR
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PART - II
Answer any seven questions. Question No. 30 is Compulsory. 7 x 2 = 14

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22. What are the reasons for upward sloping supply curve? 
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a) Perfect Competition b) Monopoly
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Loyola EC-11th Economics

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25. State any two features of a developed economy. 
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26. Name the different types of land tenure systems that existed in India before Independence. Chapter-8

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27. State the various components of Central Government schemes under post - harvest measures.
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29. 
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28. What are the nuclear power plants in Tamil Nadu? 
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Chapter-12

30. Write about National Rural Health Mission.  Chapter-10

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Answer any seven questions. Question No. 40 is Compulsory.
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33. What are the factors governing elasticity of supply?  Chapter-3

34. Define opportunity cost and provide an example.  Chapter-4

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37. Write a short note on Village Sarvodhaya. 
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PART - IV

Answer all the questions. 7 x 5 = 35

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43. a) Explain the properties of iso - quants with the help of a diagram.  Chapter-3

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b) Explain the relationship between AR and MR curves under various price conditions.  Chapter-4

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Loyola EC-11th Economics

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What are the ideas of Information and Communication Technology used in Economics?
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