Скачать или смотреть 11th Commerce: Economics Chapter 1 Lecture 2 - Basic Concepts in Economics

Welcome back to our 11th Economics (Maharashtra Board) series!
In this lecture, we continue Chapter 1: Basic Concepts in Economics and explore the Branches of Economics along with key Microeconomics concepts explained in a simple and student-friendly way.

💡 Topics Covered in This Lecture:
1️⃣ Branches of Economics – Micro and Macro Economics (by Sir Ragnar Frisch, 1933)
2️⃣ Definition of Micro Economics by Kenneth Boulding
3️⃣ Basic Concepts of Micro Economics:
 • Wants – Meaning, characteristics, and classification
 • Goods and Services – Difference with examples
 • Utility – Meaning and importance
 • Value – Value-in-use, Value-in-exchange & the Water-Diamond Paradox
4️⃣ Types of Wants:
 - Economic & Non-Economic Wants
 - Individual & Collective Wants
 - Necessities, Comforts & Luxuries

🎯 What You’ll Learn:

Difference between Micro and Macro Economics
Characteristics and classification of human wants
Understanding goods, services, and utility with real-life examples
Meaning of value and its types explained simply for exam preparation

📚 Best For:

Class 11 Commerce students (Maharashtra Board)
Students preparing for college/unit tests and final exams
Anyone wanting to understand Micro Economics basics easily

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