Economics Notes for FA / FSC / ICS (Part-I)

Micro Economics or Economics Notes for FA (Part-I) / FSc (Part-I) / ICs (Part-I) / 1st Year  / 11th Class / HSSC-I. Intermediate Level (HSSC-I) students of Federal Board of Intermediate & Secondary Education (FBISE) or any Board of Intermediate & Secondary Education of Punjab, Sindh, KPK, Balochistan and Azad Kashmir and can get benefit from these notes. By studying our notes, we can guarantee you for getting maximum marks in your exams.

Economics Notes 1st Year / 11th Class / XI / HSSC-I for Federal, Any Intermediate Board

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Chapter Wise Notes

Chapter # 01 – Nature and Scope of Economics

  1. Meaning of Economics 
  2. Adam Smith Definition or Classical School of Thought
  3. Prof. Alfred Marshall Definition or Neo-Classical School of Thought
  4. Prof. Lionel Robbins Definition or Modern School of Thought
  5. Comparative Study of Marshall And Robbins Definitions 0f Economics
  6. Micro Economics Definition  with Examples
  7. Macro Economics Definition with Examples 
  8. Economics Problem and Why Scarcity Appear 
  9. Nature and Scope of Economics
  10. Economics Laws and Its Characteristics 
  11. Deductive Method
  12. Inductive Method 
  13. Importance of Economics 

Chapter # 02 – Theory of Consumer  Behaviour

  1. Utility Definition with examples
  2. Utility and Usefulness
  3. Determinant or Characteristics of Utility
  4. Types of Utility
  5. Marginal Utility Definition with Formula and Table
  6. Total Utility Definition with Formula and Table 
  7. Point of Satiety / Point of Saturation
  8. Relationship between Total Utility and Marginal Utility
  9. Law of Diminishing Marginal Utility
  10. Law of Equi-Marginal Utility

Chapter # 03 – Demand

  1. Introduction of Demand and Its Types
  2. Composite Demand with Definition, Explanation and Examples
  3. Cross Demand with Definition, Explanation and Examples
  4. Joint Demand with Definition, Explanation and Examples
  5. Derived Demand with Definition, Explanation and Examples
  6. Individual Demand with Definition, Table and Graph
  7. Direct Demand Definition, Explanation with Examples
  8. Market Demand Definition, Explanation with Table and Graph
  9. Price Demand Definition, Explanation with Table and Graph
  10. Income Demand Definition Explanation with Example ,Table and Graph
  11. Difference between Direct Demand and Derived Demand
  12. Law of Demand, Definition, Explanation with Table and Graph
  13. Reasons of the Negative Slope of Demand Curve
  14. Assumption of Law of Demand 
  15. Change in Quantity Demand and Change in Demand
  16. Change in Quantity Demand (Extension of Demand)
  17. Change in Quantity Demand (Contraction of Demand)
  18. Change in Demand (Rise of Demand)
  19. Change in Demand (Fall of Demand)
  20. Difference Between Change in Quantity Demand and Change in Demand
  21. Difference Between Extension in Demand and Rise in Demand
  22. Difference Between Contraction in Demand and Fall in Demand
  23. Causes in Change in Demand 
  24. Reasons of Demand Curve Shits Towards Right
  25. Reasons of Demand Curve Shits Towards Left
  26. Elasticity and Price Elasticity of Demand
  27. Unitary Elastic Demand 
  28. Zero Elastic or Perfectly Inelastic Demand 
  29. less than Unitary Elastic Demand 
  30. More or Greater than Unitary Elastic Demand 
  31. Infinite Elasticity or Perfectly Elastic Demand 
  32. Degree or Types of Price Elasticity of Demand 
  33. Measurement of Price Elasticity  (Total Expenditure / Outlay Method)
  34. Measurement of Price Elasticity  (Percentage / Proportionate Method)
  35. Measurement of Price Elasticity  (Geometric / Point Method)
  36. Measurement of Price Elasticity (Mathematical Method – Point Elasticity)
  37. Measurement of Price Elasticity (Mathematical Method – Arc Elasticity)
  38. Income Elasticity of Demand for Inferior, Luxury and Normal Goods
  39. Cross Elasticity of Demand for Substitutes and Complementary or Joint Goods

Chapter # 04 – Supply

  1. Definition of Supply with example and relationship 
  2. Definition of Stock with example
  3. Difference between Supply and Stock with example 
  4. Definition of Reserve / Secret / Reservation Price with example
  5. Types / Kinds of Supply
  6. definition

Chapter # 06 – Production and Factors of Production 

  1. Production 
      1. Introduction and Meaning of Production in Economics 
      2. Importance or Significance of Production in Economics 
  2. Factors of Production 
  3. Relative Importance of Factors of Production 

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