Education

WHAT ARE THE ADVANTAGES OF CHOOSING ECONOMICS IN CLASS 11? IS IT EASY? 

Economics is a portion of social science that involves studying production, distribution, and consumption related to goods and services. Naah…that is more like a rote definition in real economics is full of mysteries and concepts. 

It is a need for everyone. Economics helps in gaining advantages not only in the classroom but in practical life too. Economics is an interesting subject, its deep understanding gives someone the power to rule the market. The potential of economics is such that for the smooth working of the present-day world, economics is a crucial necessity. From daily selling and buying to mass production all deal with economics at different levels. 

In class 10, a short yet interesting introduction of some basic economics was provided. This level of economics was surely interesting and had ignited the fire to know more and to go deep in economics. Economics is a vast subject and hence has many categories like microeconomics, macroeconomics, international economics, labor economics, and developmental economics. In class 11 one will only deal with some statistics and microeconomics. Let’s go and look at the syllabus in more detail. 

SYLLABUS CLASS 11 – ECONOMICS 

As stated earlier the syllabus of class 11 economics deals with microeconomics and statistics. 

TERM 1 
Units MCQ Based Paper Marks
Part A  Statistics for Economics
Introduction  4
Collection, Organisation, and Presentation of data  9
Statistical tools and interpretation – Arithmetic mean, Median and Mode  10
SUBTOTAL 23
Part B Introductory Microeconomics 
Introduction 4
Consumer’s equilibrium and demand  13
SUBTOTAL 17
GRAND TOTAL  40

 

TERM 2
Units Subjective Question Paper Marks
Part A  Statistics for Economics
Statistical Tools and Interpretation – Measures of Dispersion, 

Correlation, Index Number

17
SUBTOTAL 17
Part B  Introductory Microeconomics 
Producer Behaviour and Supply 13
Forms of Market and Price Determination under perfect 

competition with simple applications

10
SUBTOTAL 23
GRAND TOTAL  40

There is a project work of 10 marks for both the terms. 

Single project work needs to be made for the whole academic session and needs to be submitted for both terms. Selecting a good project topic will give you a better understanding of the world around you. Try to choose a topic that gives you exposure to practical life as well as gives you knowledge of turning the textual content into a real application. 

ADVANTAGES OF CHOOSING ECONOMICS IN CLASS 11 

There are tons and tons of advantages to choosing economics in class 11. Let’s look at the points in brief one by one, 

  • One of the most interesting subject 

There are lots of choices offered to one during class 11 and economics is one of them. It’s one of the most interesting subjects. One who understands the deepness of economics can understand why this subject is interesting. Understanding real-life scenarios and how business works and is administered surely entertains one to opt for this subject. Economics is full of concepts with their practical application. One can easily correlate what’s written in the book with what’s going on in real life. These points surely make it a really interesting subject. 

  • Easy subject to score 

As one can see from the syllabus discussed above, that the paper of economics in term 1 is only MCQ based which can be very easy to tackle giving a boost to your marks. This subject consists of concepts and formulas but a detailed reading of the chapter will surely help one in grasping the chapter. Read the NCERT again and again and mark the important points for revision. All the material you require to score in this subject is available in the NCERT Books for Class 11 Economics. One can easily master economics with revision and understanding. 

  • Will give you a different perspective

Every subject has its own story. Economics is the study of monetary movements concerning goods and services. Economics can surely open up a different mindset for you. 

Every day using words like consumers, producers, GST, and many more sounds simple to you now but economics will give you the next level of interpretation of these words and you would never see them the same way again. 

Moreover, you will find many new things, concepts, and methodologies used for general purpose things. You will develop an interest in various concepts and would be eager to learn more and more about them. 

  • Will clear your basics about finance and money 

Knowledge about many is one of the greatest assets one can acquire. Economics helps in understanding the basic terms used for many important things. The basics of economics are very much required to acquire the knowledge of money and finance. 

In the long term, these basics will be very useful in one’s life. Moreover, these will help in higher studies too. 

  • Will give you knowledge of market and spending 

Economics surely teaches one how the market works. The principles involved in a market, the concepts, and the outcomes. Not only will you get exposure to the real market but you will also gain an understanding of one’s spending and expenses. Understanding economics will give you a mind-frame that will shape your behavior and will enable you to take an economically sound verdict. 

A frequently used word in economics is WTP which stands for willingness to pay. It generally means the amount of money one is ready to pay for a service and goods. 

CONCLUSION

Analyzing everything before taking a subject can surely erase your confusion. Economics is a perfect combination of ease and interest, it is full of concepts and practical approaches.

 Basics of economics are very important for your late life as well as further studies. There is a huge scope in economics, every sector is based on economics. 

As discussed above there are tons and tons of advantages of taking economics as a subject in class 11. To point out them, ease in understanding, full of interest, open different perspectives and gives you financial literacy. 

Understanding the full potentials of economics is hard to understand but once they are understood then it will surely give you a boost not only in your score but in overall life too. 

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