Question

Microeconomics notes class 12 chapter 1

Answer 1

An Introduction to microeconomics is the chapter that gives a brief data about what is microeconomics and its characteristic features. This is a vast concept and various other topics are covered in this chapter – types of economy, central problems of economy at the micro level, branches of economics – micro economics and macro economics, production possibility curve (PPC), opportunity cost, marginal opportunity cost.

Basically, there are 3 types of economies. They are –

• Market economies
• Centrally planned
• Mixed economies