📘 Class 11 Economics – Lesson 1: Basic Concept of Economics and Allocation of Resources
Economics begins with a simple but powerful idea: resources are limited, but human wants are unlimited. In this first lesson of Class 11 Economics, you’ll explore the core concepts of scarcity, choice, and opportunity cost, along with how resources are allocated in different types of economies.
These notes introduce you to the basic principles that guide economic decisions—both personal and national. You’ll also understand the differences between economic systems like capitalist, socialist, and mixed economies, and how each handles resource allocation.
This chapter sets the foundation for all other lessons in economics and is especially helpful for building a strong conceptual base for NEB exams.
📥 View or download the PDF notes above, and don’t forget to review the key terms regularly to boost your understanding!
