CBSE Class–12 Economics Micro Economics Chapter 1 – Introduction Revision Notes Economy: - An economy is a system of organizations and institutions that either facilitate or play a role ...
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...Cbse class economics micro chapter introduction revision notes economy an is a system of organizations and institutions that either facilitate or play role in the production distribution goods services society economies determine how resources are distributed among members they value even what sorts things can be traded bartered for those three types market capitalist this type factors owned operated by individuals group main objective self interest profit maximization central problems solved price mechanism forces demand supply planned centrally socialistic govt social welfare planning authority mixed which both private sector government public branch science focused on consumption origin traced to adam smith s book inquiry into nature causes wealth published year was used mean home management with limited funds available most economical manner possible word comes from two greek words eco meaning nomos accounts subject has developed being about keep family wide ranging today actually ...