ICSE Class 12 Economics Syllabus Overview

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What is the meaning of demand in microeconomic theory?

The quantity of a good or service that consumers are willing and able to buy at a given price

What does the Law of Diminishing Marginal Utility state?

As a consumer consumes more units of a good, the additional satisfaction derived from each additional unit decreases

What is the difference between stock and supply in the context of economics?

Stock refers to the quantity of a good available at a specific point in time, while supply refers to the total amount available over a period of time

What is the meaning of market equilibrium in microeconomics?

A state where the quantity demanded equals the quantity supplied at a specific price level

What is the importance of understanding elasticity of demand in economics?

It helps in predicting how changes in price will affect the quantity demanded of a good

Learn about the ICSE Class 12 Economics syllabus for the year 2023-2024, including the structure of the exam and the topics covered in Part I and Part II. Familiarize yourself with the marking scheme and question distribution to prepare effectively for the exam.

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