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ISC Class XI Economics Quiz

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Questions and Answers

What are the three types of economics discussed in the ISC Class XI Chapter on Types of Economics?

The three types of economics discussed in the ISC Class XI Chapter on Types of Economics are Microeconomics, Macroeconomics, and Development Economics.

How does Development Economics differ from Microeconomics and Macroeconomics?

Development Economics focuses on the economic development of low-income countries and the improvement of living standards. Unlike Microeconomics, which deals with individual economic units, and Macroeconomics, which studies the economy as a whole, Development Economics specifically addresses issues related to poverty, inequality, and economic growth in developing nations.

Explain the concept of Microeconomics and its relevance in the study of economics.

Microeconomics focuses on the behavior of individual economic units such as households, firms, and industries. It examines the allocation of resources and the determination of prices in specific markets. Its relevance lies in understanding the decision-making processes of individual economic agents and their interactions in the market.