Topics
Basic Concepts in Economics
- Branches of Science
- Natural Science
- Social Science
- Concept of Economics
- Kautilya's Views on Economics
- Types of Economic Systems
- Capitalism
- Socialism
- Mixed Economy
- Branches of Economics
- Microeconomics
- Basic Concepts of Microeconomics > Want
- Basic Concepts of Microeconomics > Goods and Services
- Basic Concepts of Microeconomics > Utility
- Basic Concepts of Microeconomics > Value
- Basic Concepts of Microeconomics > Wealth
- Microeconomics > Personal Income
- Basic Concepts of Microeconomics > Personal Disposable Income
- Microeconomics > Economic Activity
- Types of Income
- Concept of Economic Good
- Macroeconomics
- Cyclical Unemployment
- Difference Between Economic Growth and Economic Development
Money
Partition Values
The Economy of Maharashtra
- Formation and Economic Progress of Maharashtra
- Administrative Divisions of Maharashtra
- Important Features of the Economy of Maharashtra
- Economic Development of Maharashtra
- Agricultural Sector
- Industrial Growth in Maharashtra
- Service Sector
- Core Areas of Service Sector
- Economic Infrastructure of Maharashtra
- Social Infrastructure of Maharashtra
- Measures for Social Infrastructure: Education
- Measures for Social Infrastructure: Health Services
- Co – operative Movement in Maharashtra
- Symbols of Educational Schemes in India
- Tourism in Maharashtra
- Hospitality
- Entertainment Industry
Rural Development in India
Population in India
- Concept of Population in India
- Trends in Population Growth
- Theories of Population Growth
- Population Explosion in India
- Types of Population Based on Resource Availability
- Birth Rate
- Death Rate
- Survival Rate
- Legal Age of Marriage for Males and Females in Different Countries
- The Population as a Human Resource
- Role of Human Resources in Economic Development
Unemployment in India
- Concept of Unemployment
- Important Terms of Employment and Unemployment
- Types of Unemployment
- Rural Unemployment
- Urban Unemployment
- Extent of Unemployment in India
- State-Wise Unemployment Rates in India
- Causes of Unemployment
- General Measures to Reduce Unemployment
- Effects of Unemployment
- Government Measures for Employment Generation
Poverty in India
- Concept of Poverty in India
- Prof. Amartya Sen’s Views on Poverty
- Multi-dimensional Poverty
- Key Concepts of Poverty
- Countries with Highest Extreme Poverty Rates
- Poverty Line
- Informal Sector and Related Activities
- Income Pyramid
- Types of Poverty
- Extent of Poverty in India
- Estimates of Poverty
- Causes of Poverty
- Effects of Poverty
- Sustainable Development Goals
- Understanding Maharashtra’s Tri Colour Family Ration Cards
- Eradication of Poverty
- Poverty Alleviation Programmes and Their Target Sectors
- Tracking Anti-Poverty Efforts
Economic Policy of India since 1991
- Economic Transition of India
- Main Objectives of the Economic Policy of 1991
- Features of the Economic Policy of 1991
- Public Bank Vs Private Banks Vs Foreign Banks
- Components of New Economic Policy
- Liberalisation
- Privatisation
- Globalisation
- Evaluation of the Economic Policy of 1991
- Corporate Social Responsibility
Economic Planning in India
- India’s Planning Commission
- Economic Planning in India
- Overview of the Bombay, People’s, and Gandhian Plans
- Features of Economic Planning
- Five Year Plans (FYP)
- 12th Five Year Plan (2012-2017)
- Levels of National Family Health Survey (NFHS)
- NITI Aayog (National Institution for Transforming India)
- Planning Commission VS NITI Aayog
- Introduction
- Economic VS Free Good
- Real-Life Application
- Key Point Summary
Maharashtra State Board: Class 11
Introduction
An economic good in economics refers to any tangible or intangible item that satisfies human wants, provides utility, and is scarce relative to demand. This means people value it, are willing to pay for it, and resources or effort are required to produce it, making it distinct from free goods like air or seawater.
Maharashtra State Board: Class 11
Economic VS Free Good
| Feature | Economic Good | Free Good |
|---|---|---|
| Scarcity | Limited, not available freely | Abundant, unlimited |
| Example | Bread, mobile data, petrol | Air, sunlight |
| Price | Yes, has a market price | No |
| Opportunity Cost | Yes | No |
Maharashtra State Board: Class 11
Real-Life Application
Imagine you want a chocolate bar. You are willing to buy it and someone has to manufacture it using ingredients, labour, and time. This is an economic good—it has value and provides satisfaction but is not unlimited.
Maharashtra State Board: Class 11
Key Point Summary
- Economic goods are limited, people value them, and they require resources to produce.
- Not all goods are economic goods; only those with scarcity and value fit this category.
