Economics Guess Paper Class 11

Very important Multiple Choice Questions, short and long questions as a form of Economics Guess Paper Class 11 written by Mr. Adnan Haider Suib. These notes are very helpful in the preparation of Economics Guess Paper Class 11 of Economics for the students of the intermediate and these are according to the paper patterns of all Punjab boards.

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• Background of economic struggle: Ever since man stepped on this planet, he had to struggle to get the basic necessities like food, clothing and shelter for his survival and security. But this struggle of man became not only difficult but also complicated with the passage of time due to scarcity of resources. Therefore, even today, all the efforts of man are to achieve two basic needs which do not leave him for the whole life. Because the resources to meet the basic needs are scarce, so in such situations, economics created the understanding within man that somehow, with less resources, man can fulfill his maximum needs.
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• Human Wants: They refer to the needs on which the necessities of life depend. These human needs are numerous and countless. Basically it is difficult to survive without food, clothing and shelter. Apart from this, goods that provide comfort and convenience in life (eg furniture, bicycle, television, air conditioner, car pen, etc.) and services (eg services of doctor, lawyer, teacher, etc.) are also an essential part of life. Man's desires are innumerable to fulfill which man is running all the time. This run continues till death. Therefore, the starting point of the economic struggle is the achievement of human desires and the motivation of the struggle desires are satisfied. There are two main types of human needs: (i) Non Economic Wants  (ii) Economic Wants.
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• (1) Non Economic Wants: There are certain needs of a human being which do not require money to get them. For example, making friends, going for a walk, resting, and some things are freely available to man from Allah, such as water, sunshine, light, etc. All such needs are called non-economic needs in economics. They have nothing to do with the knowledge of economics because in economics only those problems or objectives are discussed for which man has to pay a price.
• (2) Economic Wants: Needs that require money to be met are called economic needs. For example, striving to get food to satisfy hunger, clothing to cover the body, roof to cover the head, etc. comes under the category of economic needs and a person has to spend material resources or rupees to fulfill them. Such needs are called economic needs. Remember that in economics we are only concerned with economic needs.
• Characteristics of Economic Wants: Economic needs have the following characteristics in common.
• Unlimited Wants: Human desires are unlimited while the material means to fulfill them are limited. So one cannot claim that all his wishes have been fulfilled. However, when we fulfill one desire, another desire is born and this cycle continues throughout human life. For example, the need for basic daily necessities such as food, house, pen, flour etc. is felt day by day.
• Wants Compete Each other: Needs compete with each other. Because all desires are not of the same nature and importance. Some desires are more important and necessary like food, clothes, house etc. and some less important like car, air conditioner etc. which need some time. Can be postponed for Therefore, man sets priorities according to the importance of desires and needs.
• Wants are Recurring: Most of the human desires are born again and again. So they have to supplement every time eg flour, ghee, sugar, milk etc. Similarly, when we feel thirsty, we drink water but after some time we feel thirsty again and this cycle continues for the rest of our life. Therefore, such needs are temporarily satisfied but after some time they start to feel again.
• Alternate Methods of Satisfaction: Different needs can be fulfilled in many ways, for example, if we feel hungry, we can satisfy our hunger with any one of bread, rice, vegetables, milk, double bread. Similarly, if you feel thirsty, you can quench your thirst with syrup instead of water. For the purpose of traveling one can choose either wagon, bus, car. As if to fulfill every wish there are alternative methods.
• Complementary Wants: Different needs are interdependent and cannot be fulfilled without each other. For example, a car without petrol, a pen without light, hockey without a ball. All these are inseparable from each other.
• Habit Forming Wants: Some needs appear only because of habit, for example, the habit of smoking, the habit of eating paan, the habit of sleeping more, all such desires come into existence by adopting a habit.
• Wants and Fashion: Some human needs are subject to fashion or custom. For example, if the fashion or custom of a garment changes, the consumer demand for the garment also changes according to the new fashion or custom.
• Goods and Services: All material goods that are capable of fulfilling human needs are called goods, for example, clothes, houses, cars, chairs, etc. All these fulfill one or the other desire of man, therefore they are called goods.
• Services refers to all non-material activities that are capable of fulfilling human needs in indirect ways are called services. For example, a doctor seeing a patient and prescribing medicine, a professor teaching a student, a lawyer discussing a case, an engineer building a bridge, etc. are all indirect sources of human welfare. From which human needs is satisfied.
• Kinds of Goods: Following are the main types of goods.
• (i)  Non Economic Goods
• (ii) Consumer and Capital Goods
• (iii) Economic Goods
• (iv) Public and Private Goods
• (v) Non Economic Goods
• (vi) Necessities, Comforts and Luxuries
• The blessings of nature, such as water, air and light, for which we do not have to pay any price, fall into the category of non-economic goods and are excluded from the discussion of economics because economics deals only with activities that wealth to discussed in the category of while no economic struggle is required to get water, air and light.