Class 9 Social Science Economics Chapter 1 Basic Concepts Of Economics The answer to each chapter is provided in the list so that you can easily browse throughout different chapters Assam Board Class 9 Social Science Economics Chapter 1 Basic Concepts Of Economics and select needs one.
Class 9 Social Science Economics Chapter 1 Basic Concepts Of Economics
Also, you can read the SCERT book online in these sections Solutions by Expert Teachers as per SCERT (CBSE) Book guidelines. These solutions are part of SCERT All Subject Solutions. Here we have given Assam Board SEBA Class 9 Social Science Economics Chapter 1 Basic Concepts Of Economics Solutions for All Subject, You can practice these here.
Basic Concepts Of Economics
Chapter: 1
ECONOMICS
Additional Questions And Answers
MULTIPLE CHOICE QUESTIONS
1. What does the Greek word ‘oikos’ mean?
(a) House.
(b) Family.
(c) Household.
(d) Relationship.
Ans. (b) Family.
2. Alfred Marshall’s definition is an improvement of _______ definition.
(a) Adam Smith’s.
(b) Lionel Robbins’.
(c) Samuelson’s.
(d) Nordhaus.
Ans. (a) Adam Smith’s.
3. _______ means creation of useful commodities or services.
(a) Production.
(b) Consumption.
(c) Distribution.
(d) Exchange.
Ans. (a) Production.
4. Consumption is facilitated only after the produced goods are distributed among the _______.
(a) distributors.
(b) wholesalers.
(c) consumers.
(d) retailers.
Ans. (a) consumers.
5. Consumption goods are also known as ______ goods.
(a) intermediate.
(b) producer.
(c) capital.
(d) finished.
Ans. (d) finished.
6. _______ is the portion of income that is not used for consumption.
(a) Saving.
(b) Investment.
(c) Utility.
(d) Finance.
Ans. (a) Saving.
7. Who among the following is Nobel laureate in Economic Science (1998)?
(a) Adam Smith.
(b) Amartya Sen.
(c) Alfred Marshall.
(d) Samuelson.
Ans. (b) Amartya Sen.
8. Which state in India has the highest per capita income as per 2011 census?
(a) Delhi.
(b) Goa.
(c) Maharashtra.
(d) Gujarat.
Ans. (b) Goa.
9. Which of the following is an economic activity?
(a) Rearing of children by mother.
(b) Household activities by housewife.
(c) Teaching of children by parents.
(d) Production of crops for selling.
Ans. (d) Production of crops for selling.
10. The term ‘economics’ is derived from ______ language.
(a) Latin.
(b) Greek.
(c) Arabic.
(d) Sanskrit.
Ans. (b) Greek.
VERY SHORT ANSWER TYPE QUESTIONS
Q1. The word ‘economics’ has been derived from the word of which of which language?
Ans: Greek.
Q2. The word ‘economics’ has been derived from which word?
Ans: The Greek word ‘oikonomia’.
Q3. Who is the father of economics?
Ans: Adam Smith.
Q4. Who has given the wealth-based definition of economics?
Ans: Adam Smith.
Q5. Who has given the welfare-based definition of economics?
Ans: Alfred Marshall.
Q6. Who has given the scarcity definition of economics?
Ans: Lionel Robbins.
Q7. In which book and when did Adam Smith give his definition of economics?
Ans: In his book, ‘An Enquiry into the Nature and Causes of the Wealth of Nations’ published in 1776.
Q8. In which book and when did Alfred Marshall give his definition of economics?
Ans: In his book, ‘Principles of Economics’ published in 1890.
Q9. In which book and when did Lionel Robbins give his definition of economics?
Ans: In his book, ‘An Essay on the Nature and significance of Economic Science, published in 1932.
Q10. Who said that the definition of economics given by Adam Smith is the ‘Gospel of the Mammon’?
Ans: Social scientists named Carlyle and Ruskin.
Q11. Who offered the definition of economics based on efficiency?
Ans: Social Scientists Samuelson and Nordhaus.
Q12. What is the power of a commodity to satisfy human wants called?
Ans: Utility.
Q13. What are the produced means of production called?
Ans: Capital.
Q14. The words ‘micro’ and ‘macro’ have been derived from which words?
Ans: The words ‘micro’ has been derived from the Greek word ‘mikros’ meaning’small’ and ‘macro’ derives its origin from the Greek word ‘makros’ meaning ‘large’.
Give Short Answer
Q1. Write the definition of economics given by Adam Smith.
Ans: According to economist Adam Smith, economics is defined as “the science of wealth”.
Q2. Write the definition of economics given by Marshall.
Ans: In the words of Cambridge economist, Alfred Marshall, “Economics is the study of mankind in the ordinary business of life”.
Q3. Write the definition of economics given by Robbins.
Ans: In the words of economist Lionel Robbins, ” Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.
Q4. Write the definition of economics given by Samuelson and Nordhaus.
Ans: According to economist Samuelson and Nordhaus, “Accepting the reality of the existence of scarcity, the efficient use of resources by the society to produce valuable commodities, form the subject matter of economics”.
Q5. What are the basic concepts of the definition of economics given by Robbins?
Ans: The basic concepts of the definition of economics given by Robbins are :
(i) Human beings have unlimited wants.
(ii) Limited resources are available to satisfy human wants.
(iii) Scarce resources available to satisfy human wants have alternative uses.
Q6. What is microeconomics?
Ans: The term ‘microeconomics’ is originated from the Greek prefix ‘mikros’ which means ‘small’. Thus, microeconomics is a branch of economics that studies the economic behaviour of persons or organisations in an individual manner. Thus, microeconomics includes individual behavior of a consumer, a producer, a productive enterprise, a market, a creditor or a saver, etc.
Q7. What is macroeconomics?
Ans: The term ‘macroeconomics’ is originated from the Greek prefix ‘makros’ which means ‘large’. Thus, macroeconomics is a branch of economics dealing with the aggregate behavior of a country or the behaviour of all consumers, producers, etc. Thus, macroeconomics includes the aggregate study of the population, employment, industrialisation, agriculture, etc.
Q8. Show the difference between free goods and economic goods.
Ans: The difference between free goods and economic goods are .
Q9. What is national income?
Ans: National income is the net monetary value of all goods and services produced within a country during a financial year.
Q10. What is per capita income?
Ans: Per capita income of a country is the mean money income computed by dividing the total national income by the total population of the country.
Per capita income =
= National income
Total population of the country
Give Long Answers
Q1. Explain with examples, the importance of the study of economics.
Ans: The importance of studying economics cannot be over emphasized. A knowledge of economics makes the citizens of a state aware. Especially in a democratic country like India, it is healthy for the country that her citizens have civic consciousness.
Being a tax paying citizen every citizen would wants to know :
(a) the manner in which the government collects revenue;
(b) what mode of spending the collected revenue, the government is using;
(c) what are the rules governing the process of expenditure;
(d) whether the revenue is being spent judiciously by the government, etc.When a citizen questions the presence of widespread poverty, he understands that the reasons behind the issue are economic.Similarly, all day-to-day issues which concern money come under the purview of economics. Hence its study is a necessity.
As conscious customers we would like to know :
(a) reason behind increased prices of essential commodities;
(b) meaning of globalisation;
(c) merits and demerits of globalisation;
(d) concept of economic development;
(e) concept of environmental economics; etc.All such important issues are a subject matter of economics. Economics explains that man has unlimited wants, only a few of which have to be chosen to be fulfilled with the limited resources that are available. These scarce resources too have alternative uses.
Q2. Which definition of economics is the most acceptable and why? Explain.
Ans: The definition put forwarded by Lionel Robbins is universally accepted and many scholars have admitted this definition to be a scientific definition. This definition is also called the definition of scarcity.According to Lionel Robbins, ‘Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses’.
This definition is the most acceptable because it emphasis three important points :
(i) Human beings have unlimited wants.
(ii) Limited resources are available to satisfy human wants.
(iii) Scarce resources available to satisfy human wants have alternative uses.Robbin’s definition thus gave rise to the thought of economic problems or problems of choice. Since human wants are unlimited, it is a problem to choose which wants are to be the prioritized. In a scenario where resources are scarce, it has to be decided which want to fulfil with the limited resources with alternative uses.Though Robbin’s definition is the most acceptable, yet it too is not above criticism. His critics propose that the problem of achieving better economy is more important than the problem of choices.
Q3. Write about the scope of economics.
Ans: Economics is a part of social science. With the evolutionary change of the society and its civilisation, the subject matter of economics has also become dynamic. The monetary activities of the society comes within the ambit of economics while non-monetary activities are excluded from the scope of economics.
Generally, the following monetary activities are included in the scope of economics :
(i) Consumption : The utilisation of economic goods to satisfy human wants is called consumption. Economics incorporates the laws governing consumption activities, consumers equilibrium, etc.
(ii) Production : Production is the process of creating useful commodities or services in order to satisfy human wants. Economic cover the following aspects of production :
(a) Four factors of population, viz. land, labour, capital and organisation.
(b) Laws of production.
(c) Producer’s equilibrium.
(d) Monetary system.
(iii) Distribution : Distribution is a process of making the produced goods or services available for consumption among the consumers. This segment of economics deals with the laws and theories essential for the efficient distribution of goods and services.
(iv) Exchange : Exchange means tving of goods between individuals, regions and countries. The goods may be traded through internal and international trade, which are included in the subject matter of economics.
(v) Money : Money is something that is generally acceptable as a means of exchange and at the same time acts as a measure and store value. Economics deal with the role of money, its function, types, how money simplifies the process of exchange by removing the bottlenecks of the barter system, etc.
(vi) Income : Income is the consumption and saving opportunity gained by an entity within a specified time frame, which is generally expressed in in monetary terms. The discussions on national income, per capita income, its production and distribution, its relation with economic welfare from an important part of the study of economics.
(vii) Public finance : Public finance is the branch of economics that studies the role of public revenue, public expenditure and public debt.
(viii) Welfare economics : Welfare economics is a branch of economics that uses welfare at the aggregate level. Economists like A.C. pigou, Amartya Sen, Hickson, Wilfred Pareto, etc. have promoted the concept of welfare economics.
(ix) Economics of environment : Economics of environment is a branch of economics concerned with environmental issues. This field of economics helps in designing appropriate environmental policies in order to restore environmental equilibrium.
(x) Efficiency : Efficiency refers to an economic state in which scarce resources are efficiently used and allocated to accelerate the process of production. Thus, increased production will subsequently lead to increased economic welfare.Besides the above topics, the scope of economics includes newer dynamic concepts like global economics, sustainable development, etc.
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