SEBA Class 9 Social Science Important Chapter 12 Basic Concepts of Economics

SEBA Class 9 Social Science Important Chapter 12 Basic Concepts of Economics Solutions English Medium As Per SEBA New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters SEBA Class 9 Social Science Additional Solutions and select need one. NCERT Important Solutions For Class 9 Social Science Download PDF. Important Notes for Class 9 Social Science.

SEBA Class 9 Social Science Important Chapter 12 Basic Concepts of Economics

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. Assam SEBA Board Class 9 Social Science Additional Question Answer are part of All Subject Solutions. Here we have given CBSE Class 9 Social Science Important Notes for All Chapters, You can practice these here.

Basic Concepts of Economics

Chapter: 12

Part – IV: Economics

IMPORTANT QUESTION ANSWER

1. Name some tangible goods.

Ans. Food, clothing, houses, tools and equipments, tables and chairs, etc.

2. Name some intangible goods.

Ans. Services of lawyers, politicians, doctors, teachers, soldiers, etc.

3. Give examples of free goods.

Ans. Rain, wind, heat from the sun, etc.

4. Give examples of economic goods.

Ans. Food, clothes, electricity, etc.

5. Name some consumption goods/consumers’ goods/ finished goods.

Ans. Pen, pencil, bread, butter, etc.

6. Give examples of wealth.

Ans. Crude oil, coal, food, furniture, clothes, etc.

7. Give examples of market.

Ans. Online market, stock market, etc.

8. Define goods.

Ans. Goods refer to all commodities and services which can satisfy human wants. In other words, goods are those physical things which we use in our day-to-day life. e.g. food, clothes, stationery, fruits, etc.

9. What is utility?

Ans. In economics, utility is the power of any good or service to satisfy human wants. In other words, utility is the want satisfying power of a good. All free goods and all economic goods can satisfy human wants and hence these goods have utility. e.g. free goods like air, water, sunshine, etc. economic goods such as food, cloth, house, etc. and have utility.

10. State the meaning of wants.

Ans. In simple words, want means the necessity for using a commodity. In economics, want is the desire for the satisfaction from a commodity e.g. food, cloth, shelter, etc.

11. Define price.

Ans. The value of a commodity expressed in terms of money or its exchange value is called its price. e.g. The price of a pencil box is ₹ 50/-.

12. Define demand.

Ans. In economics, demand means the desire to have some goods or services backed by ability and willingness to pay for it. Thus, the demand for a good or service means the desire of the people who have:

(i) the ability or purchasing power. and

(ii) the willingness to pay for it.

The concept of demand is related to time and price. e.g. a businessman who desires an air ticket from Delhi to Kolkata, has the purchasing power or ability and the willingness to have it is a demand for him.

13. Define supply.

Ans. In economics, supply of a good means the desire or willingness and preparedness to sell some quantity of a good at a certain price by a producer or seller at a certain time in a given market. Supply of a good depends upon price, time and place. e.g. A person wants to supply rice at 7600 per quintal at a certain place and time.

14. What is meant by investment?

Ans. Investment means the capital used for the purpose of production. It is a flow concept. e.g. an amount of money kept in the bank is considered as capital but when this money is used for setting up an industry, it becomes an investment.

15. What is capital?

Ans. Capital means the means or appliances which help in production or that part of production which is reused in the production process. It is a stock concept.