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 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. What is the main subject matter of economics?

Ans: To study the economic activities of individuals.

2. What is the meaning of the word ‘Oikonomia’?

Ans: The word ‘Oikonomia’ is a Greek word. Its word ‘Oikos’ means family and the word ‘monos’ means rule. Therefore, the word ‘Oikonomia’ means the rules of managing a family or society.

3. What is another name for Robbins’ definition?

Ans: The definition of scarcity or shortage.

4. What is meant by consumption?

Ans: The activity of removing (satisfying) our wants is consumption.

5. What is meant by production?

Ans: The creation of useful goods or services is production.

6. What is meant by distribution?

Ans: The act of distributing goods among consumers after the completion of the production process is distribution.

7. What is money?

Ans: Money is a medium of exchange and a measure of value.

8. Give an excellent example of direct exchange (barter system).

Ansr: Jonbeel Mela in the Morigaon district of Assam.

9. What is meant by public finance?

Ans: The discussion of government income, government expenditure, and government debt is public finance.

10. Write the names of four economists who popularized welfare economics.

Ans: A. C. Pigou, Vilfredo Pareto, Hicks, and Amartya Sen.

11. In which five-year plan was the target for poverty eradication first set?

Ans: The target for poverty eradication was first set in the Fifth Five-Year Plan.

12. Which scheme was formulated in the Fifth Plan?

Ans: The Minimum Needs Programme (food, clothing, shelter, etc.) was formulated in the Fifth Plan.

13. Under the supervision of which office is the data on monthly per capita consumption expenditure collected?

Ans: The data on monthly per capita consumption expenditure is collected under the supervision of the National Sample Survey Office (NSSO).

14. On what basis is the poverty line determined?

Ans: The poverty line is determined on the basis of data on monthly per capita consumption expenditure.

15. According to the Rangarajan Committee report, what percentage of the total population in India, and what percentage of people in rural and urban areas, are below the poverty line?

Ans: According to the Rangarajan Committee report, a total of 29.5 percent of people in India are below the poverty line, with 30.9 percent in rural areas and 26.4 percent in urban areas.

16. According to the Rangarajan Committee, what percentage of the total population in Assam lives below poverty?

Ans: According to the Rangarajan Committee, 40.9 percent of the total population in Assam lives below poverty.

17. According to the Rangarajan Committee report, what percentage of people in rural and urban areas of Assam live below the poverty line?

Ans: 42.0 percent of people in rural areas and 34.2 percent in urban areas live below the poverty line.

18. When was the Rangarajan Committee report submitted?

Ans: The Rangarajan Committee report was submitted in 2014.

19. When was the Tendulkar Committee report submitted?

Ans: The Tendulkar Committee report was submitted in 2009.

20. According to the Tendulkar Committee report, what percentage of the total population in Assam lives below the poverty line?

Ans: According to the Tendulkar Committee report, 34.4 percent of the total population in Assam lives below the poverty line.

Long Answer Questions:

1. What is the origin and meaning of the word “Economics”?

Ans: The word “Economics” is derived from the Greek word ‘Oikonomia’ (Oikos = family, Nomos = rule), which means the rules of managing a family. This subject studies how people in a society fulfill their wants with the help of their limited resources. Adam Smith defined it as the “science of wealth”, Alfred Marshall as the “science of human welfare”, and Lionel Robbins as the “science that seeks a solution to unlimited wants amid alternative uses of limited resources”.

2. How is the necessity of studying economics important for society?

Ans: Studying economics is highly necessary because it helps people properly manage their income and expenditure. It increases public awareness about budgets, income, expenses, inflation, revenue, investment, globalization, etc. Additionally, it helps in government budget preparation, policy formulation, and decision-making in social welfare schemes. Therefore, the subject of economics is of great importance in personal life as well as in the field of national development.

3. Why is Lionel Robbins’ definition of economics more acceptable?

Ans: According to Lionel Robbins, economics is a science that seeks a solution between unlimited wants and the alternative uses of limited resources. This explanation is more acceptable because it is applicable in both personal and social spheres. It is theoretically sound and practically useful in decision-making. Through this, one realizes that all wants cannot be fulfilled at the same time, so resources must be used by making choices.

4. What is the difference between microeconomics and macroeconomics?

Ans: Economics is primarily divided into two branches – microeconomics and macroeconomics. Microeconomics is the study of individual decisions, demand, supply, price determination, etc. It explains the behavior of households, consumers, and firms. On the other hand, Macroeconomics is the study of the economy on an overall scale, such as national income, inflation, unemployment, investment, etc. Both help in understanding different aspects of economic problems.

5. What are the fields of study in economics?

Ans: The scope of studying economics is broad.

It includes—

(a) Consumption: Individuals use goods and services to satisfy their wants.

(b) Production: Goods or services are created with the help of resources.

(c) Distribution: How the generated income is divided in society.

(d) Exchange: The buying and selling of goods and services in the market.

(e) Money, Income, Budget: Financial flows and planning.

(f) Welfare and Environment: The economic impact on society and the environment.

By studying all these subjects, economics helps in promoting the welfare of both individuals and society.