Category: Class 8

Forms of Business Organisations Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks in the following fences with appropriate words.

Question 1.
The concerns that is owned and managed by a single person in called ________________ .
Answer:
Sole trading concerns

Question 2.
The Indian partnership Act was passed in the year ____________ to regulate the affairs of the partnership firms.
Answer:
1932

Question 3.
The maximum number of partners in a firm which carries out banking business is ____________ .
Answer:
10

Question 4.
The head of the Hindu undivided family business is known as ____________ .
Answer:
KARTA

Question 5.
The only business concern under private business organisation found in India is ____________ .
Answer:
Hindu undivided family concerns

II. Answer the following questions in one or two sentence each.

Question 1.
Which are the small scale business organisation?
Answer:
The business organisation classified into various types. They are ____________ .
Sole trading concerns, partnership firms, Hindu undivided family firms, cooperative societies, Joint stock companies.

Question 2.
How do sole trading concerns help the Consumers ?
Answer:
Sole trading concerns directly come into contact with the consumers. Sole trading concerns directly come into contact with the consumers.

They render some social Services also they provide employment to some people they help in distribution of wealth. They understand the likes and dislikes of the customers and supply goods accordingly they pay rates, taxes and duties to the government They are in a position to take quick decision regarding business. They maintain business secrets.

Question 3.
What are partnership firms ?
Answer:
Partnership farms two or more persons Join together and carry out the business, partnership firms Act was passed in 1932. Active or working partners, sleeping partners, nominal partnership and minor partner.

Question 4.
Who are sleeping or dormant partners?
Answer:
They contribute capital but do not take active part in day to day transactions of the firm. The profits and losses are shared in proportions to their capital contribution.

Question 5.
How is the dissolution of partnership firm easy?
Answer:
Partnerhip firms, can be disolved easily. Any partner can apply for dissolution by giving 14 days notice or with the consent of all the partners it can be dissolved.

III. Answer the following questions

Question 1.
Mention any four merits of sole trading concers.
Answer:

• They directly come into contact with the consumers.
• They render some social services.
• They proride employment to some people
• They help in distribution of health.
• They unterstand like and dislike of the customers and supply goods accordingly they pay rates, takes and duties.

Question 2.
Mention any 4 limitations of sole trading concerns.
Answer:
Capital is limited and they cannot expand the business.
Since it is run by a single person the managerial ability it limited. All the losses one to be borne by a single person. Life of the sole trading concerns maybe short, with the death or insolvency of the sole trader, the trading concerns will be closed.

Question 3.
How are partnership firm started ? explain briefly.
Answer:
In partnership firms, two or more persons join together and carry out the business, partnership firms Act was passed in 1932. According to the section 4 of partnership act, the partnership firm is defined as the relation between the persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

Question 4.
Who are the different types of partners.
Answer:
The different types of partner are

• Active Partnership
• Sleeping partners.
• Nominal partners and
• Minor partner.

Question 5.
Mention any four merits of partnership firms Easy to firm: No legal formalities are required for the formation of partnership firms. Therefore the partnership firms are started easily.
Answer:
More capital: Partnership are formed by more than two persons, so the investment is more.

Better Efficiency. There are more than one person as partners, so there is better managerial ability and it increases efficiency, credit worthiness. The liability of partners is unlimited. So it leads to increase in credit worthiness. Sharing of business loss. All the partners have to share the profits and losses. Security of business. The partnership firms need not publish their accounts.

Simple dissolutions: Partnership firms can be dissolved easily by giving 14 days notice or with the consent of all the partners.

Question 6.
Mention any 4 demerits of partnership firms.
Answer:
(a) Sometimes the disunity among the partners may hamper business and it leads to dis-
(b) Since the number of partner is limited the capital contribution is also limited.
(c ) Liability is un limited, so it discourages many people to join as partners.
(d) Reckless and foolish decisions of some partner may lead to heavy setback.
(e) It lacks continuity.
(f) It is difficult to transfer the share of partners to others.
(g) It cannot gain public support
(h) The secrecy of the business cannot be maintained.

Question 7.
What are the advantages of registering a partnership firm?
Answer:
A registered firm can file a suit in the court can against third party.
A Registered firm can file a case against the other partner against the loans they took For the firm. However third parties can file a case against an unregistered firm for the recovery of loans. Any partner can file a case against the firm or partners for the dissolution of the firm or for the settlement of accounts.

Question 8.
Explain briefly about “Hindu undivided family business”?
Answer:
Hindu undivided family business concerns are found only in India. They are in accordance with “Hindu law”. They are the firms which consist of all the male members of the Hindu family, descendents from a common made ancessor, only three sucessive generation of male members namely sons, grandsons on and great grandsons acquire the birth right or interest in the ancestral property.
The eldest or senior most members of the family manage the business and he is called ‘KARTA’

Additional Questions and Answers

1. The registrar after satisfaction that all the provisions have been compiled with issues. A certificate called certificate of registration.

2. Hindu undivided family concerns found only in India.

3. The partners who have not yet attained the age of 18 years are called minor partners.

Question 4.
What are partnership firms? (TBQ)
Answer:
The business that is carried out with two or more persons join together is called partnership firm.

Question 5.
What is partnership deed?
Answer:
Partnership deed is in writtend duly stamped and signed by all the partners.

Question 6.
When was partnership firm act passed?
Answer:
Partnership firms act passed in 1932.

Question 7.
What are the main features of sole trading concerns?
Answer:
(a) It is one of the oldest and simplest forms of business organizations.
(b) It is owned and managed by a single person.
(c) It is easy to start a business.

Question s8.
What are the advantages of sole trading concerns?
Answer:
(a) No legal formalities are required to commence the business.
(b) It can be started by own capital
(c) The owner enjoy all the profits and bears all the losses.

8th Standard Social Science Question and Answer

Business and Industry Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with appropriate words.

Question 1.
The best example for entrepot trade is _____________ .
Answer:
Singapore

Question 2.
Cottage Industries are mainly concentrated in _____________ .
Answer:
Villages.

Question 3.
The manufacture of chemicals is carried out in _____________ Industries.
Answer:
Small scale

Question 4.
The sole objective of business should be earning _____________ profit.
Answer:
reasonable

Question 5.
To safe guard the quality of goods _____________ institution has been started.
Answer:
ISI

II. Answer each of the following questions in two to four sentences.

Question 1.
What is Business?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers.

Question 2.
Which are the different types of mobile shops?
Answer:
They do not have a fixed place to carry on their on their trade. The important among them are howkers, peddlers, street vendor and market vendors.

Question 3.
Who are wholesalers?
Answer:
Wholesale traders buy goods in large quantity from producers and sell them to the retailers in small quantities. They help the retailers in many ways.

Question 4.
Name the 3 types of foreign Trade.
Answer:
Foreign trade can be classified into 3 types. They are

1. imports,
2. Exports and
3. Enterpot trade.

Question 5.
Mention the important goods produced by cottage and small scale Industries.
Answer:
Cottage Industries – carpentary goods, blacksmith gold smith – Jewelry works, black smith – axe, knife, hammers etc. weavers- cotton and silk cloth (Khadhi) blanket making.

pottery makers, stone making, small scale Industries: Manufacture of engineering goods, electrical goods, bicycles, shoes, fans, radio, sewing machines, soap, garments etc.

Question 6.
Which organisations overcome the hinderance of place and risk ?
Answer:
Hindarance of place transporation or help to reach the goods from producers to the traders and from trader to the consumers.

Financial Service: Bank money problems are solved by banks. Bank provide finance to the traders and serve to conduct to business smoothly.

Hindrance of loss: Insurance companies. The insurance companies help business by making good and loss incurred by fire or water or that caused by natural calmities and thus help for the smooth conduct of business.

Hindrance of Time storage: The ware houses are scientifically constructed and many warehouses have cold storage facilities.

Hindarance of knowledge Advertisement: When new goods are introduced in to the market knowledge about them is also required or knowledge about alternatives is also to be given to the consumers for all these proposes advertising services are very useful.

Question 7.
Mention the anti social activities of traders to earn more profit.
Answer:
To earn more profits, some antisocial and unethical practices are followed. Some of them are – adulterain, charging excess or abnormal rates, using false weights and measures, creating artificial scarcity by holding the goods and carrying out black marketing etc. There are unethical business practices.

Question 8.
What are the steps taken by the government to over come anti social practices in business?
Answer:
To avoid anti social activities, the government has introduced public distribution system. Supplying essential commodities through fair price shops operated by the government agencies.

To maintain the standard of goods and essential commodities the government has opened an institution Bureau of Indian Standards.

ISI and AGMARK marks are printed on goods and commodities to certify their quality etc.
Every Industrial product must have a seal on its cover pack, the quantity, the date of manufacture, date of expiry, maximum retail price (MRP). It is a legal mandatory provision.

III. Answer each of the following questions in eight to ten sentences.

Question 1.
What are the economic objectives of business? Business has two main objectives.
Answer:

1. Economic objectives
2. Social objectives.

Economic objections: Earning profit is the main objetcive of Business. Sole objective of busines includes earning reasonable profit that is sufficient to enable the business to cover the costs and the Business man to lead a normal comfortable life.

Question 2.
What are the social objects of Business Social objective:
Answer:
Business produces goods
and supplies the goods that are required for the development of nation. It provides employment to many and pays them fair, wages and salaries and helps them to improve their standard of living, Business also contributes a fair share for the social welfare of the nation by starting and running of schools, colleges, hospitals and also by maintaing public gardens etc.

Question 3.
Mention the services rendered by retail traders?
Answer:
Retailers carry out their trade at places where consumers live. They render various services to the consumers. They supply variety of goods produced by different producers to the consumers. They stored the goods to meet the demand of the consumers.

They take the risk of loss in business or loss of goods. They grade the goods and supply according to the tastes of the consumers. They provide credit facilities to the consumers. They give more information about the newly available goods in the market and suggest alternative goods of the particular goods.

Question 4.
List out the different retail trades and write two/ Three sentence on each of them.
Answer:
The important retail shop keepers are
(a) Permanent shops
(b) Itinerant or mobile traders.

Permanent shops: They opened at fixed place and carry on their trade. They are – Hawkers, peddlers, street vendors and market vendors.

Hawkers: They carry goods on their needs, move from ‘door to door’ and sell their goods.
Ex. vegetables, fruits, flowers etc.

Street venders’ They display goods in busy street corners of on payments and sell them to the consumers.

Peddlers: They carry their goods on wheeled earth and sell them to the consumers at their doors. They generally sell more then one type of goods, market seller (shandy sellers) Weekly markets, take place at villages or towns once in a week. Different traders take their goods to these markets and sell them to the consumers.
Ex. vegetables, fruits,grams, butter, agriculture implements, cloths etc.

Question 5.
Explain two type of Industries.
Answer:

1. Primary Industries
2. Secondary Industries.

1. Primaty Industries: These Industries produce goods by using the natural resources. It can be classified into two types :
(i) Genetic Industries These Industries are engaged in reproduction of different crops, plants and animals.
Ex. horticulture, dairy farming, poultry farming.

(ii) Extractive Industries: They engaged in extracting different row materials and ares from the earth.
ex: Extraction of are, drilling of oil well etc.

2. Secondary Industries: They are labour oriented industries. They are further divided into manufacturing Industries, construction Industries. Manufacturing Industry. These Industries are engaged in converting raw materials into finished products.
Ex. Irons steel, sugar Etc. Construction Industries. They are engaged in construction of roads, canals, bridges etc.

Question 6.
What is the need of foreign trade to a country ?
Answer:
No country in the world is self sufficient in all the natural resources. Some countries have plenty of natural resources. They produce excess and export them to the country who wanted them, and earn foreign money. Thus there is a great need for foreign trade. The need for foreign trade is increasing day by day. It also helps to foster friendship among the countries.

Additional Questions and Answers

Question 1.
Cottage industries produce goods mainly for ______________ markets.
Answer:
Local

Question 2.
______________ carry good on their heads and sell.
Answer:
Hawkers

Question 3.
______________ carry their goods on wheeled carts and sell.
Answer:
Peddlers

Question 4.
The trade between two countries is known as ______________ .
Answer:
foreign trade.

Question 5.
Small scale industries manufactured goods for the ______________ and ______________.
Answer:
local and external market

Question 6.
Warehouses have cold storage ______________
Answer:
facilities

Question 7.
ISI means ______________ .
Answer:
Indian standard institution

Question 8.
AGMARK stands for ______________ .
Answer:
Agricultural marketing

Question 9.
What are the institutions set up by the government to maintain standard of foods and essential commodities?
Answer:

• Indian standard Institution (ISI)
• Agricultural marketing (AGMARK)

Question 10.
What is business ?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers.

Question 11.
What are the two main objectives of business?
Answer:
The two man obectives are economic and social objectives?

Question 12.
What are the types of trade?
Answer:
The three types of trade are home trade, foreign trade and Entrepot trade.

Question 13.
What is home trade?
Answer:
Trade within the country is called home trade.

Question 14.
What is retail trade?
Answer:
Trade within the country is called home trade.

Question 15.
How is retail trade carried on?
Answer:
The retail trade is carried on in two types, they are permanent shops and internet or mo¬bile traders.

Question 16.
What is foreign trade?
Answer:
The trade between two countries is called foreign trade.

Question 17.
What is import?
Answer:
Import refers to a country buying goods from other countries for its use.

Question 18.
What is export?
Answer:
Export refers to a country selling its goods to other countries for this use.

Question 19.
What is entrepot trade?
Answer:
Enterpot trade refers to buying of goods from one country with a view to sell it to other countries.

Question 20.
Give examples for Entrepot trade?
Answer:
Singapore and middle east countries are the best examples for enterpot trade.

Question 21.
How are primary industries classified?
Answer:
Primary industries are classified into two types they are genetic industries and extractive industries.

Question 22.
What are industries?
Answer:
Industries are converted with production of goods, extraction of minerals and also providing some services.

Question 23.
What are manufacturing industries?
Answer:
The industries which are converting raw materials are semi finished products, into finished products, are called manufacturing industries.

Question 24.
What is business? What are its types?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers. The two types of business are

1. Economic objective and
2. Social objective.

Question 25.
Who are Hawkers?
Answer:
The people who carry goods on their heads, l move from door to door and sell their goods. They generally sell only one or two types of goods, ex: vegetables, fruits, flowers.

Question 26.
Who are peddlers?
Answer:
People who carry their goods on wheeled carts and sell them to the consumers at their doors, they generally sell more than one type of goods.

Question 27.
What is forcing trade? Mention its types.
Answer:
The trade between two countries is called foreign trade. They are import, export and entrepot trade.

Question 28.
Write the differences between cottage and small scale industries.?
Answer:
Cottage industries.
(a) They are carried out in own houses
(b) Craftsmen i.e. family members and apprentices are involved.
(c) They produce goods mainly for the local markets
(d) Simple methods are used.

8th Standard Social Science Question and Answer

Components of Business Studies Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with appropriate words in the following sentences.

Question 1.
The economic activity that provides technical or specialized personal services to the consumers is called ______________ .
Answer:
profession

Question 2.
In olden days the goods were exchanged for goods, which was called ______________ System of exchange.
Answer:
Bartar

Question 3.
The full responsibility of paper money vests with ______________ .
Answer:
central bank of country.

Question 4.
The ______________ of communities and villages took place during ______________ stage.
Answer:
emergence, agricultural

Question 5.
The main cause for international trade was ______________
Answer:
geographical discoveries.

Question 6.
Trade and commerce contribute to the economic development of a country by paying ______________, ______________ and ______________ to the government.
Answer:
rates, taxes, duties

Answer the following questions in two or three sentences.

Question 1.
What is an economic activity?
Answer:
The activity which is concerned with the production and exchange of goods and services is called an economic activity.

Question 2.
Give the meaning of trade and commerce.
Answer:
Trade: Buying and selling of goods is called trade.
Commerce: Any economic activity of human being is considered as commerce.

Question 3.
What is meant by barter system of exchange?
Answer:
The direct exchange of goods for goods or other thing is called bartar system of exchange.

Question 4.
What is profession?
Answer:
Rendering of specialized technical and personal services is called as a profession.

Question 5.
What are aids to trade ? Name them.
Answer:
The aids to trade include transport, banks, were house facilities, advertisement agencies. Insurance etc.

Question 6.
What are craft guilds?
Answer:
The agriculturists wanted some tools or implements.
They wanted houses to live. To fulfil these requirements some people engaged themselves in making tools and also to construct houses. They were called craftsmmen.
ex. Blacksmith, gold smith, weaves, carpenters, potter, builders etc.

III. Answer each of the following question in a paragraph

Question 1.
How do production and exchange play a very important role in our daily life.
Answer:
Exchange is the connecting link between production and consumption.
The goods produced at a place have to reach consumers at different places.
During the course of production the producers take into consideration, the market study, transportation, storage of goods, determination of price, advertisement.

Question 2.
Explain the different types of economic activities
Answer:
Economic activities can be broadly classified into 3 types. They are business, profession and employment.

Business: It is mainly concerned with production and exchange of goods and services.

Profession: It is mainly concerned with rendering of specialized technical and personal services.
Ex. Lawyers, doctors, charaterd accountant etc.

Employment: It is the work under taken by the people under an employer for salary or wages.
Ex. agriculture labourers, and Industrial laboures.

Question 3.
What are the difficulties of Bartar system of exchange? How has money solved these problems?
Answer:
The important difficulties of barter system of exchange are

• Lack of double co-incidence of wants
• Lack of common measure of value.
• Difficulty of sub division and
• Difficulty to store the goods or to transport.

To overcome the difficulties of barter system of exchange many mediums of exchange were used. Later metals were used as medium of exchange. Later copper, silver and gold coins came into existence. Then paper money come to be in use and solved these problems.

Question 4.
Which are the important stages of economic evolution? Briefly explain any one.
Answer:
The important stages of economic evolution are as follows.
(a) Hunting and fishing stage
(b) Pastrol stage
(c) Agriculture stage.
(d) Handicraft stage.
(e) Bartar system stage
(f) Money economy stage
(g) Town economy stage
(h) International trade stage.

Additional Questions and Answers

Question 1.
Employer is also called the _______________ .
Answer:
shade

Question 2.
The Employee is called the _______________
Answer:
worker

Question 3.
_______________ is buying and selling of goods
Answer:
Trade

Question 4.
What are craft guilds?
Answer:
The body of the professional craftsmen such as carpenters, blanksmiths, weavers and builders are called craft guilds

Question 5.
Who is an employer?
Answer:
An employer is a person who appoints people to do work under him

Question 6.
Who is called employee?
Answer:
Employees are people who work under an employer for salary or wages.

Question 7.
Who is consumer?
Answer:
Consumer is a person who buys goods or uses services.

Question 8.
What is consumption?
Answer:
Consumption is the act of using services goods.

Question 9.
What is commerce?
Answer:
Any economic activity of human being is considered as commerce.

Question 10.
What is evolution?
Answer:
Evolution is the gradual change of activities that take place over a long period of time.

Question 11.
Who are called craftsmen?
Answer:
To fulfill the requirements, some people engage themselves in making tools and also construct houses. They are called craftsmen.

Question 12.
Who was the first navigator who sailed round the world?
Answer:
Magellan, a Portuguese navigator sailed first round the world.

Question 13.
What is trade?
Answer:
Buying and selling of goods is called trade.

Question 14.
Expand MNC
Answer:
Multi National Companies

Question 15.
How do warehouses help?
Answer:
Warehouses help to store goods and bridge the gap between production and consumption.

Question 16.
What are called economic activities? What are its classifications?
Answer:
The activities which are concerned with the production and exchange of goods and services are called economic activities. They are broadly classified into three types. They are

1. Business
2. Profession and
3. Employment

Question 17.
What are the important problems of Barter system of exchange?
Answer:

• 1. Lack double coincidence or wants.
• Lack of common measure of value.
• Difficulty of sub-division and
• Difficulty to store the goods or to transport.

Question 18.
Explain pastoral stage ?
Answer:
During this stage people learnt domestication of animals. People moved from one place to another in search of grass lands.

Question 19.
What are local markets?
Answer:
People began to produce more goods.
The produces started meeting at a fixed places at periodical intervals for exchange purpose. The place are called local markets.

Question 20.
“21st century is called the age of development of commerce”. Justify with your answer or enumerate the development of commerce during 21st century?
Answer:
21st Century is called the age of information technology, internet banking privatization of insurance, tele market system, electronic advertisement media and such others have all over the world. Multi national companies. (MNC) have spread their business in many countries. They help to increase production and supply of goods to the world market. These companies produce specialized goods on large scale and their rates are competitive. and thus commerce is developing at a greater.

Question 21.
What is the importance of commerce?
Answer:
(a) Commerce is responsible for smooth and continuous supply of goods to consumers.
(b) It helps in bringing the factors. required for the establishment of industries.
(c) It brings the different parts of the world closer by creating one market.
(d) It helps the traders to become more adventurous.

8th Standard Social Science Question and Answer

Government and the Economy Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks for the following questions.

Question 1.
Planning commission was established in the year ______________ .
Answer:
1950

Question 2.
The twelth five year plan is implemented during the years ______________ .
Answer:
2012-2017

Question 3.
India is among the ______________ largest country in the world in terms of GDP.
Answer:
3rd

Question 4.
The current rate of poverty is India is about ______________ percent.
Answer:
22%

Question 5.
For many years India’s economic policy was ______________ oriented.
Answer:
inward

II. Answer the following questions in about two sentences each.

Question 1.
Define planning
Answer:
Planning refers to the deliberate actions of the government to systematically allocate and utilize available resources to achieve predetermined goals in the interest of all.

Question 2.
List the prominent objectives of planning in India.
Answer:
The general objective of Indian planning are all follows ___________
(a) Increasing the rate of economic growth
(b) Bring about modernization in the economy
(c) Achieve self reliance
(d) Reduction in the inequality of income and wealth.
(e) Development of infrastructure
(f) Development of financial Institutions.
(g) Balanced regional development.
(h) Promoting private sector.

Question 3.
What are the major failures of India planning?
Answer:
The failures of Indian Planning are as follows.
(a) Slow growth in production and Income.
(b) Rise in prices.
(c) Increase in unemployment
(d) Persisting poverty and inequality
(e) Inafficient administration.
(g) Increase in exports not as expected.
Though the plans are sound and meaningful but the problem is no proper implementation.

Question 4.
Describe India’s economic situation during 1990-91
Answer:
The new economic policy is taking India to-wards liberal economy or market economy. It has relived India much of hard herships that she faced in 1990-91. More than everything else India could with stand the economic recession that swept the world in 2008-09.

Question 5.
List the major initiatives under the economic reform measures.
Answer:
Economic Reform (LPG Policies) Many economists became dissatisfied with the performance of the Indian economy, especially the public sector enterprises. During 1990-91 India faced serious economic problems. The huge deficit in trade balance, declining foreign exchange reserves, severe inflation, and very high budget deficit crippled the Indian economy and also life of the people. In this context, the need for reforming economic policy was widely felt and hence the new economic policy was initiated in 1991.

The new economic policy is also called as ‘economic reforms’. As thesepolicies comprise of liberalization, privatization and globalization they are also called as LPG policies. Economic reforms refers to the adoption of policies to eliminate the market barriers, encourage economic participation from private sector, reduce the fiscal deficit, increase exports and reduce imports, etc. for increasing the growth rate of the economy. This package of reforms consisted of:

1. A liberal industrial policy to invite foreign investment by privatization of industries and abolishing the licensing system.

2. Automatic approval for Foreign Direct Investment (EDI) for many activities.

3. A liberal import-export policy for ensuring easy exports of Indian goods and obtain the necessary raw materials.

4. Reforming the banking and financial sector in accordance with the internationally accepted standards.

5. Reforms in the tax structure for ensuring higher coverage of tax payers and increasing the tax revenue.

6. Withdrawing and restricting government interference on investment and also privatization of public sector enterprises.

The economic liberalization has helped India to grow at faster pace. India is now considered one of the major economies of Asia. The Foreign investment in India has increased over the years. Many multinational companies have set up their offices in India.

The per capita GDP of India has increased, which is a positive sign. India has emerged as a leading exporter of services, software and information- technology products. Many companies such as Wipro, TCS, HCL Technologies, Tech Mahindra have worldwide fame.

Thus the new economic policy is taking India towards liberal economy or market economy. It has relieved India much of her hardships that she faced in 1990-91. More than everything else India could withstand the economic recession that swept the world in 2008-09.

Additional Questions and Answers

Question 1.
Five Year Plans in India
Answer:

The tremendous increase in investment could be noticed.

Question 2.
What was the economic condition when India attained Independence.
Answer:
When India attained Independence in 1947. the Economic conditions were deplorable.
The per capital income and national income energy,communication, financial services were not adequate. Backwardness was everywhere. is very low1. Food production was low, Industries were few, machineries were imported from the foreign countries. Transport, health, energy,communication, financial services were not adequate. Backwardness was everywhere.

Question 3.
When did NIIT Ayog came into force ?
Answer:
In 2015 NITI Ayog (National Institute for transforming India) came into force.

Question 4.
The fundamental objective of Indian Planning is social justice discuss.
Answer:
Indian Planning is to achieve growth with social justice. Measures like land reforms, abolition of bonded labour, liquidation of rural indebetedness, fixation of minimum wages, pro-vision of basic minimum needs, and reduction of concentration of power and economic disparties have contributed towards achieving social Justice.

Question 5.
Define “the new economic policy”
Answer:
In 1991 New Economic policy was initiated. It is also called ” Economic reforms” As these policies comprise of liberalization, privatization and globalization. They are also called as L.P.G. Policies.
L = Liberalisation
P = Privatisation
Q = Globalization

Question 6.
Define Economic reforms:
Answer:
Economic reforms are the adoption of policies to eliminate the market barriers, encourage economic participation from private sector, reduce the fiscal deficit, increase exports and reduce imparts etc.

Question 7.
Explain Digital India.
Answer:
To ensure that government services are availabe to citizens electronically and people get benefited from the latest information and communication technology.

Question 8.
What are the yojanas introduced by the government to improve Agricultural and Rural Development
Answer:
(a) Pradhana Mantri Fasal Bima yojana.
(b) Pradhana mantri Krishi Sinchayi yojana.
(c) Mahatma Gandhi national rural employment guarantee
(d) Pradha mantri Gram sadak yojana.

Question 9.
What are encouragement to Industrial development.
Answer:

• Make in India
• Start up India and Stand up India.
• Pradhan mantri MUDRA yojana etc.

Question 10.
What steps – taken by the government to social sector.
Answer:

• Swach Bharath Abhiyan
• Skill India
• Pradhan Mantri Jan Dhan Yojana
• Pradhan Mantri Jeevan Jyothi Bima Jojana.
• Pradhan Mantri suraksha Bima Yojana
• Atal pension yojana.

Question 11.
What are the steps taken by the government of India to improve urban development.
Answer:

• Atal Mission on Reju vention and urban transformation.
• Pradhan mantri Awas Yojana
• Smart cities mission

8th Standard Social Science Question and Answer

National Income and Sectoral Aspects of the Indian Economy Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with suitable word.

Question 1.
Per capita Income = National Income divided by ________________ .
Answer:
Population

Question 2.
Agency responsible for estimation of National Income of India today is from ________________ Sector.
Answer:
Central Stastical Organisation

Question 3.
The highest share in national income of India today is from ________________ .
Answer:
Primary sector

Question 4.
Small scale Industries are defined in terms of ________________
Answer:
MSMED ( Micro, small and medium enterprises development)

Question 5.
Indian agriculture is said to be ________________ with monsoons.
Answer:
gamble

Question 6.
Extent of irrigated are a in India is about ________________ percent of cultivated areas.
Answer:
30%

II. Answer the following questions and cuss them in groups.

Question 1.
Define National Income
Answer:
National Income refers to the total value of good and services produced annually in a country.

Question 2.
If the total income of family of 5 members in 2015 was Rs. 567890 Calculate per capital income of the members of the family.
Answer:

Per capita Income is = 1,13, 578.00 Rupees

Question 3.
State how small industries are helpful for growth of a country like India.
Answer:
Increase in small scale Industries activity is considered as essential for the economic growth and development of the country.

In countries like it is more important for following reasons.* Small scale industries generare huge employment opportunities. Small scale – industries ultilise the natural local resources successfully. Small Scale Industrial Skill from rural and Semi urban areas. Small scale Industries promotes exports and earn foreign money.

Small Scale Industries cover 35% of the gross value of the input in the manufacturing sector, about 80% by the total industrial employment and 40% of total export of the country.
Nearly 488.46 lakh enterprises working in the country in 2013-14, which.employed 11.14 crores of people.

Question 4.
What are the reasons for decline in the size of agricultural holdings in India?
Answer:
Due to increase in population land holdings become reduced by being divided and subdivided to the family members. So it is not possible to undertake scientific and modem agriculture. So, naturally production reduces and leads to farmers becoming poorer.

Question 5.
Examine the reasons for crises in Indian Agriculture.
Answer:
Many factors have reinforced each other to deepen the malady. The major causes of agricultural distress are as follows.

Uneconomic size of cultivated holding. Majority of the people depend on agriculture. Due to divide and sudivision land of holdings, people can’t get division profit in this field.

High population pressure The production and income per head are very low. Rain fed farming and recurrence of droughts. Our agriculture depends on monsoon, but monsoons are uncertain and uneven. Decline in public investments in irrigation and other related manufacturers. Inadequate credit from institutional sources. Inability to get remmunerative prices.

Question 6.
Discuss the measures to overcome agricultural crisis in India.
Answer:
MEASURES TO OVERCOME AGRICULTURAL CRISIS IN INDIA
The causes of the crisis also point to the remedies, some of which could be:

1. Increasing public investment: There is an urgent need to step up the government investment in drought proofing, water harvesting, research in new varieties of seeds, new cultivation methods that use less water, and retain soil fertility, extension and training of farmers in adoption of efficient crop production practices.

2. Expanding credit availability: The small and marginal farmers, who hesitate to approach a bank or any financial institution, should be ensured greater amount of credit.

3. Marketing reforms: Farmers should be guaranteed remunerative prices for their produce. For this purpose, markets and marketing infrastructure need to be strengthened.

4. Crop Insurance: An insurance scheme that covers and compensates the losses of farmers for all types of risks needs to be put in place.

5. Counseling and moral support: There is a need to set up counseling centres at village level to provide moral support to distressed farmers so that they do not resort to extreme step of committing suicide.

6. Regulating private money lenders: Apart from the above, there is a need to regulate the activities of money lenders so that they do not oppress the poor farmers who have borrowed from them for various purposes.

Additional Questions and Answers

Question 1.
National Income and per capita Income in
Answer:
India 1950-51 to 2014-15

Question 2.
Change in sectoral Shares of GDPin India 1951 to 2013%
Answer:

Question 3.
Average Growth Rate of GDP by Sectors (% Per annum)
Answer:

Question 4.
Mention the measurement of natial Income?
Answer:
The measurement of a Nation’s Income is very difficult and involves complex procedure.

• The rate of economic growth
• Changes in average living standards.
• Changes in the distribution of income.

Question 5.
Explain the primary sector and its important.
Answer:
The primary sector consists of all nature based activities like agriculture, and allied activities like Sericulture, Horticulture, Animal husbandry, Poultry Fishery, Floriculture etc.
Agricultural sector is the predominant and has the largest share in national income.

Question 6.
Which is called as manufacturing sector, why?
Answer:
Secondary Sector is called as manufacturing sector. Hence Converts raw materials into finished products.

Industries contribute nearly 1/3 of national income, has helped in building the basic infrastructure.

Question 7.
Explain tertiary Sector
Answer:
It is also called Service sector. They are hospitals, educational institutions, health centers, hotels telephone services, finance and banking etc.
It contributes major income to national income and provide 28% of Jobs in our country.

Question 8.
Advantages or merits of small scale Industries.
Answer:
Small Scale Industries can be set up any where with simple technology, employing fewer number of people and catering to the local market are considered to be vital components of development

Question 9.
List out the problems of small scale industries
Answer:
(a) non-availability of row materials.
(b) problem of finance
(c) low technical skill
(d) Marketing problems
(e) Competitions from large scale Industries

Question 10.
Discuss the measures to overcome agricultural crisis in India.
Answer:
Remedial measures to agriculture crisis.
1. Increasing Public Investment. There is an urgent need to step up the government in-vestment in drought proofing, water harvesting, research in new varieties, new cultivation methods that use less water and retain soil fertility, Extention and training of farmers in adoption of efficient crop production practices.

2. Expanding credit availability- Financial assistance through national bank.

3. Marketing reforms: Markets and Marketing infrastructure need to be strengthened.

4. Crop Insurance: An Insurance scheme that covers and compensates the losses of farmers for all types of risks needs to be put in place.

5. Counselling and moral support

6. Regulating Private money lenders etc.

8th Standard Social Science Question and Answer

Meaning and Types of Economics Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with suitable words.

Question 1.
Economy refers to the nature of organisation of _____________ .
Answer:
Economic Activities

Question 2.
NITI Ayog was set up in _____________ .
Answer:
2015

Question 3.
Free enterprise is a basic feature of _____________ economy.
Answer:
capitalistic

Question 4.
Good example of capitalist economy is _____________ .
Answer:
USA

Question 5.
Co-existence of public and private sectors is seen in _____________ .
Answer:
India.

II. Answer the following after discussing them in groups.

Question 1.
What is an economy?
Answer:
An Economy may be described as a man-made organisation for the satisfaction of human wants.
A.J. Brown defines economy as “a system by which people get a living”

Question 2.
Mention the Features of capitalist economic system.
Answer:
The important Features of capitalist economic system are as follows ______________
Private property, freedom of enterprise, consumer’s sovereignty, profit motive, competition, market and prices, absence of government interference.

Question 3.
What are the defects of capitalist system?
Answer:
Capitalist Economy System promote to acquire and accumulate wealth. Due to freedom of enterprise, the individual can earn the highest possible profit. Capitalist class are motivated to maximizing revenue.

Question 4.
What is planning?
Answer:
Planning mechanism is used by the government to prepare development plans and decide the roles to be played by the private and public sectors in the development of the economy.

Question 5.
How are economies Classified on the basis of level of development?
Answer:
Economics classified into two catagories as ______________

1. developed Economy and
2. developing economy

Developed Economy: Developed countries have higher national and per capital Income, high savings and investment and therefore high rate of capital formation, ex. U.S.A and
(i) other European countries
(ii) Developing countries are low on the ladder of development. They are also called as under developed, backward or poor countries. The national income and per capita income in these countries is low.
Ex: India and other Asian countries.

Question 6.
How does government regulate the activities of the private sector in a mixed economy ?
Answer:
Plans are formulated for the private sector and is supported through incentives, support and subsidies to work as per national priorities. Government also regulates the activities of the private through various policies such as licensing policy, taxation policy, price policy, monetary policy and fiscal policy etc.

Question 7.
What is dis investment ?
Answer:
Government is selling its shares of public sector industries, which is called dis investment.

Question 8.
Why is India considered a developing economy?
Answer:
The national income and per capita income in our country is low. India is backward in Agriculture and industries. Indians have low standard of living, poor health and sanitation, high infant mortality, high birth and death rates and poor infrastructure. So, India is a backward country or developing country.

Additional Questions and Answers

Question 1.
Which are the institutions that regulate the modern economic system ?
Answer:
RBI, SEBI, World Bank, IMF, WTO SAARC, ADB etc. are the institutions regulate the modern economic system.

Question 2.
What is a socialist Economy ?
Answer:
When productive resources are owned and controlled by the government to promote the overall interest of the society. It is called a socialist system.

Question 3.
Name the socialist features ?
Answer:
The features of socialist economy are

• Collective ownership of means of production and wealth.
• Social welfare objective
• Central Planning

Question 4.
What are the broad objections of Indian plans?
Answer:
The objectives of Indian plans are
(a) Economic growth
(b) modernisation
(c) Self- reliance
(d) Social Justice
(e) Elimination of poverty
(f) Creation of conditions of near full employment Satisfaction of basic needs like food, clothing, shelter, education, health etc.

Question 5.
Expand the followings
Answer:

• RBI – Reserve Bank of India
• SEBI – Securities and Exchange Board of India.
• IMF – International Monetary fund
• WTO – World Trade Organisation
• SAARC – South Asian Association for Regional Co-operation.
• ADB – Asian Development Bank.

Question 6.
Why no class conflict happen in socialist economy ?
Answer:
All are co-workers in socialistic society and there is only the working class. Hence, there is no class conflict.

Question 7.
What are the features of mixed economy.
Answer:
A mixed economy Combines the good features of both capitalism and socialism.
(a) co existence of public and private sectors.
(b) Individual freedom
(c) Economic planning
(d) Price mechanism

Question 8.
What is the Role of public sector in India?
Answer:
The public sector has played an important role in the development of Indian Economy. It has contributed to – development of infrastructure, establishment of basic and heavy industries, establish industries in several backward regions, promoting trading and marketing activities, including international trade.

Question 9.
Expand (NITI)
Answer:
National Institution for transforming India Ayog.

Question 10.
When was planning commission set up in india?
Answer:
In 1950, planning commission was set up in India

Question 11.
How many Five year plans implemented by planning commission of India.
Answer:
Twelve, five year plans and many annual plans were implemented by the Indian Planning commission.

Question 12.
When was Indian planning commission replaced by NITI Ayog?
Answer:
In 2015, the planning commission has been replaced by the NITI Ayog.

8th Standard Social Science Question and Answer

Introduction To Economics Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with suitable words.

Question 1.
The work “Economics” originates from the Greek root words ____________ and ____________.
Answer:
EKOS and NOMOS

Question 2.
The basic Economic problems of every individual is ____________ and ____________ .
Answer:
scarcity and choice

Question 3.
The activities that generate income are ____________.
Answer:
Economic

Question 4.
Micro Economics is the study of ____________.
Answer:
single or individual Units

Question 5.
Macro Economics is the study of ____________ units.
Answer:
whole aggregate

Answer the following Questions and Answers

Question 1.
What is Economics ?
Answer:
Making good use of the resources in order to bring happiness and satisfaction to all the members of the family is called Economics.

Question 2.
Define Scarcity ?
Answer:
In many situation of scarcity we choose the most desirable wants or prioritize them in order of importance.
Ex: Food grains and furniture the first preference goes to food grains. Furniture is post phone. This is due to limited money or scarcity of money.

Question 3.
List the different economic activities?
Answer:
Production activities, Consumption Activities, Exchange activities and Distribution activities.

Question 4.
When you buy a pen, which branch of economics analyses your decision?
Answer:
Micro Economics branch analyses. This is prioritization and allocation of resources which we have.

Question 5.
Define Micro Economics.
Answer:
The word ‘micro’ means very small, and micro economics implies study of economics at a very small level. Micro Economics is the study of decision making to use resources by the smallest components of the Society, namely Individual, house hold and business firms.

III. Answer the following in 3 or 4 Sentences each.

Question 1.
What are Economics activities ?
Answer:
The Economic activities are classified into 4 types. They are production, consumption, exchange and distribution.

Production Activities: Produced goods and services, Ex. agriculture, animal husbandry, mining, transport, industries, communication etc.

Consumption Activities: Man or society satisfy his/ their wants by buying goods and services.

Exchange Activities: The producers produce goods and services for the consumers. Buying and selling take place in the marketing system.

Distribution Activities: The income that is earned through the production of goods has to be distributed to the various factors of production is hand, labour, capital and entrepreneurship or organisation.

Question 2.
Why do we need to study Economics ?
Answer:
Economics help us to understand poverty, unemployment, economic inequality and other related problems. Economics enables to find solutions in some economical crisis.

Question 3.
Differentiate between micro and macro economics
Answer:
Micro Economics implies study of economics at a very small level. Micro economics is the study of decision making to use resources by the smallest components of the society, namely individual, households, and business firms.

The word Macro means total or aggregate. So in Macro Economics, we get the aggregate consumption expenditure of the whole society or nation. We add up incomes of all individuals in the society. It becomes the total income of the country or nations income.

Question 4.
What are the basic economic problems?
Answer:
Basic economic problems, are classified into 3 levels. They are what to produce, how to produce, for whom to produce.

What to produce: In individual or a soci-ety has to decide about what goods and ser¬vices to produce.

How to produce: There are different ways to produce given goods. Different Combinations of inputs and resources can be used to produce a given amount of goods or service.

For whom to produce ?: Who will get the goods so produced and in what quantities? This is the problem or issues of distribution such that each person should get at least a minimum quantity of goods and services for consumption.

Question 5.
What major economic decision are taken by the government ?
Answer:
The study of economics helps us to under-stand the current use of resources and plan for their more efficient use in the future. The economists usually advise government on these matters. As a result, the well being of the individuals and the country can be improved.

Additional Questions and Answers

Multiple Choice Questions and Answers

Question 1.
OIKOS means ______________
(a) House
(b) Industry
(c) Office
(d) Adam Smith
Answer:
(a) House

Question 2.
The Father of Economics is ______________
(a) Kites
(b) Samnelson
(c) A.C. Pigon
(d) Adam Smith
Answer:
(d) Adam Smith

Question 3.
Economics originates from the word ______________
(a) Arabic
(b) Greek
(c) Latin
(d) English
Answer:
(b) Greek

Question 4.
The base of all economic activities is ______________
(a) wants
(b) need
(c) capital
(d) labors
Answer:
(a) wants

Question 5.
Agriculture in India depends on ______________
(a) Land
(b) Farmer
(c) Rain
(d) Seed
Answer:
(c) Rain

Question 6.
To reduce poverty of the workers the government introduced ______________
(a) Minimum wages Act
(b) Maximum wages Act
(c) Monthly wages Act
(d) Weekly Wages Act
Answer:
(a) Minimum wages Act

Question 7.
Nomods means ______________
(a) Activities
(b) Produce
(c) Wants
(d) Management
Answer:
(d) Management

Question 8.
One of them in the given options is tellectual labour. Find out ______________
(a) Farmers
(b) Clerks
(c) Agricultural Labourers
(d) Industrial workers.
Answer:
(b) Clerks

Question 9.
The goods got directly from nature are called ______________
(a) Primary goods
(b) Secondary goods
(c) Raw material
(d) Finished goods
Answer:
(a) Primary goods

Question 10.
The Father of economics ______________
(a) Lionel Robinson
(b) Adam Smit
(c) A.C. Pigou
(d) Samnel Son
Answer:
(b) Adam Smit

II. Answer the following Questions and Answers

Question 1.
What are economic activities?
Answer:
In order to earn money and wealth and satisfy his wants, man engages himself in various activities. These activities are called economic activities.

Question 2.
What is production ?
Answer:
Man has learnt to utilize the natural resources and produce whatever goods he wants. This process is called production.

Question 3.
Who are called consumers ?
Answer:
People who make use of goods and services are called consumers.

Question 4.
Who are called producers ?
Answer:
The people who produce and manufacture variety of goods are called producers.

Question 5.
What are Consumption Activities ?
Answer:
Man satisfies his wants by buying goods and services. These activities are known as Consumption activities.

Question 6.
What are called primary goods?
Answer:
The goods got directly from nature are called primary Goods.

Question 7.
What are called manufactured goods?
Answer:
The goods which are converted by changing the form of the primary goods are called manufactured goods.

Question 8.
What is the importance of the study of Economics.
Answer:
Economics help us to understand poverty unemplyoment, economic inequality and other related problems.

It enables us to find solutions in such situation. It enables us to find solutions in such situtation.

It identifies the reasons for the rise and fall or prices, and the results of fluctuations. It provides ideas to bring stability in prices. Economists suggests ways to make use of the limited resources with care and efficiency and also pass them on to the next generation. It is very helpful in our daily lines.

8th Standard Social Science Question and Answer