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.