Students can Download Economics Chapter 1 Introduction to Economics Questions and Answers, Notes Pdf, KSEEB Solutions for Class 8 Social Science helps you to revise the complete Karnataka State Board Syllabus and to clear all their doubts, score well in final exams.
Karnataka State Syllabus Class 8 Social Science Economics Chapter 1 Introduction to Economics
Class 8 Social Science Introduction to Economics Textbook Exercise Questions and Answers
I. Fill in the blanks:
Questions :
1. The word ‘Economics’ originates from Greek root words _______ and _______ (OKOS and nomos)
2. The basic economic problems of every individual is _______ and _______ (Scarcity and choice)
3. The activities that generate income are _______ (economic)
4. Micro economics is the study of _______ units, (small)
5. Macro economics is the study of _______ units, (large)
II. Answer the following in a sentence:
Question 1.
What is economics?
Answer:
Economics is a subject which studies the daily economic activities of man or as science that deal with the production, distribution and consumption of goods and services.
Question 2.
Define Scarcity.
Answer:
Once prioritized, we allocate most of our resources to purchase that commodity which satisfies the chosen wants are called scarcity.
Question 3.
List the different economic activities.
Answer:
- Production activities
- Consumption activities
- Exchange activities
- Distribution activities
Question 4.
When you buy a pen, which branch of economics analyses your decision?
Answer:
It is the consumption activity.
Question 5.
Define Micro Economics.
Answer:
Microeconomics is the study of decision making to use resources by the smallest component of the society, namely individuals, households, and business firms.
II. Answer the following questions in 3 or 4 sentences each:
Question 1.
What are the economic activities?
Answer:
The varied activities which we perform in order to earn money and wealth for the satisfaction of our wants are called economic activities. It can be classified into production, consumption, exchange, and distribution of economic activities.
Question 2.
Why do we need to study economics?
Answer:
- Recognize the scarcity of resources against unlimited wants.
- Prioritizing the use of resources.
Question 3.
Differentiate between Micro and Macroeconomics.
Answer:
Microeconomics implies the study of economics at a very small level. Individual consumer makes the decision for achieving the maximum satisfaction from consumption. The price is determined by the interaction of the buyers and the sellers in a market.
Macroeconomics is the study of aggregates. Ex: National income, total consumption etc. Some decisions have to be taken at an aggregative level. Promotion of economic growth, expenditure and regulation of inflation all such decisions are usually taken by the government.
Question 4.
What are the basic economic problems?
Answer:
What to produce? How to produce? For whom to produce are the basic economic problems?
We have to decide about what goods and services to produce. There are different ways to produce the given goods. Labour intensive technology or capital intensive technology is to be decided by society. Every society has to decide the distribution of scarce resources and goods and services among all individuals.
Interacting with produces distributors and consumers.
Question 5.
What major economic decisions are taken by the government?
Answer:
The government imposes ‘taxes’ for the goods and services it provides. Maintaining law and order.
Providing some common basic facilities like good roads, electricity, internal and external security.