KSEEB Solutions for Class 8 Economics Chapter 2 Meaning and types of Economics

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Students can Download Economics Chapter 2 Meaning and types of 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 2 Meaning and types of Economics

Class 8 Social Science Meaning and types of Economics Textbook Exercise Questions and Answers

I. Fill in the blanks:

Questions :
1. Economy refers to the nature of organization of _______ (Economic activities)
2. NITI Aypg was set up in _______ (2015)
3. Free of enterprise is a basic feature of _______ economy, (capitalist)
4. Good example of capitalist economy is _______ (USA)
5. Co-existence of public and private sectors is seen in _______ (mixed Economy)

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II. Answer the following questions:

Question 1.
What is an economy?
Answer:
An economy may be described as a man-made organization for the satisfaction of human wants.

Question 2.
Mention the features of capitalist economic system.
Answer:
Private Property, Freedom of enterprise, Consumer’s sovereignty, Profit motive, Absence of government interference.

Question 3.
What are the defects of capitalist system?
Answer:

  1. Pure capitalism is not seen in the world.
  2. Government has assumed an active role in economic development.
  3. Profit is main aim of capitalism.
  4. Small industries cannot compets with the large industries.
  5. Sometimes workers will become unemployed.
  6. Inequal distribution of wealth.

Question 4.
What is planning?
Answer:
Identification of national priorities and allocation of resources to meet them is done by proper plans is called planning.

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Question 5.
How are economies classified on the basis of level of development?
Answer:

  1. Developed economy
  2. Developing economy

Question 6.
How does the Government regulate the activities of the private sector in a mixed economy?
Answer:
The Government regulates the activities of the private sector through various policies such as licensing policy. Taxation policy, price policy, monetary policy and fiscal policy.

Question 7.
What is disinvestment?
Answer:
The government is selling its shares of public sector industries is called disinvestment.

Question 8.
Why is India considered a developing economy?
Answer:

  1. Low on the ladder of development
  2. The national and per capita income low
  3. Backward in agriculture and industries
  4. They have a low standard of living
  5. Poor health and sanitation
  6. High birth and death rates
  7. Poor infrastructure.

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