KSEEB Solutions for Class 8 Economics Chapter 1 Introduction to Economics

KSEEB Solutions for Class 8 Economics Chapter 1 Introduction to Economics

Karnataka State Syllabus Class 8 Social Science Economics Chapter 1 Introduction to Economics

Class 8 Social Science Introduction to Economics Textual Questions and Answers

I. Fill In The Blanks:

Question 1.
The word ‘Economics’ originates from the greek root words ______ & ______
Answer:
Oikos , nomos

Question 2.
The basic economic problems of every individual is ______ & ______
Answer:
Scarcity & Choice

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

Question 4.
Micro economics is the study of ______ units.
Answer:
Small

Question 5.
Macro economics is the study of ______ units
Answer:
Large

II. Answer The Following:

Question 1.
What is Economics?
Answer:
The word “economics” comes from the Greek words “oikos”, meaning “household” and “nomos”, meaning “management”. Thus, economics refers to the art of “household”, “management” that involves using the available means to satisfy the basic needs of the family as well as to prosper.

Question 2.
Define scarcity?
Answer:
Scarcity is the basic problem and the central problem of economics. Scarce means limited. When we have the scarcity of money to buy goods and services we choose the most desirable wants or prioritize them in order of importance.

Question 3.
List the different economic activities?
Answer:
Economic activities are classified into four kinds

1. Production
2. Consumption
3. Exchange
4. Distribution

Question 4.
When you buy a pen, which branch of economics analysis your decision
Answer:
Microeconomics analysis of our decision.

Question 5.
Define microeconomics
Answer:
Microeconomics is the study of decision making to use resources by the smallest components of the society namely households and business terms.

III. Answer the following in three to four sentence each :

Question 1.
What are the economic activities?
Answer:
We use our skills and labour to earn money and satisfy our wants by using that money. The varied activities which we perform in order to earn money and wealth, for the satisfaction of our wants, are called economic activities.

Question 2.
Why do we need to study economics?
Answer:
The study of economics

• Recognize the scarcity of resources against unlimited wants.
• Economize on the use of resources and search for more efficient ways of using the resources.
• Contribute to the government’s revenue and assist it in the discharge of its developmental and welfare programmes.
• Understand the socio-economic problems of the country.

Question 3.
Differentiate between micro and macroeconomics?
Answer:

Question 4.
What are the basic economic problems
Answer:

1. What to produce The type and quantity of various goods produced depends upon the resource availability on the one hand.
2. How to produce Weather to use a technology that uses more labour or capital is to be decided by the society.
3. For whom to produce Every society had to decide the distribution of scarce resources and goods and services among all individuals.

Question 5.
What are the major economic decisions are taken by the government?
Answer:

1. Recognize the scarcity of resources against unlimited wants.
2. Identifying more important and less importation.
3. Economize (save) on the use of resources.
4. Engage in economic activity to support
5. Development and welfare programs
6. Poverty, unemployment, inflation, etc and try to provide solutions to same the government which is responsible for maintaining law and order and providing the same.

Class 8 Social Science Introduction to Economics Additional Questions and Answers

I. Answer The Following Questions:

Question 1.
Who is the father of economics? Write his definition of economics
Answer:
Adam smith is the father of economics. Economics is the study of wealth.

Question 2.
Write the definitions of economics
Answer:

1. Economics is a study of people in the ordinary business of life – Alfred Marshall (1890).
2. “Economics is a study of wealth” Adam Smith 1776 (Father of economics)

II. Multiple Choice Questions

1. The people using goods and services are called the _____
a) Labourers
b) distributors
c) producers
d) consumers
Answer:
d) consumers

2. “Economics is the study of wealth” stated by _____
a) Samuelson
b) Alfred Marshall
c) Adam Smith
d) Lionel Robbins
Answer:
c) Adam Smith

3. The organisation of economic _____
activities are called
a) Management
b) Economy
c) Economic structure
d) Economic activities
Answer:
b) Economy

4. Collection of Taxes, Welfare activities, regulation of inflation are matters of _____
a) Macroeconomy
b) Management economy
c) Micro economy
d) Economic activities.
Answer:
a) Macroeconomy

5. Basic economic problems are _____
a) What to produce?
b) How to produce?
c) For whom to produce?
d) All the above options.
Answer:
d) All the above options.