Karnataka Board Social Science Economics Class 8 Chapter 1 Introduction to Economics Solution Exercise Question and Answer
(I) Fill in the blanks Solution
(1) Ans: – ‘Oikos’ and ‘nomos’
(2) Ans: – Scarcity
(3) Ans: – Economy
(4) Ans: – Small
(5) Ans: – Large
(II) (1) What is Economics?
Ans: – The word ‘economics’ come from the Greek word ‘oikos’ meaning ‘house hold’ and ‘nomos’ which means management Economics is the study of how the society uses its resources to satisfy the basic needs of the basic needs. The organization of economic activities is called economy.
(2) Define scarcity?
Ans: – Scarcity is a situation when there is a great need for a certain thing and it is not possible to meet it. It is called scarcity. Scarcity can be a man made environment. It also may be caused by nature when one thing is not easily obtained, One has to spend a lot of money to get it or sometimes even if one spends money, the thing is not available. This is called scarcity.
(3) List the different economic activities.
Ans: – Economic activities can be divided into fair kinds, they are –
Production, Consumption, Exchange, Distribution.
(4) When you buy a pen, which branch of Economics analyses your decision?
Ans: – Micro Economics
(5) Define Micro Economics?
Ans: – Micro Economics is one of the branch of Economics. It’s mean very small. It is the study of decision making to use resources by the smallest components of the society, namely individuals, households and business firms.
(III) (1) What are economic activities?
Ans: – The varied activities which we perform in order to earn money and earth, for satisfaction of our wants, are called economics activities. These are divided into four kinds like.
(i) Production: – Means those activities that produce goods and services.
(ii) Consumption: – When man statistics his wants by buying goods and services these activities know as consumption.
(iii) Exchange: – Marketing system is known as exchange.
(iv) Distribution: – The activities under taken to determine the price of the factors of production. The income earned is distributed among all factors in a just manner.
(2) Why do we need to study Economics?
Ans: – The study of Economics is very important they are
(i) For Growth and development of country
(ii) Try to understand and solve of socio economic problems
(iii) Engage in economic activity to support family as well as the country
(iv) Recognize the scarcity of resources against the unlimited wants
(v) Economize on the use of resources and search for more efficient ways of using the resources.
(3) Differentiate between micro and macro economics?
Ans: –
|
Micro Economics |
Macro Economics |
|
(1) Micro means ‘very small’ |
(1) Macro means ‘total as large’ |
| (2) This is the study if decision making to use resources by the smallest components of the society, namely individuals, households and business. |
(2) In this economics decisions taken at the level of the economy as a whole are the subject matter of macro economics. |
|
(3) It is said that Micro economics is like studying a single tree in the forest. |
(3) Macro economics studies the whole forest. |
(4) What are the basic economic problems?
Ans: – The problem is Economics arise due to scarcity of resources which forces us to make a suitable choice. This is the basic economic problem these are –
(i) What to produce.
(ii) How to produce.
(iii) For whom to produce.