Kerala SCERT Class 8 Social Science Chapter 7 Economic Thought Question Answer Solution Here. Kerala Board Class 8 Students can find Here 1st Chapter Economic Thought Notes provide by our Teacher. Important Question Answer from Chapter 7 Economic Thought.
- Board- Kerala Board.
- Class – 8.
- Subject – Social Science Part 1
- Chapter – 7.
- Chapter Name – Economic Thought.
- Topic – Question Answer Solution.
(a) Answer the following questions:- (marks 1)
(1) What the primary needs of a society?
Ans:- Food, shelter, clothing, hospital, schools etc.
(2) What are the agricultural activities perform to prepare a land for cultivation?
Ans:- Sowing, weeding, manuring , harvesting and threshing.
(3) Who is considered as the father of the Economics?
Ans:- Adam smith.
(4) ‘An Enquiry into the nature and causes of the wealth at of nations’ was written by —–.
Ans:- Adam smith.
(5) The ideas of marse are contained in his magnum opus——-
Ans:- Das capital.
(6) who believed that economic activities must be welfare oriented?
Ans:- Alfred marshall.
(7) ‘Principales of Economics’ was a reputed and famous work by ——.
Ans:- Alfred Marshall.
(8) The world population reached —— at the beginning at the ——.
Ans:- 160 core, 20th centre.
(9) Who suggested that we should prioritize our wants for the judicious utilization at limited resources.
Ans:- Lionel Rabbins.
(10) Who maintained nation’s financial stability by efficient economic planning and proper utilisation of resources?
Ans:- Panl A samuelson.
(11) ‘ Arthasasthra’ was written by whom?
Ans:- Chanakya.
(12) Who is Dadabhat naoroji?
Ans:- He was a well known economist in British India.
(13) Who is the father at our nation?
Ans:- Mahatma Gandhi.
(14) ‘Hind swaraj’ was written by——-.
Ans:- Gandhiji (Mahatma Gandhi)
(15) ‘Hind Swaraj’ was published in——-.
Ans:- 1909.
(5) Answer the following questions (marks 2)
(1) Why the production, distribution and consumption are connected?
Ans:- Man satisfies his wants through the consumption of goods and services. The many which is received by participating in the production process is spent on consumption or fulfilling own needs. Therefore, there is a connection between production, distribution and consumption.
(2) what is ‘Laisssez Faire’ theory?
Ans:- Adam emith in his ‘An Enquiry into the Nature and causes of the wealth of Nations has laid a strong foundation for Economics. He described Economics as the study of wealth. He wanted limited government intervention in the economic activities and argued for more freedom to individuals. This is known as the theory of ‘Laissez Faire’.
(3) What is known as the Drain theory?
Ans:- Dadabhai Naoroji pointed out that the Britishers were draining our resources and that this led to economic crises and poverty. This is known as the Drain theory.
(4) What was the main reasons for the draining of resources?
Ans:- The main reasons are—
The British officers in India were paid high salaries.
Goods made from Indian raw materials and resources bought at extremely low price were sold at a high price in the Indian market.
Indian labourers were treated as solves and farm and industrial products were exported to England.
Indian wealth was robbed for expanding the British Empire.
(5) Write down the main ideas of Gandihiji’s ‘Trusteeship’?
Ans:- The main ideas are —-
The capitalist has to defame sole ownership and declare that he holds wealth as a trustee of the pubic.
The nature of production is decided by the society and not by the individual’s choice or greed.
Just as we decide about minimum wages needed for a modest living. There must be a limit to maximum wage as well.
A trustee has no other heir but, the public.
(6) What was the main ideas of Gandhiji ?
Ans:- Formation at on economy built on equality.
A self sufficient and self reliant local economy.
Priority of rural agricultural system.
Emphasis on small and cottage industries.
(7) Who is Amartya Sen?
Ans:- Amartya Sen is an Indian economist, who received the Noble prize for Economics in 1998. His major works covered vast areas like welfare economics, economic inequality and development.