{"id":3933,"date":"2020-08-30T11:48:25","date_gmt":"2020-08-30T06:18:25","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=3933"},"modified":"2021-07-02T15:04:05","modified_gmt":"2021-07-02T09:34:05","slug":"kseeb-solutions-class-8-economics-chapter-1","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/kseeb-solutions-class-8-economics-chapter-1\/","title":{"rendered":"KSEEB Solutions for Class 8 Economics Chapter 1 Introduction to Economics"},"content":{"rendered":"

Students can Download Economics Chapter 1 Introduction to Economics Questions and Answers, Notes, KSEEB Solutions for Class 8 Social Science<\/a>\u00a0helps you to revise complete Karnataka State Board Syllabus and score more marks in your examinations.<\/p>\n

Karnataka State Syllabus Class 8 Social Science Economics Chapter 1 Introduction to Economics<\/h2>\n

Class 8 Social Science Introduction to Economics Textual Questions and Answers<\/h3>\n

I. Fill In The Blanks:<\/p>\n

Question 1.
\nThe word \u2018Economics\u2019 originates from the greek root words ______ & ______
\nAnswer:
\nOikos , nomos<\/p>\n

Question 2.
\nThe basic economic problems of every individual is ______ & ______
\nAnswer:
\nScarcity & Choice<\/p>\n

\"KSEEB<\/p>\n

Question 3.
\nThe activities that generate income are ______
\nAnswer:
\nEconomic activities<\/p>\n

Question 4.
\nMicro economics is the study of ______ units.
\nAnswer:
\nSmall<\/p>\n

Question 5.
\nMacro economics is the study of ______ units
\nAnswer:
\nLarge<\/p>\n

II. Answer The Following:<\/p>\n

Question 1.
\nWhat is Economics?
\nAnswer:
\nThe word \u201ceconomics\u201d comes from the Greek words \u201coikos\u201d, meaning \u201chousehold\u201d and \u201cnomos\u201d, meaning \u201cmanagement\u201d. Thus, economics refers to the art of \u201chousehold\u201d, \u201cmanagement\u201d that involves using the available means to satisfy the basic needs of the family as well as to prosper.<\/p>\n

Question 2.
\nDefine scarcity?
\nAnswer:
\nScarcity 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.<\/p>\n

Question 3.
\nList the different economic activities?
\nAnswer:
\nEconomic activities are classified into four kinds<\/p>\n

    \n
  1. Production<\/li>\n
  2. Consumption<\/li>\n
  3. Exchange<\/li>\n
  4. Distribution<\/li>\n<\/ol>\n

    Question 4.
    \nWhen you buy a pen, which branch of economics analysis your decision
    \nAnswer:
    \nMicroeconomics analysis of our decision.<\/p>\n

    \"KSEEB<\/p>\n

    Question 5.
    \nDefine microeconomics
    \nAnswer:
    \nMicroeconomics is the study of decision making to use resources by the smallest components of the society namely households and business terms.<\/p>\n

    III. Answer the following in three to four sentence each :<\/p>\n

    Question 1.
    \nWhat are the economic activities?
    \nAnswer:
    \nWe 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.<\/p>\n

    Question 2.
    \nWhy do we need to study economics?
    \nAnswer:
    \nThe study of economics<\/p>\n

      \n
    • Recognize the scarcity of resources against unlimited wants.<\/li>\n
    • Economize on the use of resources and search for more efficient ways of using the resources.<\/li>\n
    • Contribute to the government\u2019s revenue and assist it in the discharge of its developmental and welfare programmes.<\/li>\n
    • Understand the socio-economic problems of the country.<\/li>\n<\/ul>\n

      Question 3.
      \nDifferentiate between micro and macroeconomics?
      \nAnswer:<\/p>\n\n\n\n\n\n\n
      S.NO<\/td>\nMicro Economics<\/td>\nMacro Economics<\/td>\n<\/tr>\n
      1.<\/td>\nStudy of economics at a very small level<\/td>\nThe economy is a very large entity<\/td>\n<\/tr>\n
      2.<\/td>\nIt is study about individual, households and business firms.<\/td>\nIt is study about welfare activities, regulation of inflation etc<\/td>\n<\/tr>\n
      3.<\/td>\nThe subject matters are interaction of the buyers, sellers in market<\/td>\nIt is study about unemployment, economic growth, etc<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Question 4.
      \nWhat are the basic economic problems
      \nAnswer:<\/p>\n

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

        \"KSEEB<\/p>\n

        Question 5.
        \nWhat are the major economic decisions are taken by the government?
        \nAnswer:<\/p>\n

          \n
        1. Recognize the scarcity of resources against unlimited wants.<\/li>\n
        2. Identifying more important and less importation.<\/li>\n
        3. Economize (save) on the use of resources.<\/li>\n
        4. Engage in economic activity to support<\/li>\n
        5. Development and welfare programs<\/li>\n
        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.<\/li>\n<\/ol>\n

          Class 8 Social Science Introduction to Economics Additional Questions and Answers<\/h3>\n

          I. Answer The Following Questions:<\/p>\n

          Question 1.
          \nWho is the father of economics? Write his definition of economics
          \nAnswer:
          \nAdam smith is the father of economics. Economics is the study of wealth.<\/p>\n

          Question 2.
          \nWrite the definitions of economics
          \nAnswer:<\/p>\n

            \n
          1. Economics is a study of people in the ordinary business of life – Alfred Marshall (1890).<\/li>\n
          2. \u201cEconomics is a study of wealth\u201d Adam Smith 1776 (Father of economics)<\/li>\n<\/ol>\n

            II. Multiple Choice Questions<\/p>\n

            1. The people using goods and services are called the _____
            \na) Labourers
            \nb) distributors
            \nc) producers
            \nd) consumers
            \nAnswer:
            \nd) consumers<\/p>\n

            2. \u201cEconomics is the study of wealth\u201d stated by _____
            \na) Samuelson
            \nb) Alfred Marshall
            \nc) Adam Smith
            \nd) Lionel Robbins
            \nAnswer:
            \nc) Adam Smith<\/p>\n

            \"KSEEB<\/p>\n

            3. The organisation of economic _____
            \nactivities are called
            \na) Management
            \nb) Economy
            \nc) Economic structure
            \nd) Economic activities
            \nAnswer:
            \nb) Economy<\/p>\n

            4. Collection of Taxes, Welfare activities, regulation of inflation are matters of _____
            \na) Macroeconomy
            \nb) Management economy
            \nc) Micro economy
            \nd) Economic activities.
            \nAnswer:
            \na) Macroeconomy<\/p>\n

            5. Basic economic problems are _____
            \na) What to produce?
            \nb) How to produce?
            \nc) For whom to produce?
            \nd) All the above options.
            \nAnswer:
            \nd) All the above options.<\/p>\n","protected":false},"excerpt":{"rendered":"

            Students can Download Economics Chapter 1 Introduction to Economics Questions and Answers, Notes, KSEEB Solutions for Class 8 Social Science\u00a0helps you to revise complete Karnataka State Board Syllabus and score more marks in your examinations. Karnataka State Syllabus Class 8 Social Science Economics Chapter 1 Introduction to Economics Class 8 Social Science Introduction to Economics …<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/3933"}],"collection":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/comments?post=3933"}],"version-history":[{"count":0,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/3933\/revisions"}],"wp:attachment":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/media?parent=3933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/categories?post=3933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/tags?post=3933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}