ECONOMICS Higher Secondary Level -1
Basics of Economics terms in First Year Secondary Level, For your Future Subject Knowledge.
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ECONOMICS Higher Secondary Level -1 - Leaderboard
ECONOMICS Higher Secondary Level -1 - Details
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27 questions
| 🇬🇧 | 🇬🇧 |
| Economics is a study of mankind in the ordinary business of life’ -It is the statement of | Alfred Marshall |
| Microeconomics is concerned with | The study of individual economic units behaviour |
| Which of the following is a microeconomics statement? | The price of wheat determines its demand |
| Find the odd one out: | “Ceteris paribus” |
| The equilibrium price is the price at which ………………………. | Quantity demanded equals quantity supplied |
| Who is the Father of Economics? | Adam Smith |
| “Economics is a science” The basis of this statement is ………………………… | (a) Relation between cause and effect (b) Use of deductive method and inductive method for the formations of laws (c) Experiments (d) All of the above |
| Utility means | Want-satisfying capacity of goods and services |
| A market is ……………………… | A system where persons buy and sell goods directly or indirectly |
| Which one of the following is not a point in the Welfare Definition of Economics? | Economics deals with unlimited wants and limited means |
| Growth definition takes into account ………………………. | The problem of choice in the dynamic framework of Economics |
| Identify the correct characteristics of utility | It depends upon consumer’s mental attitude |
| The process of reasoning from particular to general is | Inductive method |
| What is meant by Economics? | The term ‘Economics’ comes from oikonomikos which means ‘Management of households’. ‘Political Economy’ is renamed as ‘Economics’ by Alfred Marshall. |
| Define microeconomics? | Microeconomics is the study of the economic actions of individual units say households, firms, or industries. Microeconomics covers: Value theory [product pricing and factor pricing] Theory of economic welfare. |
| What are the goods? | Goods called products ,commodities, things etc., Goods are transferable and have value in exchange goods can be preserved over a time |
| Distinguish goods from services. | The difference between goods & services |
| Name any two types of utility? | Time Utility: A sick man derives time utility from blood not at the time of its donation. but only at the operation – time, i.e., when it is used. Place Utility: A student derives place utility from a book not at the place of its publication (production centre) but only at the place of his education (consumption centre). |
| Define positive economics. | Positive economics deals with what it is, its means, it analyses a problem on the basis of facts and examines its causes. |
| Give the meaning of the deductive method? | The deductive method is also named as an analytical or abstract method. It consists in deriving conclusions from general truths. It takes a few general principles and applies them to draw conclusions. The classical and neoclassical school of economists notably, Ricardo, JS Mill, Malthus Marshall, Pigou applied the deductive method in their economic investigations. |