J. P. Goel and Kaushal Goel solutions for इकॉनॉमिक्स [इंग्रजी] इयत्ता ९ आयसीएसई chapter 3 - Basic Concepts of Economics [Latest edition]

Utility means ______.

Economic goods are ______.

______ is a single use consumer good.

Clothes, food and shelter are examples of ______.

Human wants are ______.

For a commodity to be called wealth, must possess ______.

Which of the following is not considered wealth?

Steel is an example of ______.

______ is that capital which is used again and again in the production process.

Which of the following is/are considered as factor of production?

Capital as a factor of production is ______ in nature.

Land as a factor of production is ______ in nature.

Which of the following options is not a characteristic of land?

Lack of divisibility is a problem of ______ system of exchange.

Labour is a/an ______ factor of production.

______ possesses general acceptability.

Saving in an economy can be made by ______.

Read the above image and identify the type of utility created.

Identify intermediate goods from the following:

1. Soft drinks purchased by the school canteen.
2. Machine purchased by a firm.
3. Seeds purchased by a farmer to grow wheat.
4. Electricity consumption in a business.

Assertion (A): Economic goods are limited in supply. 

Reason (R): Air sunlight and sea water are economic goods.

Assertion (A): Public goods are freely available to all members of society.

Reason (R): Road is a public good.

Statement (1): Capital goods are used by producers.

Statement (2): Salt used by baker is a capital good.

Statement (1): Wealth can’t be transferred from one person to another.

Statement (2): Wealth has power to satisfy human wants.

Assertion (A): Income earned by lending money is called profit.

Reason (R): Income earned from a rental property is called passive income.

What is meant by ‘goods’ in economics?

Define services.

What are services?

Explain the term utility.

Give two characteristics of utility.

Is the following statement true or false?

Air does not possess utility.

Is the following statement true or false?

Utility is synonymous with pleasure.

Is the following statement true or false?

Utility and satisfaction mean the same thing.

Is the following statement true or false?

Wine is injurious to health, but at the same time possesses utility.

Define the following term.

Value

Define the following term.

Price

Define the following term.

Wealth

Define the following term.

Capital

Mention the characteristics of wealth.

Mention two characteristics of wants.

How would you classify the following - as sunk capital or floating capital? Give reasons.

Printing Machine

How would you classify the following - as sunk capital or floating capital? Give reasons.

Raw material

Indicate whether the following statement is true or false:

All capital is wealth

Indicate whether the following statement is true or false: 

All wealth is capital

Indicate whether the following statement is true or false: 

B.A. degree is wealth

Indicate whether the following statement is true or false: 

Wealth and capital mean the same thing

Define production.

What do you mean by labour as a factor of production?

Define consumption.

What are economic goods?

What are public goods?

Explain the concept of marginal utility with the help of an example.

Point out the main characteristics of utility.

Distinguish between value and price.

Define capital.

Distinguish between remunerative and auxiliary capital.

Distinguish between productive capital and consumption capital.

Define utility.

How is utility created?

Explain the relationship between wealth and welfare?

Describe the basic characteristics of wealth.

Define goods.

Explain ‘free goods’ and ‘economic goods’ with examples.

What is welfare?

Describe briefly economic welfare and non-economic welfare.

Define wealth.

Write any two points of differences between wealth and capital.

What are the two characteristics that differentiate private goods from public goods?

What are four characteristics that differentiate services from goods?

What do you mean by human want?

What do you understand by goods?

What are services?

Define final goods.

Define intermediate goods. Give two examples.

Define capital goods. Give two examples.

Define consumption goods. Give two examples.

Distinguish between consumer goods and capital goods. Which of these are final goods?

Define the term utility.

What do you mean by total utility?

Explain marginal utility.

Define the term production.

What do you mean by factors of production? Name them.

Define the term land.

Give two characteristics of land.

Define the term labour as a factor of production.

Give two characteristics of labour.

Define capital.

State two features of capital.

Define the term consumption.

Explain the concept of sustainable consumption.

Define the term market.

What do you understand by the term saving?

State three characteristics of human wants.

Define the term wealth.

Write any two points of differences between wealth and capital.

Give three features of wealth.

What is the main difference between public goods and private goods?