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Chapters
▶ 1: Meaning and Definition of Economics
2: Basic Economic Entities in an Economy
3: Basic Problems of An Economy
4: Types of Economies
2. An Overview of Indian Economy
5: Characteristics of Indian Economy
6: Main Sectors of Indian Economy : Agriculture
7: Main Sectors of Indian Economy : Industry
8: Main Sectors of Indian Economy : Services
9: Other Sectors of Indian Economy
3. Infrastructure of the Indian Economy
10: Economic Infrastructure
11: Social Infrastructure
4. Consumer Awareness
12: Consumer Awareness
5. Globalization
13: Globalisation
![J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 1 - Meaning and Definition of Economics - Shaalaa.com](/images/economic-applications-english-class-9-icse_6:af534602dfa245b6b0f8aa2f73a180ce.jpg "J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 1 - Meaning and Definition of Economics")
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Solutions for Chapter 1: Meaning and Definition of Economics
Below listed, you can find solutions for Chapter 1 of CISCE J. P. Goel and Kaushal Goel for Economic Applications [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 1 Meaning and Definition of Economics QUESTIONS [Pages 13 - 16]
MULTIPLE CHOICE QUESTIONS
“Economics is the science of wealth”. Who gave this definition?
Marshall
Robbins
Adam Smith
JK Mehta
“An inquiry into the nature and causes of wealth of Nations” is the book by which economist?
Adam Smith
Marshall
Robbins
None of these
Who has given scarcity definition of economics?
Adam Smith
Marshall
Robbins
Robertson
Pigou
What is true about the scarcity definition?
Considers material welfare
Study of wealth
Economic problem
Study of material goods
Identify the main feature of welfare definition of economics from the following options.
Study of wealth
Study of material goods only
Study of ordinary business of life
Scarce resources
Who is known as the father of modern economics?
Adam Smith
J.M. Keynes
Alfred Marshal
Robbins
Identify the feature of economic activity.
Economic gain
Can’t be measured in money terms.
Performed out of love and affection.
Results in satisfaction and happiness.
Non-economic activities are undertaken ______.
Out of love and affection.
Performed due to social reason.
Both out of love and affection and performed due to social reason.
Neither out of love and affection nor performed due to social reason.
Which of the following is not an economic activity?
Father teaching his son at home. (Teaching by father to his son at home)
Domestic work by a housewife.
Washing of father’s car by son.
All of these.
What is the name of the book written by Alfred Marshall?
Wealth of Nation
Political Economy
Principles of Economics
Welfare Economics
The General Theory of Employment, Interest and Money.
What is known as the study of individual units?
Macroeconomics
Microeconomics
Income and Employment Theory
Development economics
Study of aggregates is known as _______.
Macroeconomics
Microeconomics
Price theory
Factor price determination
Which of the following options is a micro-economic study?
National Income
Aggregate demand for goods and services.
Agricultural production
Household income
Which of the following options is not a macro-economic study?
Output of a firm
Household income
Market demand of apples
All of these.
Mr. Arvind wants to study the national income. Which branch of economics will he have to study?
Microeconomics
Factor price determination
Macroeconomics
Price theory
Which of the following is NOT an economic activity?
To worship
To help the poor
Donating blood to an injured person
All of these
Identify economic activity from the following:
A child playing with toys.
A woman cooking for her family.
Poultry farming
None of these.
ASSERTION - REASONING & MATCHING BASED QUESTIONS Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives:
Assertion (A): According to Adam Smith, economics is a study of wealth.
Reason (R): According to him, economics is a subject that tells us how to make a nation wealthy.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Assertion (A): A housewife cooking food for the family is an economic activity.
Reason (R): Donating blood to an injured is not an economic activity.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Identify the correct sequence of alternatives give in Column II by matching them with respective terms in Column I.
| Column I | Column II |
| (a) Father teaching to his son | (i) Economic activity |
| (b) Cultivation by farmer | (ii) 1776 |
| (c) Principles of Economics | (iii) 1890 |
| (d) An Enquiry into the nature & causes of wealth of Nations. | (iv) Non-Economic activity |
Choose the correct alternative:
(iv) (ii), (iii), (i)
(iii), (iv), (i), (ii)
(iv) (i), (iii), (ii)
(iv), (iii), (i), (ii)
Choose the correct pair of statements given in columns I and II below:
| Column I | Column II |
| (a) Science of wealth | (i) Marshall |
| (b) Science Material Welfare | (ii) Adam Smith |
| (c) Science of Scarcity | (iii) Robbins |
| (d) Science of Growth | (iv) Keynes |
Choose the correct alternative:
A - (i)
B - (ii)
C - (iii)
D - (iv)
SHORT ANSWER TYPE QUESTIONS
What do you mean by economic activities?
Classify the following activities into economic and non-economic activities:
- Selling of newspapers by a student in the morning.
- Washing own car.
- Dance performance by a student.
- A doctor treating patients in a hospital.
- Pocket allowance by father to his son.
- Public speech by Narendra Modi.
- Playing cricket by Rohit Sharma for India.
Who is known as the father of economics? Give the name of his famous book.
Give Adam Smith’s definition of economics.
Define welfare economics.
Give Robbins’ definition of economics.
Give growth definition of economics.
LONG ANSWER TYPE QUESTIONS
Distinguish between economic and non-economic activity.
Critically discuss wealth definition of economics as given by Adam Smith.
What are the main features of Marshall’s definition of economics?
Give Robbins’ definition of economics.
Explain Samuelson’s definition of economics.
Explain the growth-oriented definition of economics.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 1 Meaning and Definition of Economics QUESTION BANK [Pages 16 - 17]
What is meant by economics?
Explain the following term/concept.
Economic Activity
Mention the three economic activities.
Who is known as the father of economics? Give the name of his famous book.
Give the definition of goods.
What is wealth in economics?
Why does an individual need wealth?
What do you mean by scarcity of resources?
Write the definition of economics given by Adam Smith.
Write the definition of economics given by Marshall.
Discuss scarcity definition of economics given by Prof. Robbins.
Give growth definition of economics.
What is resource in economics?
Explain the features of Adam Smith’s definition of economics.
Explain the salient features of Marshall’s definition of economics.
What are the features of Robbins’ definition of economics?
Explain the features of growth definition of economics.
Compare and contrast the definitions of economics given by Adam Smith and Marshall.
Compare and contrast between the definitions of economics given by Marshall and Robbins.
Solutions for 1: Meaning and Definition of Economics
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 1 - Meaning and Definition of Economics
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