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Chapters
1: Introduction to Economics
▶ 2: Basic Economic Entities in an Economy
3: Basic Concepts of Economics
UNIT II : TYPES OF ECONOMIES
4: Types of Economies
UNIT Ill : PROBLEMS OF AN ECONOMY
5: Basic Problems of An Economy
UNIT IV : THE INDIAN ECONOMY - A STUDY
6: Main Sectors of the Indian Economy
7: Primary Sector : Agriculture
8: Secondary Sector : Industry
9: Tertiary Sector
UNIT V : MAJOR PROBLEMS OF THE INDIAN ECONOMY
10: Poverty in India
11: Problem of Unemployment in India
UNIT VI : MAJOR REFORMS AND EMERGING TRENDS IN THE INDIAN ECONOMY
12: LPG Model (or New Economic Policy)
13: Emerging Trends in the Indian Economy
![J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 2 - Basic Economic Entities in an Economy - Shaalaa.com](/images/economics-english-class-9-icse_6:dc598a989b0940669882c208997b9511.jpg "J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 2 - Basic Economic Entities in an Economy")
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Solutions for Chapter 2: Basic Economic Entities in an Economy
Below listed, you can find solutions for Chapter 2 of CISCE J. P. Goel and Kaushal Goel for Economics [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 2 Basic Economic Entities in an Economy QUESTIONS [Pages 22 - 24]
MULTIPLE CHOICE QUESTIONS
An economy encompasses ______.
activities related to production only
activities related to consumption only
trade of goods and services only
all economic activities
Dairy comes under which sector of an economy?
Primary
Secondary
Tertiary
Private
Which of the following is/are considered secondary producers?
A farmer cultivating the field.
A gardner looking after his garden.
A weaver weaving the cloth.
A doctor treating the patient.
A ______ is someone who creates and supplies goods or services.
producer
consumer
both producer and consumer
neither producer nor consumer
Baker is a ______ producer.
primary sector
secondary sector
tertiary sector
public sector
Producers are important because:
they produce and supply goods and services in the market.
they create demand for various factors of production in their productive activities.
they produce and supply goods and services in the market and they create demand for various factors of production in their productive activities.
neither they produce and supply goods and services in the market nor they create demand for various factors of production in their productive activities.
Consumers play a vital role in the economy of a nation because:
they are source of demand for all goods/services.
different consumers have different types of demand which will encourage producers to produce various types of goods in the market.
they are source of demand for all goods/services and different consumers have different types of demand which will encourage producers to produce various types of goods in the market.
neither they are source of demand for all goods/services nor different consumers have different types of demand which will encourage producers to produce various types of goods in the market.
______ is a primary producer.
Fisherman
Baker
Weaver
Transporter
When we produce a good by exploiting natural resources, it is called ______.
Tertiary sector
Secondary sector
Primary sector
Public sector
Using sugarcane as raw-materials, we make sugar. Under which sector does this activity come?
Primary sector
Secondary sector
Tertiary sector
Industrial sector
The secondary sector is also called ______.
service sector
private sector
agriculture sector
industrial sector
Primary sector is NOT related to ______.
Agriculture
Forestry
Dairy
Conversion of raw material into a product
Which of the following types of activities is/are covered in the secondary sector?
It produces services rather than goods
Natural products are changed through manufacturing
Goods are produced by exploiting natural resource
Transport and communication
ASSERTION-REASON BASED QUESTIONS
Assertion (A): Secondary sector is also known as manufacturing sector.
Reason (R): Secondary sector produces goods by exploiting natural resources.
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): Households are the owners of factors of production.
Reason (R): They supply factor services to the producers.
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.
Statement (1): Doctor is a tertiary sector producer.
Statement (2): A farmer is a primary sector producer.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
Both statements are true.
Both statements are false.
SHORT ANSWER TYPE QUESTIONS
Define economy.
What do you understand by economic entities?
Who are households?
Who are producers?
What is the importance of households in an economy? Give two points.
What is the importance of producers in an economy?
What are the two ways through which firms play an important role in an economy?
Mention two ways by which the government regulates the functioning of a market economy.
LONG ANSWER TYPE QUESTIONS
“Economy is a system of cooperation among producers”. Explain the statement.
“Economy is a system of mutual exchange”. Explain.
Classify the various economic entities of an economy.
What is the importance of producers in an economy?
Describe briefly role of government in an economy.
What do you understand by households?
Describe briefly the role of households in an economy.
Classify the following into primary, secondary and tertiary producers:
- Farmer
- Moneylender
- Basket weaver
- Indian Railways
- Air India
- Miller
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 2 Basic Economic Entities in an Economy QUESTION BANK [Page 24]
Define an economy.
What do you understand by economic entities?
Classify the various economic entities of an economy.
Who are consumers?
OR
Who are households?
What is a firm?
OR
Who is a producer?
Define the term ‘government’.
State the classification of producers.
What is foreign sector?
What is primary sector of an economy? Give two examples of primary sector activities.
What is secondary sector? Give an example of secondary sector activity.
What is tertiary sector? Give two examples.
Solutions for 2: Basic Economic Entities in an Economy
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 2 - Basic Economic Entities in an Economy
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