SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics

SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics Solutions English Medium As Per New Edition Syllabus to each chapter is provided in the list so that you can easily browse through different chapters. SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics Question Answer in English and select need one. SEBA Class 9 Social Science Textual Solutions Download PDF.

SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics

SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics Also, you can read the (SCERT) in these sections Solutions by Expert Teachers as per Board of Secondary Education, Assam (SEBA) Guidelines. SEBA Class 9 Social Science Chapter 12 Basic Concepts of Economics. Here we have given SEBA Textual Solutions For Class 9 Social Science English Medium.

Basic Concepts of Economics

POLITICAL SCIENCE AND ECONOMICS

EXERCISE

GIVE VERY SHORT ANSWER:

1. The word ‘economics’ has been derived from the word of which language?

Ans: Greek.

2. The word ‘economics’ has been derived from which word?

Ans: Oikonomia (Oikos = household, Nomos = management).

3. Who is the father of economics?

Ans: The father of economics is Adam Smith.

4. Who has given the wealth-based definition of economics?

Ans: Adam Smith.

5. Who has given the welfare-based definition of economics?

Ans: Alfred Marshall.

6. Who has given the scarcity definition of economics?

Ans: Lionel Robbins.

7. In which book and when did Adam Smith give his definition of economics?

Ans: An Inquiry into the Nature and Causes of the Wealth of Nations in 1776.

8. In which book and when did Alfred Marshall give his definition of economics?

Ans: Principles of Economics in 1890.

9. In which book and when did Lionel Robbins give his definition of economics?

Ans: An Essay on the Nature and Significance of Economic Science in 1932.

10. Who said that the definition of economics given by Adam Smith is the ‘Gospel of Mammon’?

Ans: Carlyle.

11. Who offered the definition of economics based on efficiency?

Ans: Paul A. Samuelson.

12. What is the power of a commodity to satisfy human wants?

Ans: Utility.

13. What are the produced means of production called?

Ans: Capital goods.

14. The words ‘micro’ and ‘macro’ have been derived from which words?

Ans: ‘Micro’ from Greek word mikros (meaning small), and ‘Macro’ from Greek word makros (meaning large).

GIVE SHORT ANSWER:

1. Write the definition of economics given by Adam Smith.

Ans: According to Adam Smith, “Economics is an inquiry into the nature and causes of the wealth of nations.”

This definition focuses on the production and accumulation of wealth.

2. Write the definition of economics given by Marshall.

Ans: According to Alfred Marshall, “Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.” This is known as the welfare definition of economics.

3. Write the definition of economics given by Robbins.

Ans: According to Lionel Robbins, “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” This is known as the scarcity definition of economics.

4. Write the definition of economics given by Samuelson and Nordhaus.

Ans: According to Paul A. Samuelson and William Nordhaus, “Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.” This is known as the growth and efficiency-based definition of economics.

5. What are the basic concepts of the definition of economics given by Robbins?

Ans: The basic concepts of Lionel Robbins’ definition of economics are:

(i) Unlimited wants – Human wants are endless.

(ii) Limited means – Resources to satisfy wants are scarce.

(iii) Alternative uses – Resources can be used for different purposes.

(iv) Choice – Economics studies how people make choices to allocate scarce resources efficiently.

6. What is Micro economics?

Ans: Microeconomics is the branch of economics that studies individual units such as consumers, firms, and markets. It focuses on demand, supply, price determination, and resource allocation at a small scale.

7. What is Macro economics?

Ans: Macroeconomics is the branch of economics that deals with the economy as a whole. It studies aggregate indicators like national income, employment, inflation, and economic growth.

8. Show the differences between free goods and economic goods.

Ans: The differences between free goods and economic goods are given below:

Basic	Free Goods	Economic Goods
1. Availability	Available in abundance	Limited in supply
2. Price	No price; free of cost Has a price;	involves cost
3. Ownership	No ownership rights	Can be owned and exchanged
4. Examples	Air, sunlight (in normal conditions)	Food, clothing, petrol

9. What is National Income?

Ans: National Income is the total monetary value of all final goods and services produced by a country during a financial year, including income earned from abroad. It is a measure of a nation’s economic performance.

10. What is Per Capita Income?

Ans: Per Capita Income is the average income earned by each individual in a country during a year. It is calculated by dividing the National Income by the total population.

GIVE LONG ANSWERS:

1. Explain with examples, the importance of the study of economics.

Ans: The study of economics is extremely important in understanding how individuals, societies, and governments make choices regarding the use of limited resources. 

Its importance can be explained as follows:

(i) Promotes Civic Awareness: Economics helps citizens understand how the government collects revenue (like taxes), how it is spent, and whether it is used properly or not. 

Example: A responsible citizen can question whether public funds are being spent on health and education efficiently.

(ii) Identifies Causes of Poverty and Unemployment: It helps in understanding the reasons behind poverty and unemployment and guides policymakers in framing effective solutions. Example: Economists study income patterns to recommend welfare schemes for poor and backward regions.

(iii) Helps in Understanding Price Rise and Inflation: It enables consumers to understand why prices of goods and services increase and how it affects their daily life. Example: During inflation, people understand why the cost of essential goods like vegetables and fuel rises.

(iv) Makes Us Aware of Globalisation and Trade: Economics explains the impact of globalisation, international trade, and foreign investment on local markets. Example: Understanding the benefits and challenges of multinational companies operating in India.

(v) Assists in Better Decision-Making: Economics teaches how to make rational decisions regarding spending, saving, and investment based on needs and priorities.

Example: A family can decide whether to spend on luxury items or save for future emergencies.

(vi) Encourages Economic Development:

It helps in understanding how to develop a nation by properly utilizing natural and human resources. Example: Knowledge of economics helps the government in making budgetary and developmental policies.

(vii) Explains the Importance of Exchange: Economics shows how exchange of goods and services takes place within and between countries. Example: The Jonbeel Mela in Morigaon, Assam, is a traditional example of the barter system, where tribes exchange goods directly without money.

Thus, the study of economics is essential in modern society. It not only helps individuals manage their lives better but also helps governments frame policies for the welfare and development of the country.

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SEBA Class 9 Social Science Solutions [New Editions Updated]

Sl. No.	CONTENTS
Chapter – 1	Advent of the Europeans into India
Chapter – 2	Growth of Indian Nationalism
Chapter – 3	The Moamoriya Rebellion
Chapter – 4	Burmese Invasion of Assam
Chapter – 5	Beginning of The British Administration in India
Chapter – 6	Change of the Earth’s Surface
Chapter – 7	Atmosphere: Structure, Air Pressure and Wind System
Chapter – 8	Geography of India
Chapter – 9	Geography of Assam
Chapter – 10	Political Parties in India
Chapter – 11	Types or Classification of Government
Chapter – 12	Basic Concepts of Economics
Chapter – 13	Basic Economic Problems