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FAQs on Syllabus: Economics for Class 12 - Economics Class 12 - Commerce
| 1. What is economics and why is it important? |  |
Ans. Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. It helps us understand how decisions are made regarding production, consumption, and distribution of goods and services. Economics is important as it provides insights into various economic issues, helps in making informed decisions, and plays a crucial role in shaping policies for economic development.
| 2. What are the key principles of economics? | |
Ans. The key principles of economics include scarcity, opportunity cost, supply and demand, incentives, and efficiency. Scarcity refers to the limited availability of resources compared to unlimited wants and needs. Opportunity cost is the value of the next best alternative foregone when making a choice. Supply and demand determine prices and quantities in a market. Incentives influence human behavior and decision-making. Efficiency is the optimal use of resources to maximize output.
| 3. What are the different types of economic systems? | |
Ans. There are three main types of economic systems: market economy, command economy, and mixed economy. In a market economy, resources are allocated based on the interactions of buyers and sellers in the marketplace, with limited government intervention. In a command economy, the government controls all economic activities and resource allocation. A mixed economy combines elements of both market and command economies, where the government and private sector coexist and share in resource allocation.
| 4. What is the role of government in economics? | |
Ans. The role of government in economics varies depending on the economic system. In a market economy, the government's role is limited to enforcing property rights, providing public goods, ensuring fair competition, and correcting market failures. In a command economy, the government controls all aspects of resource allocation and economic decision-making. In a mixed economy, the government plays a dual role by providing public goods, regulating markets, promoting economic stability, and addressing income inequalities.
| 5. How does economics relate to other social sciences? | |
Ans. Economics is closely related to other social sciences such as sociology, political science, and psychology. It shares common concepts and methodologies with these disciplines. For example, economics and sociology both study human behavior, but economics focuses on economic behavior while sociology explores social behavior. Political science examines the role of government in economics, while psychology provides insights into individual decision-making processes that influence economic outcomes. These interdisciplinary connections help in gaining a comprehensive understanding of complex socio-economic issues.
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