1 Mark Questions of Economics Class 10 Chapter 2 NCERT:

1. Define the term 'Goods'.
Goods refer to the tangible products that are produced and consumed to satisfy human wants. These can be classified into two categories - consumer goods and capital goods. Consumer goods are directly used by consumers to satisfy their needs, while capital goods are used in the production of other goods and services.

2. What is meant by 'Market' in economics?
In economics, a market refers to the arrangement where buyers and sellers come together to exchange goods and services. It can be physical or virtual, where the prices of goods and services are determined based on the demand and supply dynamics. Markets play a crucial role in the economy by facilitating the allocation of resources and distribution of goods and services.

3. Explain the concept of 'Human Capital'.
Human capital refers to the skills, knowledge, and capabilities possessed by individuals that contribute to their productivity and economic value. It includes factors like education, training, experience, and health. Investing in human capital through education and training programs can enhance the overall productivity and economic development of a country.

4. Define the term 'Opportunity Cost'.
Opportunity cost is the value of the next best alternative foregone when a choice is made. It represents the trade-off between different options and helps in making rational decisions regarding resource allocation. Understanding opportunity cost is essential in economics to assess the true cost of decisions and prioritize scarce resources effectively.

5. What is meant by 'Gross Domestic Product (GDP)'?
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders in a specific time period, usually a year. It serves as a key indicator of a country's economic performance and is used to measure the size of the economy. GDP can be calculated using three different approaches - production, income, and expenditure method.