Certainly! Here are 20 very short questions and answers related to Chapter 3 of Class 9 Economics, presented in a structured format for clarity.
1. What is the basic economic problem?
The basic economic problem is scarcity. It arises because resources are limited while human wants are unlimited.
2. What are the factors of production?
Factors of production include:
- Land
- Labor
- Capital
- Entrepreneurship
3. Define 'Land' in economics.
In economics, land refers to all natural resources used to produce goods and services, such as minerals, forests, and water.
4. What is 'Labor'?
Labor is the human effort, both physical and mental, used in the production of goods and services.
5. Explain 'Capital'.
Capital refers to the man-made resources used in production, such as machinery, tools, and buildings.
6. What does 'Entrepreneurship' mean?
Entrepreneurship is the ability to combine the other factors of production to create goods and services, often involving risk-taking.
7. What is opportunity cost?
Opportunity cost is the value of the next best alternative that is forgone when a choice is made.
8. Why is choice important in economics?
Choice is important because resources are limited, and individuals and societies must decide how to allocate them effectively.
9. What are consumer goods?
Consumer goods are products that are bought for personal use, such as food, clothing, and electronics.
10. Define 'Producer goods'.
Producer goods, or capital goods, are used to produce other goods and services, such as machinery and tools.
11. What is the role of technology in production?
Technology enhances the efficiency of production processes, leading to higher output and lower costs.
12. What are the two types of goods?
The two types of goods are:
- Durable goods
- Non-durable goods
13. Explain the term 'Economic System'.
An economic system is the means by which countries and governments organize and distribute resources, goods, and services.
14. What are the three basic economic questions?
The three basic questions are:
- What to produce?
- How to produce?
- For whom to produce?
15. Describe a 'Mixed Economy'.
A mixed economy combines elements of both capitalism and socialism, featuring both private and public ownership of resources.
16. What is 'Production Possibility Frontier' (PPF)?
The Production Possibility Frontier is a curve that illustrates the maximum feasible output combinations of two goods given available resources.
17. What does 'Efficiency' mean in economics?
Efficiency refers to the optimal use of resources to maximize output and minimize waste.
18. What is 'Economic Development'?
Economic development is the process through which a nation improves the economic, political, and social well-being of its citizens.
19. Define 'Economic Growth'.
Economic growth is an increase in the production of goods and services in an economy over time, indicated by GDP.
20. Why is understanding economics important?
Understanding economics helps individuals make informed decisions about resource allocation, consumption, and investment, impacting overall well