Worksheet: Introduction - 2 | Economics Class 11 - Commerce PDF Download

Fill in the Blanks 

Q1: Consumption refers to ______________ goods and services to satisfy our wants or needs directly.

Q2: What is the primary focus of the study of production? It involves the process of transforming ______________ into useful goods or services.

Q3: Saving is the portion of income that is not spent on consumption and involves the practice of restraining ______________ consumption.

Q4: Economic activity pertains to activities involving limited resources, as resources are always scarce relative to our ______________.

Q5: What term refers to the expenditure made by producers to acquire assets that can generate income? It is known as ______________.

Q6: An employee receives payment in the form of salary or wages from an employer for the work they provide. Who is an ______________ in economics?

Q7: What is the widely accepted definition of economics? "Economics is the study of how people and society choose to employ scarce resources that could have ______________ in order to produce various commodities that satisfy their wants and to distribute them for consumption among various persons and groups in society."

Q8: In economics, what is the relationship between a consumer and a producer?

Q9: What is the primary focus of the study of distribution in economics?

Q10: Statistics is the study of collecting, analyzing, interpreting, presenting, and organizing ______________.

Assertion and Reason Based

Q1: Assertion: Consumption refers to utilizing goods and services to satisfy our wants or needs directly.
Reason: The economic problem arises due to the scarcity of resources.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true, but Reason is false.
(d) Both Assertion and Reason are false.

Q2: Assertion: Statistics is the study of collecting, analyzing, interpreting, presenting, and organizing data.
Reason: Statistics primarily deals with individual cases and not aggregates.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true, but Reason is false.
(d) Both Assertion and Reason are false.

Q3: Assertion: Economic forecasting is made possible through statistics.
Reason: Statistics facilitates comparisons between different sets of data.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true, but Reason is false.
(d) Both Assertion and Reason are false.

Q4: Assertion: Statistics is best utilized by experts with appropriate knowledge and skills.
Reason: The interpretation of statistical results can sometimes lead to erroneous conclusions.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true, but Reason is false.
(d) Both Assertion and Reason are false.

Q5: Assertion: The economic problem arises due to the scarcity of resources.
Reason: Economic forecasting is made possible through statistics.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true, but Reason is false.
(d) Both Assertion and Reason are false.

Very Short Answer Type Questions

Q1: Define "producer" in economics.

Q2: What is the primary focus of the study of consumption in economics?

Q3: Explain the concept of saving in economics.

Q4: Why does the economic problem arise?

Q5: Define "investment" in economics.

Q6: Who is an "employee" in economics?

Q7: Provide the widely accepted definition of economics.

Q8: How does statistics relate to economics?

Q9: Explain the features of statistics in economics.

Q10: List three functions of statistics in economics.

Short Answer Type Questions

Q1: Describe the difference between economic and non-economic activities.

Q2: Explain how statistics aids in policy formation in economics.

Q3: What are the limitations of statistics in economics?

Q4: Discuss the primary aim of gathering data in economics.

Q5: Define statistics in both plural and singular senses.

Q6: How does statistics facilitate comparisons between different sets of data?

Q7: Explain the concept of economic forecasting in economics.

Q8: Why is it important to have proper context and reference for accurate interpretation of statistical results in economics?

Long Answer Type Questions

Q1: Discuss the fundamental relationship between economics and statistics, and how statistics plays a crucial role in understanding and addressing economic issues. Provide examples.

Q2: Explain the features of statistics in economics, highlighting the significance of each feature. Use examples to illustrate these features.

Q3: Elaborate on the different functions of statistics in economics and provide real-world scenarios where each function is applicable.

Q4: Analyze the limitations of statistics in economics, focusing on the challenges and potential pitfalls that economists should be aware of when using statistical data in their analyses.