9th Class Economics Chapter 2 Short Questions and Answers English Medium

Question # 1

What is the meaning of Value?

Ans 1: Value has different meanings depending on the context but in general, it refers to the worth, usefulness, or importanceof somethign Here are a few common interpretations.
Ans 2: 1. Economic Value: In economics, value often refers to the worth of goods and services as determined by their utility scarcity , and demand, Economic value is subjective and can vary amongindividuals and societies.
Ans 3: 2. Personal Value: On a personal level, value can represent the significnce or importance of something to an individual, This could include personal beliefs, Principles, relationships, or experiences that hold meaning and importance in one's life.
Ans 4: 3. Market Value : Market Value refers to the price at which a product or servie can be exchanged in the marketplace. It's determined by factros such as supply and demand, competition and the perceived worth of the item by buyers and sellers.
Ans 5: 4. Moral or Ethical Value: Value can be also refer to moral or ethical pricniples that guide behavior and decision making. For example , someone might prioritize honesty,integrity, or social responsibliity as importat values.

Question # 2

Write four kinds of Wealth

Ans 1: Financial Wealth: This includes money, stocks, bonds , and othe rfinancial assets that can be easily converted into cash, Financial wealth represnts the ability to access pur chasing power and make investments.
Ans 2: 2- Physical Wealth: Physical wealth comprises tangibel assets such as real estate, land, buildings, vehicles, machinery, and other physical goods. These assets have inntrinsic value and can be used for various purposes, including shelter, transportation and production.
Ans 3: 3. Human Capital: Human capital refers to the knowledge, skills, experiences and abilities possessed by individuals, It represents the value that individuals contribute to economic activity through their labor and experties.
Ans 4: 4- Social Capital: Social Capital ecompasses the networks , relationships, and social connections taht individuals and groups possess. It includes factors such as trtust, reciprocity, and social cohesion within communities or organizations.

Question # 3

Write Kinds of Labour

Ans 1: Mental Labour: It is the struggle done with brain, We make plans to lauch any economic activity to satisfy our needs and requirements through all stages of life.
2- Physical Lobour: It is the struggle which is applied physicall , Struggle is needed to produce any good. Although a struggle cannot be measured but profit of a producer is the outcome of his mental and physical struggle. A labourer also gets wages as a result of his physical struggle.

Question # 4

What is Wants Mean

Ans 1: Wants mean desires and needs for good and servives which provide utility. People indulge themselves in various economic activities till the time of death in order to fulfill their ever emerging wants.

Question # 5

What is mean of Utility

Ans 1: In economics, "Utlity" refers to the satisfaction or usefulness that a consumer derives from consuming a good or service, It's a measufe of the level of satisfaction or happiness that an individual obtains from the consumption of a particular produce or service. Utility is a subjective concept, meaning it aries from person to person and can't be measure dobjectively Economists often use the concept of utility to understand consumer behavior, preferences,and choices.

Question # 6

Write down Kinds of Wants.

Ans 1: 1- Economics Wants: These are wants which can be satisfied only by paying for them if we need a haircut we have to py for it.If hunger strikes us at school we have to pay for eatables.
2- Non -Economic Wants: These wants can be fulfilled without payingin money terms. We want and get love, air an dlight without any payment. Such goods for which we do not have to pay are called free goods for example the air we breath in the sunshine, rain water, water in ocean etc.

Question # 7

What is Economic Goods.

Ans 1: Economics goods are tangibel or intangibel items tha thold value end are subject to exchagne in a market . They can be categorized into two main types.
Ans 2: 1- Consumer Goods: These are products designed and purchased for direct consumption or use by individuals, Examples include food, clothing, electronics, and cars.
Ans 3: 2- Capital Goods: These are goods used to produce other goods and services. Caitalgoods include machinery, tools, factories, and infrastructure.

Question # 8

What is the meaning of Scarcity.

Ans 1: Scarcity refers to the fundamental economic problem of limited resources relative to unlimited wants and needs. It's the condition where there are insufficient resources to satisfy all the wants and needs of individuals or society. In other words scarcity exists when the available resources are not enough to produce or provide all the goods and servies that people desire.
Ans 2: Scarcity forces individuals, businesses, and governments to make choices about how to allocated their limited resources efficiently. This concept is central to economics becasue it influences decisions about what to produce, how to produce, it and for whom to produce it. As a result scarcity is a key driver of economc behavior and decision making.

Question # 9

Define Utility

Ans 1: Generally speaking utility means the advantages from the ue of goods and services. It shows the usefuleness of the commodity in use. But in economics it means the pleasure or satisfaction obtained from a good or a service. In economics utility and usefulness have diffrent meanings.

Question # 10

Define Goods and Services.

Ans 1: Goods are all material thigns that are needed by man. The common feature of all the goods is that they satisfy hman wants. Utility and productivity are the general features of all the goods.
Ans 2: Services: Servies are indivisible goods which are in direct use by the people Teaching by a teacher medical treatment by a doctor and people's work for the welfare of a community, all are termed as services, Services are teh actions of individuals that make possible to satisfy one another's wants. Services have values so they are bought and sold like goods.

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9th Class Economics Chapter 2 Short Questions and Answers English Medium

9th Class English Medium Subjects

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Online Short Questions For Chapter 2 "9th Class English Medium Economics Chapter 2 "

Economics - 9th Class English Medium Economics Chapter 2

What is the meaning of Value?

Write four kinds of Wealth

Write Kinds of Labour

What is Wants Mean

What is mean of Utility

Write down Kinds of Wants.

What is Economic Goods.

What is the meaning of Scarcity.

Define Utility

Define Goods and Services.

Prepare Complete Set Wise Questions For Chapter 2 "9th Class English Medium Economics Chapter 2 "

Set 1

9th Class English Medium Economics Chapter 2 - Set 1

What is the meaning of Value?

Write four kinds of Wealth

Write Kinds of Labour

What is Wants Mean

What is mean of Utility

Write down Kinds of Wants.

What is Economic Goods.

What is the meaning of Scarcity.

Define Utility

Define Goods and Services.

9th Class English Medium Economics Chapter 2

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