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

Question # 1

Ans 1: Free Goods typically refer to products or services that are available at no cost to the consumer. These could be items given away as promotional gifts, samples distributed for testing purposes, or even resoruces provided by governments or organizations without charge, such as free healthcare or education. The concept of "Free Goods" can vary depending on context ; sometimes, the cost is covered by advertising revenue or subsidies, while in other cases,it might be funded though donations or taxes.

Question # 2

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 # 3

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 # 4

Ans 1: 1- Utility depends upon the intensity of a human desire. Thus it varies from an individual to individual.
2- Utility of a commodity increasses with its multile uses, Electricity and natural gas have great utility because they are used for many purposes.
3- Utility depends on the use of a good by a particular consumer For an uneducated person, a pen has no utility whereas for a student it has utility.
4- Utility provides a base for demand Only that good or service is demanded which has a utility.
5- although all useful thing possess utility but all thing that have utility may not be sueful.

Question # 5

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.

Question # 6

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 # 7

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 # 8

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 # 9

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 # 10

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.