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

Question # 1

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 # 2

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 # 3

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 # 4

Write Characteristics of Utility

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

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 # 6

What does free goods mean.

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 # 7

Write Characteristics of Wants.

Ans 1: 1- Human wants are endless which cannot be listed
2- Wants if satus is fied appear again after sometime.
3- Wants may be satisfied by various alternative means.
4- Their importance depends on the degree of intensity
5- Wants complement each other When we buy a car we need to buy petrol also.
6- Wants may become a habit, sometimes it becomes a habit to smoke a cigarette.

Question # 8

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 # 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

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.

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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

Write Kinds of Labour

Write down Kinds of Wants.

What is mean of Utility

Write Characteristics of Utility

Write four kinds of Wealth

What does free goods mean.

Write Characteristics of Wants.

What is the meaning of Value?

Define Utility

What is the meaning of Scarcity.

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

Write Kinds of Labour

Write down Kinds of Wants.

What is mean of Utility

Write Characteristics of Utility

Write four kinds of Wealth

What does free goods mean.

Write Characteristics of Wants.

What is the meaning of Value?

Define Utility

What is the meaning of Scarcity.

9th Class English Medium Economics Chapter 2