Question # 1

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 # 2

Define Equilibrium

Ans 1: The Concept of equilibrium is used in both physical and social sciences and it is of central importance in economic analysis. In economics, a market is said to be in equilibrium whenall selleers and buyeers ars satisfied with one rice and there is no tendency for production or prie in that market to change.

Question # 3

What is Capital mean?

Ans 1: Capital generrally refers to the finaicial resoruces, machinery, equipment, and infrastructure uesed in the production of goods or the provision of serices in an economy.
Ans 2: 1- Physical Capital: This includes tangible assets such as buildings, machinery vechicles, tools, and equipment used in production processess.
Ans 3: 2- Financial Capital: Refers to money or funds available for investment in businesses or other ventures.Fincial capital can come from sources such as savings, investmetns, lons, or venture capital
Ans 4: 3- Human Capital: This reprsents the skills, knowledge, expertiese,and abilities of invidiuals that contribute to econmic productivity. Human capital is ofter developed through education training, and expereince.

Question # 4

Write graphic Presentation of the Law of supply

Ans 1: Price of onion in rupees
20
40
60
80
Ans 2: Quantity of Onions supplied in kilogram
10
20
30
40

Question # 5

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 # 6

Define Economic Equilibrium

Ans 1: All other things being equal a buyer will always choose a seller with the lowest price, whereas a sellers will choose, if possible, to sell at higher price. Only one price is possible where both seller and buyer and this is the state of equilibrium.

Question # 7

What does the supply schedule represent.

Ans 1: The supply schedule represent the quantities of a specific good or service that producers are willing to supply to the market at various price level, assuming other factors remain constant. It assentially illustrates the quantity supplied at different prices,providing insight into how producers respond to changes in price.

Question # 8

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 # 9

Defination of Economics of Adam Smith.

Ans 1: Adam Smithis called the founder of economics, According to him "Economcis is a science of wealth". He wrote a book in 1776 named."An Enquiry into the Nature and Causes of Wealth of Nations. " Inhis book , Adam Smith explained economics as.
" A study of wealth conerning with the production, consumption, distribution and exchenge of wealth in the buman society."

Question # 10

What is Population.

Ans 1: Since peiple are potential buyers, therefore, the demand for most goods will increase with the rise in population. For example, migration of people formrural to urban areas increases the demand for housing, restaurants and transportin urban areas.

Question # 11

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 # 12

What is the slope of a demand curve?

Ans 1: The slope of a demand curve represent the rate at which quantity demadned chagnes in respense to a change in price. It's typically negative,indicating that as the price of a good or service increases, the quantity demanded decreases. The magnitude of the slope indicates the degree of responsivenss of quantity demanded to chagne in price, known as price elasticity of demand.

Question # 13

What is Giffen Goods

Ans 1: Giffen Goods are special kinds of inferor goods. When price increases more is demanded and less of it is demanded if price is lower. It goes against the law of demand. for example, barley is inferior to wheat ,.

Question # 14

Define Supply

Ans 1: Supply referesto the quanity of goods of services that producers are willling and able to offer for sale at different prices withing a given time period. It's a fundamental concept in economics, representing the relationship between the price of a product and the quantity that producers are willing to produce and sell in the market.

Question # 15

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 # 16

Demand Demand.

Ans 1: Demand refers to the quantity of a good or service that consumers ae willing and able to purchase at vaious prices during a specific period. It represents the desire and purchasing power of consumers for a particular product or service. Demand is influencedby various factors including price, consumer preferences,income level, and the availbility of subsititutes, In ecomics, demand is ofter depicted graphically as a downward sloping curve, indicating an invers relationship between price and quantity demanded, assuming othe rfactor remain constant.

Question # 17

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 # 18

Define Entrepreneur

Ans 1: "The difference betwene the entrepreneur and other fators of production is that land, labour and capital can be hired but the entrepreneur cannot be hired."

Question # 19

Write determination of Market Equilitbrium

Ans 1:

Question # 20

Define Economics of Alfred Marshall

Ans 1: Alfred Marshall wrote the book on "Princles of Economics" in 1890 According to him,
Ans 2: "Economics is the study of mankind in the ordinary business of life it examines that part of individual and social action which is most closely connectd with the attainment and with the use of the material requistes of well beings."

Ch. #	Test Name	Total Questions	PDF File	Launch Test
1	9th Class English Medium Economics Chapter 1	14	Download PDF	Launch Test
2	9th Class English Medium Economics Chapter 2	13	Download PDF	Launch Test
3	9th Class English Medium Economics Chapter 3	10	Download PDF	Launch Test
4	9th Class English Medium Economics Chapter 4	11	Download PDF	Launch Test
5	9th Class English Medium Economics Chapter 5	10	Download PDF	Launch Test
6	9th Class English Medium Economics Chapter 6	10	Download PDF	Launch Test
7	9th Class English Medium Economics Chapter 7	10	Download PDF	Launch Test

Latest Educational News Stories

Pakistan's Largest Database of Colleges and Universities

BS Programs

University Past Papers

University Results

Exam Results 2024

Study Abroad Programs and Opportunities for Pakistani Students

Online Short Questions Preparations

Economics 9th Class English Medium Economics Full Book Test