9th Class Economics Full Book Short Questions and Answers English Medium

Question # 1

Write Causes of agriculural backwardness

Ans 1: 1- Low income of Farmers: Due to low income level, farmers could not afford improved seed, quality fertilizers and modern agricultural implemtns necessary to increase agricultural production.
2- Water logging and salinity: According to an estimate, almost 17% of land is affected by water loggingand 33% by salinity. This has rendered about one fifth of our agricultural land useles.
3- Primitive Methods of Cultivation: Majority of our farmers are either not conversant ith the modern agriculture technology or not ableto efficiently make use of it due to lake of proper information, eduatin and training. It cause undertilization of production capacity of the land and therefore per care yield remains low.

Question # 2

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 # 3

Define Stock

Ans 1: Stock typically refers to two main concepts:
1- Inventory: In a business context, stock ofter refers to the inventory of goods or materials that a company holds for the pursoe of resale or use in production. It includes finished goods ready for sale, work in progress, and raw materials
Ans 2: 2- Ownership in a company: Stock can also represent ownership shares in a corporation. When a company decides to raise capital by issuing shares, it divides it ownship into units called shares or stock.

Question # 4

What is One price

Ans 1: In the perfect market, a law of one price holds. After the market forces of supply and demand of buyers and sellers, are at rest or in equlibrium, a single price for a good will prevail. the self intrested, competitive forces of buyers and sellers acting through supply and demand guarantee this important result.

Question # 5

What does material welfare menas.

Ans 1: Material welfare refers to the state or condition of well -being or prosperity, Primaril focused on material possessions, resources, and comforts, It encompasses the tangible aspects of lime such as access to basic necessities like food, shelter, clothig, as well as the ability to acquire goods and services that enhance quality of life. Material welfare is often measured by actors such as income levels, standard of living, access to health care and educationnnnn, employment opportunities,and overall economicstability.

Question # 6

Define Specific Time

Ans 1: Time period is also very important with reference to suply, for example whether it is daily, weekly or monthly, It means that quantity supplied is not determined within some time frame.

Question # 7

Defien Low per capita income in Pakistan?

Ans 1: A low per capita income in Pakistan refers to asituation where the average income eraned per person in the country is relaively low compared to other countries or regions. This means that, on average individuals in Pakistan earn a modest amount of money over a given period, typically a year. Low per capita income indicates limited economic persperity and can be indivative of various socia-economic chanlenges, including poverity, limite daccess to education and healthcare, and inadequate infrastructure development.

Question # 8

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 # 9

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 # 10

What is meant by equilibrium price and quantity?

Ans 1: Equilirbrium Price: This is the price at which the quantity of a good or service that producers are willing to supply equals the quantity that consumers are willing to purchase. At this price, there is neither a surplus nro a shortage of the product in the market.
Ans 2: Equilibrium Quantity: This is the quantity of the good or serice that is bought and sold at the equilibrium price. It represents the level of production adn consumption that maximizes societal welfare, as it reflects the optimal allocation of resources based on consumer preferences and producer costs.

Question # 11

Write Important Features of Economcis.

Ans 1: Important features of the definition are given below:
1- Economics is gthe study of daily activities of mankind.
2- Economics deals with the making of material goods either individually or collectively It ignores non material things.
3- Economics is linked with only those economic activitis, which generate materail requistes of well being.
4- Economics studies the wealth of nations only becuse it helps to gain himan welfare.

Question # 12

What are the three problems being faced by agriculture sector in Pakistan?

Ans 1: 1- Water scarcity and Irrigation Issue: Pakistan hevily relies on irrigation for its agriculture, but water scarcity dut to factors such as erraticrainfall, mismanagement of water resources, and inefficient irrigation practie poses a signicaint challenge.
2- Lack of Modernization and Technology Adoption: modern farming techniques, technologis and practices, Outdated farmign methods, limited machanization, and low use of fertilizers and pesticides contribute to low agricultrual productivity.
Ans 2: 3- Land Degradation and Soil Erosion: Soil erosion, salinty,and land degratatio are pressing issues affectign agricultral land in Pakistan, Improper land management practices, deforestation overgrzing, and excessive use of agrochemicals contruite to soil erosion and degradation, reducing soil fertility and productivy over time.

Question # 13

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 # 14

Write two factors affecting Demand other than price.

Ans 1: 1- Liking or disliking: If you like chocolate, your friend may lie ice cream, Preferences or tastes are important in determining our willingess to buy different types of goods. The demand for many goods, such as clothing and hairstyle, changes frequently as fashion changes. People plan to buy more at same price, if these are in fashion.
Ans 2: Income: An increase in income will also cause an increase in our demand for most of the goods. For example anincrease in income will icrease the demand for cloghitn if higher income causes an increase in the demand for a good, the product is a normal good.

Question # 15

Write Limitation of the Law of Demand.

Ans 1: 1- Inferior goods: In case of inferir goods people do not buy more evenif its price decreases so the law of demand will not apply in such cases.
Ans 2: 2- Scarce goods: If a shortage of supply of certain goods is expected, people will increse their demand even if its price increases. This is against the definition of the law so the law will not hold.

Question # 16

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.

Question # 17

Perfect Define of Equilibrium

Ans 1: Equilibrium in economics refers to the state of balance in market, where the quanitty demanded by consumers equals the quantity supplied by producers at a particualr price level. This equilibrium price and quantity represent the pointof agreement between buyers and sellers, ensuring that all goods or services produced are effectively consumed, and there is no excess supply or demand.

Question # 18

Why does price change in daily market?

Ans 1: Supply and Demand: Chagnes in supply and demandfor a product or service can directly impact its price, for Example, if the supply of a particular product decreases while demand reains constant or increses, the price is likely to rise, Conversely, if supply increase while demand decreases, the price may fall.
Ans 2: 2- Market Sentiment: Investor sentiment and perception of market conditions can affect prices. Positive news or deveopment about a company industyr, or economy may leadto increaseddemand and higher prices, while negative news or uncertainty can result in decreased demand and lower prices.
Ans 3: 3- Economic indicators: Economic indicators such as inflation rates, Unemploymetn levesls, GDP growth,and interest rates can influence market prices, For instance, high inflation may lead to higher prices for goods and services, while lower unemployment and strong economic growth may increase consumer confidence and spending, driving prices up.

Question # 19

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 # 20

What is innovation and Inventions.

Ans 1: Sometimes demand for a good is changed without any change in price level. For example, demand for computers will go up for publisheing books if it is quicker and easier to compose books on computer rather than manually.

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

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