9th Class Economics Full Book 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

Define Capital

Ans 1: "Capital is the wealth wich yield an income or aids in the production of an income or is intended to do so".

Question # 3

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 # 4

Write three factors the affect the quantity supplied.

Ans 1: 1- Price of the Goods or Service: The Most significant fator inluencing the quantity supplied is the price of the good or service itself.Generally, as the price increaes, producers are willing to supply more of the product to the market becase it becomes more profitable to do so.
Ans 2: 2- Cost of Production:The cost of producing the good or service, including raw materials, lobor rent ,and other inputs, direcly impacts the quantity supplied.
Ans 3: 3- Technolgical Advacements: Improvements in technology can incresse production efficiency and reduce costs, leadingto an increase in the quanitity supplied, Conversely, outdated orinefficient technology many limit production capacity and decrese supply.

Question # 5

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 # 6

Define Meaning of Supply

Ans 1: "Supply is the quantity of a good sellers wish to sell in the market at a specifict time and price".

Question # 7

What is Consumption of Wealth

Ans 1: It is that part of wealth with we spend on necessities of life.

Question # 8

Important features of Robbi's definition are Economics.

Ans 1: 1- Human efforts to fulfill unlimited wants with limited resources.
2- Economic problem arises because resoruces are scarece.
3- Problem of choice arises becasue resources have alternative uses.

Question # 9

Define Elasticity of Supply

Ans 1: In economics, the concept of elasticity is also important just like the elasticiyof demand. The chagne in quantity supplied due to a change in price is called elascicity.

Question # 10

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 # 11

What is Specific Price

Ans 1: As good is demanded at a certain price similarly supply cannot be explained without price. Quanty is always supplied at some specific price.

Question # 12

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 # 13

Define Macro - economics

Ans 1: Macro-economics is the study of economic system as a whole instead of small units, It develops relatiionshp between major economic aggrgates and average. Fro example it considears income of a country instead of an individual unemployment of a country instead of an individual etc.

Question # 14

Define Economics

Ans 1: The word 'economics' is derived from a Greek wordl " Oikonomos" ,which means 'Houshold Management'.In the beginning, the subject of economics was related to the efforts of an individual hosehold management in which man tied to fulfill unlimited wants with limitd resorueces. Human material welfare is always the basic motive for these efforts.

Question # 15

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 # 16

Write down three reasons of population growth?

Ans 1: 1- Ferility Rates: High fertility raes, espcially in regions with limited access to contraceptation and family planning services, contribute signifcantly to population growth.
Ans 2: 2- Decline is mortality Rates: Improvements in healthcare, sanitation, and nutrition haveled to a decline in mortality rates worldwide. Reduced mortality rates mean more people survive to reproductive age and beyond, leading to population growth.
Ans 3: 3- Migration: Migrtion whether internal or international, can contribute to population growth in arease where migrants setle.Migration patterns are influenced by factor such as economci opportunites, politicla instablility confict, ad environmental conditions and they can significantly impact population demographics in both sending and receiving regions.

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

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 # 19

What does other thing remain constnat mean in the law of demand.

Ans 1: In the law of demand, the phrase " Other things remainign constant" refers to the assumption that all other factors influencing demand are held constant, except for the price of the good or service in question.
Ans 2: The law of demand states that,all else being equal as the price of a good or service decreases, the quantity demanded of that good or serice will increases, and vice versa. However,in real -wordl situations, many factors can influence demand apart from just the price, such as consumer income preferences, prices of relatd goods, and so on.

Question # 20

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."

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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