Chapter 8 Introduction to Economics
- Explain the nature of globalisation. Globalisation means aligning the economy of the country with the world economy. There is free trade and all restrictions on (foreign) invest... 1
- What are the main features (components) of the economy? The economy is a system related to the production, distribution and consumption of goods and services in a specific region. The main feature... 1
- Explain the nature of the Socialist Economy. There is no private ownership of the means of production as these belong to the society as a whole. There is total control of the State over... 1
- Explain the nature of the Capitalist Economy. The ownership and control of means of production is in the hands of the private individuals in the Capitalist Economy. There is no control o... 1
- Write a description of Economics given by Lionel Robbins. According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Name the factors affecting an economy. The factors affecting an economy are: Geographical area and natural resources. Population Occupations Political Sovereignty 1
- Explain the importance of Economics. Economics is an important Social Science Subject. We use Economics on a large scale in agriculture, trade, finance, administration, law and... 1
- Explain the functions of an economy. Every country has a different economy. But the main functions of an economy are similar. Some of the main functions of an economy are: Decid... 1
- Distinguish between Capitalist Economy and Socialist Economy. Criteria Capitalist Economy Socialist Economy Definition A capitalist economy is one in which private firms control key production component... 1
- What is the World Economy? World Economy is a borderless economy in which natural resources, profit, services, capital, labour and technology flow freely across the co... 1
- How does Adam Smith describe Economics in his ‘Wealth of Nations’? In the book ‘Wealth of Nations’ Adam Smith describes Economics as ‘the science of wealth’. 1
- Name Adam Smith’s book and year of publication. Adam Smith’s book is titled ‘Wealth of Nations/ and was published in 1776. 1
- What is the main aim of a Socialistic economy? The main aim of a Socialistic economy is to achieve social welfare. 1
- What do you mean by Socialistic economy? The economy in which the means of production belong to the society as a whole i.e. the government’s control is known as a Socialistic econom... 1
- Which countries have adopted Capitalistic Economy? Germany, Japan and USA are the examples of countries which have adopted Capitalistic economy. 1
- What is the main aim of a Capitalistic Economy? The main aim of a Capitalistic Economy is to earn maximum profit. 1
- What is a Capitalistic Economy? The economy in which the ownership and management of the means of production is in the hands of private individuals is called as a Capitalis... 1
- Define Economics ? in simple way According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Suppose you are the finance minister of an agrarian country. Giving priority to the overall development of the country, As a Finance Minister of an Agrarian country like India, I would focus on transforming India in five areas: Modernization of agriculture, en... 1
- What do you mean by globalisation? Globalisation means aligning the country’s economy with the world economy. 1
- In a capitalistic economy, to whom does the ownership and management of means of production belong? In a Capitalistic Economy, the ownership and management of means of production belong to the private sector. 1
- From which Greek word is the term ‘Economics’ derived? The word ‘Economics’ is derived from the Greek word ‘Oikonomia’ which means family management. 1
- To which economic factor is the management of individual or family finances related? Management of individual or family finances is related to the economic factor of ‘income and expenditure. 1
- On the basis of economies, we can divide countries into three groups. The activities related to the production, distribution and consumption of goods and services in a specific region is called economy. On the... 1