Answer the following in 1 sentence or word each. Each carries 1 marks
1. What is economics according to Alfred Marshall?
According to Alfred Marshall Economics is a study of mankind in the ordinary business of life
2. What are economic data?
Economics facts and figures are called economic data
3. The national divided into wages profit rent and interest what is it called?
It is called gross domestic product
4. What is statistics
Statistics deals with the collection, organization, analysis, interpretation and presentation of numerical
data
Answer the following in 4 sentences each. Each carries 2 marks
1. Generally in which three parts is economics discussed?
Economics is mainly discussed in three parts production distribution and consumption.
You know how the consumer decides, given his income and many alternate goods to choose from what
to buy when he knows the price is this is the study of consumption
To know how the producer chooses how to produce for the market is the study of production
When we want to know how national income or the total income arising from what has been produced
in the country is distributed through wages profit and interest is the study of distribution.
2. Mention the difference between employer and employee
Employee:
Who is working for some other person to get paid for is known as employee
Employee provide services to the employer
Employer:
An individual who provides job to a person is known as employer
Employer provides wages to the employee.
3. Mention two scarcities in your life
Scarcity of drinking water
Scarcity of fresh air
Scarcity of money
1. What is economics according to Alfred Marshall?
According to Alfred Marshall Economics is a study of mankind in the ordinary business of life
2. What are economic data?
Economics facts and figures are called economic data
3. The national divided into wages profit rent and interest what is it called?
It is called gross domestic product
4. What is statistics
Statistics deals with the collection, organization, analysis, interpretation and presentation of numerical
data
Answer the following in 4 sentences each. Each carries 2 marks
1. Generally in which three parts is economics discussed?
Economics is mainly discussed in three parts production distribution and consumption.
You know how the consumer decides, given his income and many alternate goods to choose from what
to buy when he knows the price is this is the study of consumption
To know how the producer chooses how to produce for the market is the study of production
When we want to know how national income or the total income arising from what has been produced
in the country is distributed through wages profit and interest is the study of distribution.
2. Mention the difference between employer and employee
Employee:
Who is working for some other person to get paid for is known as employee
Employee provide services to the employer
Employer:
An individual who provides job to a person is known as employer
Employer provides wages to the employee.
3. Mention two scarcities in your life
Scarcity of drinking water
Scarcity of fresh air
Scarcity of money
