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Read the extract and answer the following questions.
| Shruti and her friends have an idea to start selling makeup kits. They already have saved money for the merchandise, models and displays. Since they all own the company, they will work for free. |
- Name the factor of production which is not mentioned.
- Explain any four characteristics of the above (a) factor of production.
Concept: Factors of Production - Land
State four factors which determine the efficiency of labour.
Concept: Factors of Production: Labour
Discuss the decision-making function of an entrepreneur.
Concept: Factors of Production Entrepreneur
Explain any one factor that affects the supply of a commodity.
Concept: Concept for Demand
A list of goods is given below. Stale whether it is fixed capital or circulating capital
- Machines
- Raw material
- Fuel
- Office furniture
Concept: Concept for Demand
With help of an example explain the term complementary goods.
Concept: Determinants of Demand Or Demand Function > Market Demand Function
Explain any three factors that affect the demand for a commodity.
Concept: Determinants of Demand Or Demand Function
With suitable examples differentiate between complementary goods and substitute goods.
Concept: Determinants of Demand Or Demand Function > Market Demand Function
Why is supply directly proportional to price?
Concept: Concept for Demand
Explain briefly anyone determinant of an exceptional demand curve.
Concept: Law of Demand > Exceptions to the Law of Demand
With the help of suitable diagram explain the meaning of rightward shift in the demand curve. Explain briefly any two of its determinants.
Concept: Individual Demand and Market Demand
What is inflation impact on debtors?
Concept: Concept for Demand
Explain the following:
Walking inflation
Concept: Concept for Demand
What is meant by the contraction in demand?
Concept: Changes in Demand
Complete the following demand schedule:
| Price (in ₹) | Quantity of mangoes demanded (in kg) |
| 350 | 2 |
| 300 | |
| 250 | |
| 200 | |
| 150 | |
| 100 |
Concept: Individual Demand and Market Demand
What is the impact of the level of technology on supply?
Concept: Concept for Demand
Why is creeping inflation considered good for an economy?
Concept: Concept for Demand
Explain clearly two factors which determine demand.
Concept: Determinants of Demand Or Demand Function > Market Demand Function
State two factors affecting the market demand for a commodity.
Concept: Determinants of Demand Or Demand Function
Explain four causes of inflation.
Concept: Concept for Demand
