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Solutions for Chapter 1: Basic Concepts in Economics
Below listed, you can find solutions for Chapter 1 of Maharashtra State Board Balbharati for Economics [English] 11 Standard.
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.1 [Page 8]
Choose the correct option:
Statements related to Economics
a) Economics is a social science.
b) Concept of economics is derived from Greek word ‘Oikonomia’.
c) Economics is related to the study of human economic behavior.
d) Economics is related to management of the household
a, b and c
a and b
b and c
a, b, c and d
Statements incorrect with reference to Adam Smith's definition:
- Adam Smith is a classical economist.
- Wealth of Nations is authored by Adam Smith.
- Economics is the science of wealth.
- Economics studies common man.
d
a, b and c
a and d
c and d
Choose the correct option:
Key points in Lionel Robbins' definition
a) Wants are unlimited
b) Means are limited
c) Wants are not gradable
d) Means have alternative uses.
a and b
b and c
a, b and d
a, b, c and d
Choose the correct option :
Statements related to wealth
a) Wealth means anything which has market value and can be exchanged for money.
b) It is external to human being.
c) Wealth has no utility.
d) Wealth is scarce and exchangeable
a, b and d
a, c and d
b, c and d
none of the above
Choose the correct option :
Aspects considered in National Income :
a) Final goods and services are included in national income.
b) Produced goods and services in a financial year are included in national income.
c) Double counting is avoided.
d) Value is considered as per market price
a and c
b and c
a, b and d
a ,b ,c, and d
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.2 [Page 8]
Complete the correlation:
Natural sciences : Exact sciences : : Social sciences : __________
Complete the correlation:
Physics :______________ : : Psychology : Social science
Complete the correlation :
Arthshastra : Kautilya : : Wealth of Nations :______________
Complete the correlation :
Necessity :______________ : : Comforts : Washing machine
Complete the correlation :
Free goods : Value-in-use : : Economic goods :______________
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.3 [Page 8]
Identify and explain the concept from the given illustration:
My father purchased a two wheeler vehicle. This helps to fulfil my travel needs.
Identify and explain the concept from the given illustration:
A study of the annual income of the family of Ramesh.
Identify and explain the concept from the given illustration :
As per the data for financial year 2018-19, the country's production of goods and services increased by 20%
Identify and explain the concept from the given illustration :
Karuna's mother saves 1000/- every month out of her given salary.
Identify and explain the concept from the given illustration :
Ram's father utilized his provident fund amount to set up grocery store
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.4 [Page 8]
Answer the following:
Explain the features of wealth.
Explain the characteristics of human wants.
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.5 [Page 8]
State with reasons whether you agree or disagree with the following statement:
All wants can be satisfied at a time.
Agree
Disagree
State with reasons whether you agree or disagree with the following statement:
Human wants change as per the seasons and preferences.
Agree
Disagree
State with reasons whether you agree or disagree with the following statement:
Value-in-use and Value-in-exchange are the same
Agree
Disagree
Balbharati solutions for Economics [English] 11 Standard 1 Basic Concepts in Economics Exercise Q.6 [Page 8]
Answer in detail.
Explain the basic concepts of macro economics.
Solutions for 1: Basic Concepts in Economics
Balbharati solutions for Economics [English] 11 Standard chapter 1 - Basic Concepts in Economics
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Concepts covered in Economics [English] 11 Standard chapter 1 Basic Concepts in Economics are Introduction to Basic Concepts in Economics, Meaning of Economics, Nature of Economics, Branches of Economics, Micro Economics, Basic Concepts of Micro Economics, Macro Economics, Basic Concepts of Macro Economics.
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