Title Class 8 Social Science - Chapter 04 Basic Economic Problems and the Economy- Expected Questions@Textbooks All.pdf ✅

SOCIAL SCIENCE Basic Economic Problems and the Economy EXPECTED QUESTIONS FOR EXAMINATIONS 1.What is basic needs ? The essential needs for the survival of life such as food, clothing and shelter can be called basic needs. 2.What do you mean by Gratifying needs? There are certain needs that make our life more comfortable and happy. These are called gratifying needs. Examples for this include the use of luxury cars, expensive jewellery and costly dresses. 3. What are the Characteristics of Needs ? Human needs are diverse and innumerable . Some needs can be met alone and others through collective efforts .A need once fulfilled may be repeated .Needs vary with time, place and individuals. 4. What are the Basic Economic Problems faced by a society or a country? *What to produce? * How to produce? *For whom to produce? 5.Explain What to produce? Each country has to prioritise what to produce using the available resources. Once it is decided what to produce, the question as how much to produce becomes relevant. A country has to produce many goods and services.It is necessary to decide what industries to start and how many units if it is decided to manufacture industrial products. 6.Explain How to Produce? How to produce," focuses on the methods and techniques employed in the production process.There are two types of production Technique ; ie Labour Intensive Technique

Economy is man-made.Economy is subject to change .Economic activities in the economy keep changing.Production, distribution and consumption are the main activities in the economy. 14.What are the different Types of Economies and its Features Capitalist Economy -It is an economy in which ownership of the factors of production is concentrated in individuals. Features -All persons have the right to own property maximum profit .Limited government intervention.Competition among industries Socialist Economy -A socialist economy is one in which the government owns and controls all the factors of production. A centralised planning committee will take decisions on economic activities. Features -Ownership of the factors of production is vested in the government .Social welfare is the main objective .Government's control over the market reducing inequality in income and wealth. Mixed Economy -A mixed economy is one that combines some features of a capitalist economy and a socialist economy. Features -Coexistence of private and public sector.Profitability and social welfare become the main objectives .Individual freedom in economic activities.Financial planning for preparation of government schemes. 15.Who is known as the Father of Economics? Adam Smith 16. Economist and their thought Economist Thought/ ideas Alfred Marshall Formulated economics as the science that deals with welfare. Lionel Robbins Envisioned economics as the branch that deals with