What is meant by economising of resources? [CBSE 2003]
Economising of resources means that resources are to be used in such a manner that maximum output is realised per unit of input. It also means optimum utilisation of resources.
Why is it that on one hand coal is found in plenty, yet it is scarce while on the other, a rotten vegetable is rare but not scarce?
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
Although water is useful, yet it is cheap. On the contrary, diamond is not much of use, still it is very expensive. Give an economic reason for this paradox.
Give one/two examples of microeconomics study.[CBSE 2004C, 09, 09C, 11C;AI 2004, 05, 07, 11]
Or
Name any three variables of micro-economics.
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule.
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
In an underdeveloped economy why there is the need of efficient utilization of resources?
Why does an economic problem arise? [CBSE 2007]
Or
What gives rise to an economic problem? [CBSE, Sample Paper 2008] Or
Why does the problem of choice arise? [CBSE 2004]
Give reasons for the following statements:
As water resources are limited in our country, how can we economise the water resources so that it could not cause a future problem for us? Give any two suggestions.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
A teacher is getting Rs 6,000 per month as salary. If he leaves the job and starts tuition work, he is expected to earn Rs 5,000 per month. What would be his opportunity cost?
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
Give reasons for the following statements:
In the context of an economy when we talk about scarcity', we refer to short supply of land.
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
The problems of scarcity of resources and their alternate uses arise everywhere but particularly in backward countries. For their solution non-economic considerations can be stressed. How?
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
What is likely to be the impact of Make in India' appeal to the foreign investors by the Prime Minister of India, on the production possibilities frontiers of India? Explain.
Why does an economic problem arise? [CBSE 2006, 07C, 09; Or AI 2007]
State any two causes of economic problem. [CBSE 2005C, 09C, 12;Or AI 2007]
State two characteristics of the economic resources which give rise to economic problem.Or [AI 2007]
Why does problem of choice arise?[CBSE 2004, 05C, 06, 07] Or
Explain three factors that lead to an economic problem.
Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
With the same amount of resources a farmer can feed the following combination of goats and horses:
Taking into consideration the options available with him, find out the opportunity cost of the farmer of feeding one horse.