Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
Opportunity cost of any commodity is the amount of other good which has been given up in order to produce that commodity. Alternatively opportunity cost of a given activity is the value of the next best activity.
Initially at combination B, in order to produce one unit of X, the economy has to sacrifice one unit of Y. So, at combination B, opportunity cost is 1 unit. At combination C, for producing additional unit of commodity X, the economy has to sacrifice 2 units of commodity Y. So, at combination C, opportunity cost is 2 units. Similarly, at combination D, for producing additional unit of commodity X, the economy has to sacrifice 3 units of commodity Y. So, at combination C, opportunity cost is 3 units and so on.
A country's resources are fully and p efficiently employed. The problem of scarcity exists. What advice would be given to raise the efficiency level of the human resource to fight scarcity?
A doctor has a private clinic in New Delhi and his annual earnings are Rs 10 lakh. If he works in a government hospital in New Delhi, his annual earning will be Rs 8 lakh. What is the opportunity cost of having a clinic in New Delhi?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
There are various sources of income a teacher has; such as,
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
Giving reasons, state whether the following statements are true or false.
An economy always manages to meet all the needs of the people living in the country.
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.
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.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Production in an economy is below to its potentiality due to unemployment. Government starts employment generation schemes. Explain its effects by using production possibility curve.
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
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?
Name the economic value achievable when attempts are made to increase resources in the country.
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]
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
What will likely be the impact of large scale outflow of foreign capital on Production Possibility Curve of the economy and why?
In an underdeveloped economy why there is the need of efficient utilization of resources?
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?
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
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.
Give reasons for the following statements: