In the context of an economy when we talk about scarcity', we refer to short supply of land.
False: Scarcity refers to limited availability of all types of goods and services in relation to their requirements. The concept of scarcity, thus, is not limited to land alone.
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?
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
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.
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.
There are various sources of income a teacher has; such as,
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.
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]
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?
A farmer is getting more profit by producing opium rather than that of wheat. In situation of famine which crop should be produced?
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
State any two central problems under ‘problem of allocation of resources’.[CBSE Sample Paper 2016]
Give reasons for the following statements:
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?
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? 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.
In an underdeveloped economy why there is the need of efficient utilization of resources?