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?
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?
Explain the meaning of opportunity cost with the help of production possibility schedule.[CBSE, All India 2013]
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule.
Giving reason comment on the shape of Production Possibilities curve based on the following schedule.
Define Opportunity Cost. [CBSE 2007]
Or
Give the meaning of Opportunity Cost'. [CBSE 2008, 09]
Give reasons for the following statements:
India is a labour abundance and capital scarce economy. Which technique of production should be used to produce the commodity?
Define Marginal Opportunity Cost. Explain the concept with a hypothetical numerical example.[CBSE Sample Paper 2016]
A Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
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?
State any three assumptions on which a production possibilities curve is based. [CBSE 2013 Q]
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?
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.
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.
In an underdeveloped economy why there is the need of efficient utilization of resources?
Scarcity of resources is a universal phenomenon and is not confined to poor and backward countries only. Comment.
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?
Define microeconomics.[CBSE 2007C; AI 2005, 2012]
Or
Give the meaning of microeconomics.[CBSE 2009]
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.
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 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: