Basic Concepts of Economics — Chapter Summary
ICSE · Class 9 · Economic Applications
Summary of Basic Concepts of Economics for ICSE Class 9 Economic Applications. Part of the ICSE Class 9 Economic Applications syllabus.
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Overview
Economics studies how people satisfy unlimited wants with limited resources. Human wants, utility, goods, services, production, factors of production, price, market, money, income, saving, investment and wealth are the core ideas that explain economic activity. These concepts are used in daily life
Key Concepts
Desire is the wish to have
Desire is the wish to have something. Want is an effective desire for a particular thing that can be satisfied by making an effort to acquire it. Huma
Utility is the want
Utility is the want-satisfying power of a commodity. It is subjective, relative and not measurable in exact numbers. Utility is different from usefuln
Goods may be economic or non
Goods may be economic or non-economic, material or non-material, intermediate or final, consumer or producer, and single-use or durable-use. Services
Production means creation of utility
Production means creation of utility. It includes making goods and also providing services that satisfy wants.
The four factors of production
The four factors of production are land, labour, capital and entrepreneur. Land means all free gifts of nature. Labour is human effort. Capital is man
Learning Objectives
- Understand the meaning of want, desire and utility
- Distinguish between different types of goods and services
- Explain production and the four factors of production
- Understand price, market and equilibrium price
- Describe money and its functions
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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