ICSE Class 9 Economic Applications — Flashcards for Quick Revision

A: Economics is concerned with economic issues and economic behaviour of individuals, society, and the economy. It explains how people make choices, how resources are used, and how economic problems are

A: Economics is often called the queen of social sciences because it deals with important issues that affect individuals and society, such as income, prices, unemployment, poverty, and growth.

A: It means economics is the study of the economic issues and questions that economists discuss, such as production, distribution, consumption, wages, unemployment, and growth.

A: A want is an effective desire for a particular thing that can be satisfied by making an effort to acquire it. A want is different from a mere desire because it involves effort to get the thing needed.

A: Human wants are unlimited because people have many wants, and new wants keep appearing as civilization grows. Wants do not end; after one want is satisfied, another usually appears.

A: Human wants recur because they are satisfied only temporarily. For example, hunger returns after a meal, so food is needed again later.

A: An economy is an organisation through which people make their living by earning income to satisfy their wants. It includes the institutions and activities where people work, earn income, produce goods

A: A national economy is the aggregate of all economic activities within a country's borders. It includes all the work, production, exchange, and consumption taking place inside the country.

A: A J Brown gave the definition: "An economy is a system by which people get a living and satisfy their wants." This definition shows that an economy helps people earn income and use it to meet needs.