Basic Concepts of Economics — Important Questions
ICSE · Class 9 · Economics
78 important questions from Basic Concepts of Economics for ICSE Class 9 Economics, with answers. Part of the ICSE Class 9 Economics syllabus.
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Important Questions from Basic Concepts of Economics
Services are the same as non-material goods.
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True
Non-material goods are intangible and are also called services.
Which of these is an example of a material good?
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A book
A book can be seen and touched, so it is a material good.
Which of the following are free goods?
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Air, Sunlight, Seawater
Air, sunlight, and seawater are free goods because they are abundant and available without any price.
Economic goods are scarce in relation to demand and require resources to produce.
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True
Economic goods are limited in supply, need resources for production, and are bought and sold in the market.
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