Introduction to Economics — Flashcards
Maharashtra Board · Class 9 · Geography
20 flashcards for Introduction to Economics (Maharashtra Board Class 9 Geography) to test yourself on key terms and facts.
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What is the original Greek word from which 'Economics' is derived and what does it mean?
Answer
The word 'economics' comes from the Greek word 'oikonomia' which means 'family management'. This shows the connection between managing a household and managing an economy.
According to Lionel Robbins, what is economics?
Answer
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. This means it studies how people make choices when resources are limit…
Who is known as the Father of Economics and what is his famous book?
Answer
Adam Smith is known as the Father of Economics. His famous book 'Wealth of Nations' was published in 1776, where he defined economics as 'the science of wealth'.
What are the main characteristics of a Capitalistic Economy?
Answer
1. Ownership and management of means of production is in the hands of private individuals 2. Main aim is to earn maximum profit 3. Examples: Germany, Japan, USA…
What are the main features of a Socialistic Economy?
Answer
1. The means of production belong to the society as a whole (government control) 2. Main aim is to achieve social welfare 3. Examples: China and Russia…
Describe the characteristics of a Mixed Economy.
Answer
1. Co-existence of private and public sectors 2. A balance between profit and social welfare is maintained 3. Examples: India, Sweden, United Kingdom…
What type of economic system does India follow and why?
Answer
India follows a Mixed Economy system because it has both private and public sectors working together. This allows India to balance profit-making with social welfare, ensuring both economic growth and …
What is globalization in economic terms?
Answer
Globalization means building a world economy. It is a borderless economy in which natural resources, profit, services, capital, labour and technology flow freely across borders of countries. It involv…
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