Economic Institutions — Important Questions
Telangana Open School (TOSS) · Class 12 · Sociology
49 important questions from Economic Institutions for Telangana Open School (TOSS) Class 12 Sociology, with answers. Written for the board exams 2027.
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Important Questions from Economic Institutions
Which of the following best describes a contract?
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An agreement between two or more people to act in a certain way
A contract is defined as an agreement between two or more parties to perform specific actions within a specified time.
What is the primary focus of economic activities?
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Satisfying human needs
Economic activities are rational actions aimed at producing means to satisfy human needs like food, shelter, and clothing.
Which of the following is NOT a component of an economic system?
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Education
The three main components of an economic system are production, distribution, and consumption. Education is a social institution, not a core economic component.
In a capitalist economy, who owns the means of production?
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Private individuals or companies
In a capitalist economy, the means of production such as land, factories, and capital are privately owned.
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