INTRODUCTION ON ECONOMICS

I. Answers the following:

1. What are the basic needs of man?

The basic needs of the man’s are food, cloth and shelter.

2. What are the requirements for food production?

Fertile land with irrigation facilities fertilizers and pesticides, quality seed, tools and implements and financial assistance are the requirement for the food production.

3. What are the three divisions of economics?

Production, consumption and distribution are the tree basic division of economics.

4. Why is it necessary to study economics?

Those who study economics become Economics scholar  To prepare central and state government budget it is necessary to have knowledge of economics.

II. Fill in the blanks:

1. To fulfill his needs man started to ———————–

Manufacture garments, footwear etc.

2. When there is a surplus of commodities there is a———– in price

Fall

3. ————of our country received the Nobel Prize for Economics.

Amarthya sen

4. When there is deficit of commodities in the market there is ————-in price

Raise

III. Match the following:

1. Economy of our country – National income.

2. People who buy and sell goods – Traders.

3. To attain self sufficiency – Knowledge of economics.

4. Food, cloth and shelter – Basic needs.

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