STD 8 Social Science: Chapter 07 Economic Thought - Questions and Answers
Study Notes for Class 8th Social Science (English Medium) സമ്പദ്ശാസ്ത്ര ചിന്തകൾ | Text Books Solution Social Science (English Medium) Chapter 07 Economic Thought
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Class 8 Social Science Questions And Answers Chapter 07 Economic Thought
1. Define production
Answer: Production is a process of creating goods and services for satisfying human wants.
2. List out any three examples for production of goods and provision of services
Answer:
• Production of goods: Agriculture, Mining and factory work
• Provision of services: Traffic police, teacher and the doctor
3. What are the 4 factors of production? Write its rewards
Answer:
• Land - Rent
• Labour - Wages
• Capital - Interest
• Organisation/Entrepreneurship - Profit
4. There is a correlation between production, distribution and consumption of goods and services. Justify this statement.
Answer:
• Man satisfies his wants through the consumption of goods and services.
• The reward received by participating in the production process is spent on consumption.
• Fair distribution speeds up economic development.
5. Define Economics? Write its importance.
Answer:
• Economics is the branch of science that studies economic activities relating to production, distribution, and consumption.
• it is also a study of man and society.
• Its study enables us to find solutions to socio-economic problems and to understand the emerging world economic conditions.
6. List out the fundamental problems faced by an economy
OR
what are the three essential questions associated with every economic activity?
Answer:
• What to produce and how much to produce?
• How to produce?
• For whom to produce?
7. Explain “What to produce and how much to produce”.
Answer: Resources are limited, it is very important to use the available ones and to decide what to produce for the welfare of society. There should exist of balance between the wants of the society and the quantity of a product.
8. What do you mean by ’How to produce?’
Answer:
• Denotes the method of production
• Decided on the basis of the availability of resources and technology.
• Varies on the availability of resources.
9. Explain “For whom to produce”.
Answer:
• Production is undertaken to satisfy the wants of society.
• It is important to prioritize our wants.
• Benefits the maximum number of individuals in society.
• It is also important how the income generated is distributed.
10. Who was known as the Father of Economics?
Answer:
• Adam Smith (1723-1790)
11. Who was the author of the article ‘An Enquiry into the Nature and Causes of the Wealth of Nations.
Answer:
• Adam Smith
12. Who put forward the laissez-faire Faire'? Explain
Answer:
• Adam Smith
• He wanted to limit government intervention in economic activities and argued for more freedom for individuals. This is known as the theory of 'Laissez-faire'.
13. What were the ideas put forward by Karl Marx which benefited the growth of Economics.
Answer:
• Gave importance to the role of labourers in the production process.
• The basis of production is the manpower of labourers and that the price of a product is the reward for it.
• No difference between the ''haves'' and the ''have-nots''.
14. What did the term ‘Surplus Value’ mean according to Karl Marx
Answer:
• The basis of production is the manpower of labourers and the price of a product is the reward for it.
• The labourers get only a portion while the lion's share goes to the capitalist as profit. Marx calls this surplus-value
15. Name the magnum opus written by Karl Marx
Answer: 'Das Capital'.
16. Write a short note about the principles of Alfred Marshall
Answer:
• He believed that wealth should ultimately result in the welfare of society.
• Economic activities must be welfare-oriented.
• These principles are contained in his work 'Principles of Economics.
17. Name the famous work of Alfred Marshall
Answer: 'Principles of Economics.
18. Write the views of Lionel Robbins in Economics
Answer: We should prioritize our wants for the judicious utilization of limited resources.
19. What were the points put forward by Paul A Samuelson in Economics?
Answer: A nation's financial stability depends on efficient economic planning and proper utilization of resources.
20. Prepare a table about prominent economics thinkers of the west
Answer:
• Arthasasthra
• Chanakya
22. Point out the main economic thoughts of Chanakya
Answer:
• He emphasized the importance of following the right policies for a nation's progress.
• This would help the nation to prevent loss of revenue and effective economic performance
23. Who put forward the Drain Theory. Define Drain Theory
Answer:
• Dadabhai Naoroji
• The Britishers were draining our resources and this led to economic crisis and poverty. This is known as the Drain Theory.
24. According to Dadabhai Naoroji what were the reasons for the drain of resources in India?
Answer:
• The British officers in India were paid high salaries.
• Goods made from Indian raw materials and resources bought at extremely low prices were sold at a high price in the Indian market.
• Indian wealth was robbed for expanding the British Empire.
• Indian labourers were treated as slaves and farm and industrial products were exported to England.
25. Point out the views of Ramesh Chandra Dutt
Answer:
• His studies revealed how Western civilization and British exploitation ruined India.
26. Write a short note about Gandhian Economics
Answer:
• Gave importance to moral values and rural economy.
• His idea of 'trusteeship' led to fresh thoughts in the area.
• Aimed at an economy that is founded on truth and non-violence.
• Priority to the rural-agricultural system.
• Emphasis on small and cottage industries.
• Formation of an economy built on equality.
• A self-sufficient and self-reliant local economy.
27. What are the main ideas of Gandhiji's 'trusteeship'?
Answer:
• Wealth as a trustee of the public.
• A trustee has no other heir but the public.
• The nature of production is decided by society and not by the individual's choice or greed.
• There must be a limit to maximum wage as well as minimum wage
28. Name the first book of Mahatma Gandhi
Answer: 'Hind Swaraj'(1909)
29. Many Indian economists were impressed by the economic ideas of Gandhiji. Who were they?
Answer: J C Kumarappa, Sriman Narayan, and Dharampal
30. What were the economic ideas put forward by Amartya Sen?
Answer:
• His major works covered vast areas like welfare economics, economic inequality, and development.
• He pointed out the flaws in determining the poverty line and concentrated his studies on poverty, inequality, and famine.
31. Prepare a flow chart about Indian Economic Thinkers
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