KSEEB Solutions for Class 8 Economics Chapter 2 Meaning and types of Economics

Students can Download Economics Chapter 2 Meaning and types of Economics Questions and Answers, Notes, KSEEB Solutions for Class 8 Social Science helps you to revise complete Karnataka State Board Syllabus and score more marks in your examinations.

Karnataka State Syllabus Class 8 Social Science Economics Chapter 2 Meaning and types of Economics

Class 8 Social Science Meaning and types of Economics Textual Questions and Answers

I. Fill In The Blanks:

Question 1.
Economy refers to the nature of the organization of ______
Answer:
Economic activities

Question 2.
NITI Ayog was set up in ______
Answer:
2015

Question 3.
Free enterprise is a basic feature of economy ______
Answer:
Capitalist

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Question 4.
Good example of capitalist economy is ______
Answer:
U.S.A

Question 5.
Co-existance of public and private sectors is seen in ______
Answer:
Mixed economy.

II. Answer The Following

Question 1.
What is an economy?
Answer:
An economy as a frame work of economic institutions where all economic activities are carried out to improve individual and social welfare.

Question 2.
Mention the features of capitalist economic system.
Answer:

  1. Private property
  2. Freedom of enterprises
  3. Consumers sovereignty
  4. Profit motive
  5. Competition
  6. Absence of government

Question 3.
What are the defects of capitalist system?
Answer:
An individual acquire the property and used for one’s own benefit. Business people earn the highest possible profit. Capitalist” class are motivated to maximize their profit. These lead to intense competition, inequal distribution of wealth. Production is also guided by consumer choices only in the capitalist system.

Question 4.
What is planning?
Answer:
The conscious and wise process through which the government with certain specific objectives utilizes the country’s resources in a profitable maimer in order to secure maximum satisfaction of its people is called planning.

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Question 5.
How are economic classified on the basis of level of development?
Answer:
On the basis of level of development economics can be classified into two ‘ categories.

  • Developed economy
  • Developing economy

Question 6.
How does government regulate the activities private sector in mixed economy.
Answer:

  1. Production units owned by the government which work with welfare objective.
  2. It also regulates the activities of private sector througli various policies such as licensing policy taxation policy, price policy, monetary policy and fiscal policy.

Question 7.
What is disinvestment?
Answer:
The government is selling its shares of public sector industries, which is called disinvestment.

Question 8.
Why is India considered a developing economy?
Answer:
The national and Percapita income is low. India has backward agricultural and industrial sectors. Low savings, investment and capital formation, low standard of living, poor health and sanitation, high infant mortality, high birth and death rates, and poor infrastructure.

Class 8 Social Science Meaning and types of Economics Additional Questions and Answers

I. Answer The Following Questions:

Question 1.
What is a socialist economy?
Answer:
When productive resources are owned and controlled by the government to promote the overall interest of society. It is called a socialist system.

Question 2.
What is a mixed economy?
Answer:
A mixed economy combines the good feature of both capitalism and socialism.

Question 3.
When did the planning commission was set up in India? Write its aims.
Answer:
This was set up in 1950 Its aims :

  1. To prepare plans for all-round development.
  2. To implements the five-year plans and year

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Question 4.
What is NITI Ayog?
Answer:
The planning commission has been replaced by the NITI. NITI means a National institution for transforming India Ayog.

Question 5.
What are the objectives of Indian plans?
Answer:

  1. Economic growth
  2. Modernization
  3. Social justice
  4. Elimination of poverty
  5. Employment
  6. Satisfaction of basic needs

II. Multiple Choice Questions

1. “Economy as a system by which people get a living” defines by
a) Robbins
b) A.C. Pigou
c) A.J. Brown
d) Paul.A.Samuelson
Answer:
c) A.J. Brown

2. The aim of Indian Planning commission is
a) to replace capitalism
b) Continuous change
c) Welfare state
d) All-round development
Answer:
d) All-round development

3. The property is used for one’s own benefit it is features of
a) Consumer’s sovereignty
b) Private property
c) Freedom of enterprise
d) Profit motive
Answer:
b) Private property

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4. Industrial policies are formulated by the government of India in
a) 1952
b) 1966
c) 1956
d)1991
Answer:
b) 1966

5. Today the role of the public sector is declining because
a) Increasing the M.N.Cs.
b) Lack of co-ordination
c) More space is provided to the private sector.
d) More space is given to the social sector.
Answer:
c) More space is provided to the private sector.

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