Study MaterialsImportant QuestionsNCERT Solutions For Class 9 Economics Social Science Chapter 1: The Story of Village Palampur

NCERT Solutions For Class 9 Economics Social Science Chapter 1: The Story of Village Palampur

Class 9 Economics Chapter 1 Question Answers

The Story of Village Palampur is one of the most important topics in class 9 Social Science Economics. To score well in this chapter, students need to understand the topic better. To help them effectively prepare for the exam, we have collated a few important questions on The Story of Village Palampur in this article.

    Fill Out the Form for Expert Academic Guidance!



    +91


    Live ClassesBooksTest SeriesSelf Learning




    Verify OTP Code (required)

    I agree to the terms and conditions and privacy policy.

    The Story of Village Palampur Important Questions provided here include short answer, long answer type, and a few questions from previous year papers as well. For easy reference, a PDF of Important Question for Class 9 Social Science Economics Chapter 1 The Story of Village Palampur is made available here. Students can download this PDF for free and get started with their exam preparation. Also Enhance your knowledge with CBSE notes class 9 and syllabus for Class 9.

    Don’t Miss:

    NCERT Economics Class 9 Chapter 1

    NCERT Solutions for Class 9 All Subjects

    The Story of Village Palampur Class 9 Economics Chapter 1 Short Question Answers

    Question: What are the factors of production?

    Answer: The essential inputs required for producing goods and services are known as factors of production. For example, for the production of cloth, cotton-machine, labour and technology are required.

    Question: Name the main production activity of Palampur.

    Answer: Farming.

    Question: What capital is needed as a priority to set up a jaggery manufacturing unit?

    Answer: Fixed capital.

    Question: Give a few examples of fixed capital.

    Answer: Tools, machines, and building.

    Question: Name any one item of working capital.

    Answer: Money.

    Question: Give an example of an entity not part of fixed capital.

    Answer: Cash amount.

    Question: Give two examples of the working capital.

    Answer:

    Raw materials,
    Money in hand.

    Question: What do raw materials and money in hand call?

    Answer: The working capital.

    Question: The clay used by a potter is an example of which type of capital?

    Answer: Working capital.

    Question: Why is it important to use land very carefully?

    Answer: Land is a natural resource; it is difficult to restore once destroyed.

    Question: What are rabi crops?

    Answer: The crops are grown in the winter, i.e., November or December, and harvested in summer, i.e., April or May. For example, wheat.

    Question: What are Kharif crops?

    Answer: The crops are grown in the rainy season, i.e., June or July, and harvested in October or November. For example, rice.

    Question: Farmer’s plough is an example of which factors of production?

    Answer: Capital.

    Question: Which is the most abundant factor of production?

    Answer: Labour.

    Question: What is physical capital?

    Answer: Physical capital includes a variety of inputs required at every stage during production like machines, raw materials, etc.

    Question: What are the different categories of physical capital?

    Answer:

    • Fixed capital,
    • Working capital.

    Question: Categorize the following as fixed capital or working capital:

    Cotton,
    Machine

    Answer:

    • Cotton — Working capital,
    • Machine — Fixed capital.

    Question: Which term is used for production for self-consumption?

    Answer: Subsistence farming.

    Question: Enumerate a few effects of the modem farming method.

    Answer: Soil degradation reduces the water table below the ground and water pollution.

    Question: Mention any two natural factors of production.

    Answer: Land, forests, water, minerals, etc.

    Question: What is a market?

    Answer: It is a place where goods and services can be sold.

    Question: Define yield.

    Answer: The crop is produced on land during a single season.

    Question: Who provides capital to the small farmers at a high-interest rate?

    Answer: Large farmers, village moneylenders,s or traders.

    Question: What does HYV stand for?

    Answer: High Yielding Varieties (HYV).

    Question: “The yield of food grains hectare is high in Punjab, Haryana, and Uttar Pradesh.” Give two reasons. HOTS

    Answer:

    • Use of HYV seeds.
    • Use of tubewells for irrigation.

    Question: Which are the prime requirements for producing goods and services?

    Answer: Market.

    Question: Write down the names of the crops promoted by the Green Revolution.

    Answer: Cultivation of wheat and rice.

    Question: During which season do farmers of Palampur grow jo war and bajra?

    Answer: Rainy season.

    Question: At present, what percentage of people engaged in the rural areas in non-farming activities in India?

    Answer: 24%.

    Question: What is the basic constraint in raising farm production?

    Answer: The basic constraint in raising farm production land is a fixed factor of production.

    Question: What is Green Revolution? HOTS

    Answer: The great increase in the production of food grains in our country during the last 40 years due to the use of high-yielding variety (HYV) of seeds and other inputs is known as the Green Revolution.

    Question: What was the production of pulses and wheat in 2010-11?

    Answer: Pulses – 18 MT, Wheat – 86 MT.

    Question: Mention any two non-farm activities.

    Answer: Dairy and transport.

    Question: Name any two states which benefited from the Green Revolution.

    Answer:

    • Punjab
    • Haryana

    Question: Mention any two factors responsible for India’s low yield of foodgrains.

    Answer:

    • Old technology,
    • Small land holdings.

    Question: Which of the following is not used in modem farming?

    Answer: Ploughs.

    Question: Which best way to expand non-farm activities in a village?

    Answer: Better transportation, availability of loans at low interest, and availability of markets where goods can be sold are the best way to expand non-farming activities.

    Question: In which period is the cultivation of potatoes done?

    Answer: October to December.

    Question: In which type of activity is dairy farming included?

    Answer: Primary activity.

    Question: Which state in India has the highest consumption of chemical fertilizers?

    Answer: Punjab.

    Question: Scientific reports indicate that the modem farming methods have overused the land. Explain by giving examples.

    Answer:

    • The soil is losing fertility due to the increased use of chemical fertilizers,
    • The continuous use of groundwater from tubewell irrigation has reduced the water table.

    Question: What is multiple cropping?

    Answer: To grow more than one crop on a piece of land during the year is known as multiple cropping.

    Question: Name any two methods to increase production in agriculture.

    Answer:

    • By using HYV seeds,
    • By irrigation.

    Question: Which capital is known as working capital?

    Answer: Raw materials and money in hand are called the working capital.

    Question: Which is the most important economic activity of the people of rural India?

    Answer: Farming.

    Question: Mention the standard unit for measuring the area of land.

    Answer: Hectare.

    Question: “Many people belonging to SCs (Dalits) are discriminated against in the village.” Justify giving a reason.

    Answer: SCs live in one corner of the village and have much smaller houses.

    Question: What is production? Give an example.

    Answer: Production is the creation of value in a commodity. For example, we are manufacturing a car from steel.

    The Story of Village Palampur Class 9 Economics Chapter 1 Short Question Answers

    Question: Define the meaning and aim of production.

    Answer: Production creates value in a commodity, e.g., manufacturing a car from steel.
    Aim: Production aims to produce the goods and services that we want. There are four requirements for the production of goods and services: Land, labour, physical capital, and human capital.

    Question: Mention three characteristics of the traditional method of farming,

    Answer:

    • Traditional seeds with low yield were used.
    • Cow dung and natural manures were used.
    • Less irrigation was required.

    Question: Explain the problems which arise due to unequal distribution of land.

    Answer:

    Economic Inequality: Unequal distribution of land leads to economic inequality.
    Unemployment: It leads to unemployment.
    Poverty and Hunger: Lack of economic opportunities leads to poverty and hunger.

    Question: Describe the role of human capital in the production process. Name two investments that can improve the quality of human capital.

    Answer:

    • Education and training can only build human capital in the long run.
    • Human capital includes competent and trained people who put together land, capital, and other factors of production to produce goods.

    Question: Farmers of which two states were the first to use modem farming methods in India? Mention any four positive effects of it. MOTS

    Answer:

    (i) Punjab, Haryana, and Western Uttar Pradesh farmers were India’s first to use modem farming methods.

    (ii) Modern farming methods increased the productivity of the land.

    • It increases foodgrain production in the country.
    • It brought the Green Revolution in the 1960s, which resulted in the high production of cereal grains, particularly wheat and rice.
    • It has played a very important role in food security.
    • It has led to the growth of agro-based industries.

    Question: Write any three differences between land and capital.

    Answer:

    Land Capital
    (i) It is a fixed factor of production. It is a man-made factor of production.
    (ii) It is a gift of nature. It is a man-made source of production.
    (iii) Land varies in fertility. It is of two types, i.e., fixed and working capital.

    Question: ‘Capital is a basic need in agriculture.’ How do Indian farmers arrange it? Explain.

    Answer:

    • Most small farmers borrow money from moneylenders or traders to arrange the capital.
    • The moneylenders and traders charge a high rate of interest from the farmers.
    • Medium and large farmers have their savings from farming.
    • They also get loans from banks.

    Question: What problems do farm labourers face in terms of unemployment? Explain any three problems. HOTS

    Answer: Problems of Farm Labourers:

    • They come either from landless families or families cultivating small plots of land.
    • They do not have a right over the crops grown on the land.
    • They got wages in cash or kind.
    • Wages vary widely from region to region and from crop to crop etc.
    • Wide variation in the duration of employment was also seen (any three)

    Question: Mention any four characteristics of an entrepreneur or human capital as a factor of production.

    Answer:

    • It is a factor of production that combines or arranges all the factors of production to produce.
    • It is an active factor of production.
    • It produces goods and services for self-consumption or to sell in the market.
    • It is the most important factor of production.

    Question: How do small farmers obtain capital for farming? What is its consequence? Explain.

    Answer: Most small farmers have to borrow money to arrange for the capital. They borrow from large farmers, moneylenders, or traders who supply various inputs for cultivation.

    Consequence: The rate of interest on such loans is very high. The small farmers are put in great distress to repay the loan.

    Question: Describe any three features of small-scale manufacturing as a non-farm activity in Palampur.

    Answer:

    • Less than 50 people are engaged in manufacturing in Palampur.
    • Manufacturing in Palampur involves very simple production methods and is done on a small scale.
    • Manufacturing activities are carried out mostly at home or in the fields with the help of family labour. Labourers are hired rarely.

    Question: How do the medium and large farmers make their savings, and how do they utilize them? Explain.

    Answer: The medium and large farmers have surplus production even after keeping a substantial part for their own family needs. They sell it in the market, have good earnings, and save it in their bank accounts. They utilize their savings:

    • By lending to small farmers who are in need of a loan.
    • As working capital for farming in the next season.
    • As fixed capital for buying tractors etc.

    Question: What factors have led to the reduction of water levels in Palampur?

    Answer:

    • Continuous groundwater use for tubewell irrigation has reduced the water table below the ground.
    • While environmental resources like soil fertility and groundwater are built-up over many years, so, once destroyed, it isn’t easy to restore them.
    • Misuse of groundwater is another important factor in lowering the water table.

    Question: Describe any three sources of irrigation in Palampur.

    Answer:

    • The Persian wheel is the main source of irrigation in Palampur.
    • Well is also a source of irrigation.
    • Tubewells are also important sources of irrigation. These are run by electric supply.

    Question: State any two features of the modem farming method.

    Answer: Its main features were:

    • Use of tube wells for irrigation.
    • Use of HYV seeds.
    • Chemical fertilizers.
    • Pesticides.
    • Farm machinery such as tractors, threshers, etc. (any two)

    Question: Explain any two differences between physical capital and human capital.

    Answer: Differences:

    • Physical capital has a variety of inputs, while human capital is labours, using those inputs.
    • Physical capital includes tools and machines that can be used over the years, while human capital can produce output only if they have experience.

    Question: What are modem farming methods? Explain its drawbacks.

    Answer: It is a scientific way of increasing production. Under this, production is increased by using HYV seeds and other inputs.

    Drawbacks:

    • Rich farmers use it as it requires more inputs.
    • Loss of soil fertility due to increased use of chemical fertilizers.
    • Continuous groundwater use for tubewell irrigation has reduced the water table below the ground.

    Question: Describe the role of the farmers after the crops are harvested and production is complete.

    Answer: Role of the Farmer:

    • The farmers retain a part of the crop for their family consumption and sell the surplus in the market.
    • The small farmers grow the crops just to fulfill the family’s needs. So, they do not have any surplus to sell in the market.
    • The big farmers make big earnings by selling main crops in the market.
    • They sell the crops and earn huge profits from them.

    Question: How many crops are grown by the farmers in Palampur? How are they able to grow these different crops in a year?

    Answer:

    (i) The farmers in Palampur grow jowar and bajra during the rainy season, potatoes between October and December, and wheat in winter.
    (ii)

    • A well-developed irrigation system in Palampur enables the farmers to grow three different crops in a year.
    • Electricity came early to Palampur. Its major impact was to transform the system of irrigation in the village.
    • By the mid-1970s, the entire area of 200 hectares was irrigated.
    • Modern farming methods and the Green Revolution introduced HYV seeds.

    Question: Why was the initial impact of the Green Revolution limited to wheat and only to a few regions?

    Answer:

    • It was limited to wheat because HYV seeds were available only for wheat.
    • Its impact was limited only to a few regions as the HYV seeds need higher inputs which only the rich farmers can afford.
    • HYV seeds need assured means of irrigation available only in northern parts of India.

    Question: How are traditional seeds different from HYV seeds?

    Answer:

    HYV Seeds Traditional Seeds
    (i) HYV seeds produce more output per hectare. Traditional seeds produce less output per hectare.
    (ii) HYV seeds need irrigation. Traditional seeds needed less irrigation
    (iii) HYV seeds need modem inputs like fertilizers, pesticides, etc. Traditional seeds needed readily available inputs from the farmers who did not have to buy these from the market.

    Question: “Most of our villages have good infrastructure.” Justify. VSQ

    Answer:

    • Most villages are well connected with neighboring villages or towns through all weathered roads.
    • Most Indian villages have primary schools, health centers, etc.
    • Many means of transport are available like motorcycles, jeeps, tractors, tongas, etc.

    Question: Why do people migrate? Explain.

    Answer: People migrate from one region to another:

    • In search of better jobs.
    • For better living conditions.
    • For higher education.

    NCERT Solutions for Class 9 Social Science: Economics

    The Story of Village Palampur Class 9 Economics Chapter 1 Long Question Answers

    Question: Explain the meaning of ‘Physical Capital.’ Explain its two types with the help of suitable examples. (Or) What is physical capital? What are its different types?

    Answer: Physical capital is the variety of inputs required at every stage during production. Its two different types are as follows:

    Fixed Capital: It can be used in production over many years—for example, tools, generators, turbines, buildings, computers, etc.
    World Capital: Raw materials and money in hand are called Working Capital. Production requires various raw materials such as yarn used by the weaver and clay used by the potter. Some money is always needed during production to make payments and buy other necessary items.

    Question: What is the land? Suggest any three ways to sustain the land.

    Answer:

    (i) Land is the basic natural resource required as a factor or an input in any production activity. Various activities or human activities take place on land, a fixed asset.
    (ii)

    • The land is a gift of nature. So, we must be very careful in its use. We must avoid the pollution of land.
    • Soil is a vital part of the land and the basis of agricultural activities. So, it becomes necessary that we should use bio-compost and eco-friendly methods in place of using chemical fertilizers and pesticides.
    • We have to see that Modern Farming Methods are used scientifically to save the natural resource base that the land provides from further damage.
    • If used carefully and judiciously, some farming practices can help make land sustainable. Such practices include the intensity of cropping, rotation of crops, multiple cropping, following, etc.
    • We should encourage the community agriculture system or cooperative farming instead of individual farming, which is often exploitative. This could be another sustaining land productivity.

    Question: How do large farmers utilize surplus farm products to arrange the capital needed for farming?

    Answer:

    • The large farmers generally sell the surplus farm products and have good earnings.
    • They put most of their earnings or money in their bank accounts and get adequate interest.
    • A part of their earnings is saved and kept to arrange for the working capital for farming in the next season.
    • They also use savings for lending to small farmers and other persons in the village.
    • A part of their earnings is used to increase their fixed capital like tractors, threshers, cattle, etc.

    Question: Distinguish between Fixed, Working, and Human Capital.

    Answer:

    Fixed Capital Working Capital Human Capital
    (i) Tools, machines, buildings, etc., which can be used in production over many years, are called fixed capital. (ii) Fixed capital cannot be changed or built-in short period of time. Human capital includes competent and trained people who put together land, capital, and other factors of production to produce goods.
    The production factors used in the production process are known as working capital. Working capital can be changed or built-in short period. Education and training can only build human capital in the long run.

    Question: What is the difference between Rabi crops and Kharif crops? When are they sown and harvested? Mention some necessary conditions for multiple cropping.

    Answer:

    • Kharif crops are grown in the rainy season. They are sown in June-July and harvested in October-November. Farmers in Palampur mainly grow jowar and bajra, used as cattle feed.
    • Rabi crops are grown in the winter season. They are sown in. October-November and harvested mainly in March-April. Wheat is the main crop grown in this season.
    • Necessary Conditions for Multiple Cropping:
      Adequate irrigation facilities should be available on land.
      Farmers should also have sufficient capital to invest and meet farm expenses.

    Question: Explain the distribution of the workforce engaged in non-farming activities in the rural areas. Suggest some measures to increase non-farming activities. (Or) Explain any four efforts which can be made to increase non-farming production activities in villages.

    Answer: 25% of the total workforce is engaged in non-farming activities. Measures to Increase Non-farming Activities:

    • Infrastructure: Infrastructure includes building roads, establishing banks, and improving communication. All these are basic inputs for economic development.
    • Expansion of Market: To increase non-farming activities, rural markets should be linked to urban markets.
    • Education and Health: Improvement in education will lead to human capital formation.
    • Cheap Loan: Non-farming activities can be promoted by providing cheap and affordable loans to the farmers.

    Question: State any five reasons why farm labourers are considered poor.

    Answer:

    Farm labourers are generally landless.
    They have no permanent jobs. They have to look for work daily.
    They are not even paid minimum wages. The minimum wage for a farm labourer set by the government is ₹ 60 per day, but they get only?
    They have a large family.
    They are illiterate, unhealthy, and unskilled.

    Question: Why do modern farming methods require more capital? Explain.

    Answer:

    Modem farming methods need inputs like chemical fertilizers, pesticides, tractors, etc., manufactured in industry. So, they require the farmer to start with more cash than before.
    In modem farming methods, HYV seeds are used, which require more irrigation.
    In the traditional method, the farmers use cow dung as natural fertilizer, which they do not need to buy, while chemical fertilizers need more cash from the market.
    Modem farming is machine-oriented. Hence, farmers need more capital to purchase them.
    To operate the machines, semi-skilled or skilled manpower is required, which needs more investments.

    Question: State three reasons for the variation in the wages of farm laboures all over India.

    Answer: There is a wide variation in the wages of farm laboures in the country. They generally get wages less than the minimum wages set by the government. The reasons for the variation in the farm wages are as follows.:

    The farm labourers come from landless families or families cultivating small plots of land. They are poor and helpless. They work on daily wages. They regularly have to look for work. Since there is heavy competition for work among the farm labourers in the country, these labourers agree to work for less than the minimum wages.
    Most agricultural labourers are from low castes and the depressed classes. They have little courage to challenge the upper caste people.
    Farm labourers are generally illiterate and ignorant. They are not organized in unions. So, it is difficult for them to bargain with the landowners and secure good wages.

    Question: Explain the basic requirements for the production of goods and services. Which one is the most important?

    Answer:

    Land: Land is the most important factor of production. It is required for growing crops and building factories and infrastructure. The first requirement is land. We also need other natural resources such as water, forests, minerals, etc.
    Labour: The second requirement is labour, i.e., people who will do the work. Different production activities require different types of workers, such as highly educated, skilled, or those doing some manual work. Each worker provides labour necessary for production.
    Physical Capital: The third requirement comprises various inputs required during production. It has two components. Tools, machines, and buildings fall under ‘fixed capital.’
    They can be used in production for many years. Raw materials and money in hand are called working capital. These are used up in production.
    Human Capital: The fourth requirement is human capital. Knowledge and enterprise must combine land, labour, and physical capital to produce an output.

    Question: Define Green Revolution. How is Green Revolution different from traditional farming?

    Answer: The large increase in agriculture production after 1967-68 resulted from adopting a new agriculture strategy that implied a simultaneous use of better and modem agriculture inputs. Green Revolution involves the introduction of high-yielding varieties of seeds. It also encompasses using fertilizers and irrigation techniques that increase production and make countries like India self-sufficient in food grains. So, this technique is mainly used to improve the status of agriculture. It was brought to India by the initiative of the Indian government. Dr. Norman Borlaug brought high-yielding wheat to India. M.S. Swaminathan and his team also contributed to the success of the Green Revolution in India. The main regions where Green Revolution was started are Punjab, Haryana, and Uttar Pradesh.

    Difference between Green Revolution and Traditional Farming: Green Revolution refers to using artificial fertilizers and technology and high yielding a variety of genetically engineered seeds. Traditional farming emphasizes the use of natural seeds and fertilizers.

    Until the mid-1960s, the cultivated seeds were traditional ones with relatively low yields.
    Traditional seeds needed less irrigation. Farmers used cow dung and other natural manure as fertilizers.
    All these were readily available to the farmers who did not have to buy them.
    The Green Revolution in the late 1960s introduced the Indian farmer to cultivate wheat and rice using High Yielding Varieties (HYVs) of seeds.
    Compared to the traditional seeds, the HYV seeds promised to produce much greater amounts of grain on a single plant. As a result, the same piece of land would now produce far larger quantities of foodgrains than was possible earlier. HYV seeds, however, needed plenty.

    Question: Describe the significance of the Green Revolution in the Indian economy.

    Answer: The Green Revolution has two types of effects on the Indian economy, namely

    (i) Economic Effects:

    Increase in Agricultural Production and Productivity:
    Due to the adoption of HYV technology, the production of foodgrains increased considerably in the country. The wheat production increased from 8.8 million tonnes in 1965-66 to 184 million tons in 1991-92. The productivity of other food grains has increased considerably. It was 71% for cereals, 104% for wheat, and 52% for paddy over the period 1965-66 and 1989-90.
    Employment: The new agricultural technology has created more employment opportunities in the agricultural sector. The new technology is early maturing and makes multiple cropping possible.
    Market Orientation: The new technology has made the farmer market-oriented. Due to excess production, the farmers have to go to the market to sell their surplus production.

    (ii) Sociological Effects:

    Personal Inequalities: Due to Green Revolution, the income of rich farmers increased considerably, whereas the poor farmers couldn’t reap any benefit. This led to a class conflict between the rich and the poor farmers. The small and marginal farmers were deprived of the gains of new technology.
    Regional Inequality: The new technology was successfully implemented in the wheat-producing belt of the country, whereas the rice-producing zones were not at all affected by this Green Revolution. Hence, the disparity between the two regions increased considerably. Further Green Revolution became successful in irrigated areas whereas, in the rained belt, the new technology couldn’t be implemented appropriately.

    Question: Where and why has the Green Revolution started in India? Give advantages and disadvantages of the Green Revolution.

    Answer: Green Revolution involves the introduction of high-yielding varieties of seeds. It also encompasses fertilizers and irrigation techniques that increase production and make countries like India self-sufficient in foodgrains. So, this technique is mainly used to improve the status of agriculture. It was brought to India by the initiative of the Indian government. Dr. Norman Borlaug brought high-yielding wheat to India.

    M.S. Swaminathan and his team also contributed to the success of the Green Revolution in India. Punjab, Haryana, and Uttar Pradesh are; the main regions where the green Revolution was started.

    Advantages / Merits of Green Revolution:

    1. The HYV seeds produce a much greater amount of grains in comparison to the normal seeds.
    2. It has increased the production on the same pieces of land, which produces large quantities of food grains than it was produced earlier.

    Disadvantages / Demerits of Green Revolution:

    1. Poor farmers are unable to afford HYV seeds, fertilizers, and machinery.
    2. This may lead to an end with large debts.
    3. HYV seeds need more fertilizers and water, and they are expensive.
    4. Since Green Revolution introduced new machinery, it replaced labour, leading to unemployment and rural-urban migration.
    5. It was limited to rice and wheat only.

    Class 9 Economics Social Science Chapter 1 FAQs

    What is the main topic of Chapter 1 in Class 9 Economics?

    Chapter 1 talks about the meaning of economics and how it relates to our daily lives.

    What does economics study?

    Economics studies how people use their resources to meet their needs and wants.

    What are the two main branches of economics?

    The two main branches are microeconomics (study of individuals and businesses) and macroeconomics (study of the economy as a whole).

    What is scarcity in economics?

    Scarcity means that resources are limited, but our wants are unlimited.

    What is a 'need' in economics?

    A 'need' is something essential for survival, like food, water, and shelter.

    What is a 'want' in economics?

    A 'want' is something we desire but do not need for survival, like toys or luxury items.

    What are resources in economics?

    Resources are the things we use to produce goods and services, such as land, labor, and capital.

    Why is decision-making important in economics?

    Decision-making is important because we have to choose how to use our limited resources wisely.

    How does economics affect our daily lives?

    Economics affects our daily lives by influencing prices, jobs, and how we spend our money.

    What is production in economics?

    Production is the process of creating goods and services to satisfy our needs and wants.

    What role do consumers play in economics?

    Consumers play a key role by making choices about what to buy, which helps determine what goods and services are produced.

    Chat on WhatsApp Call Infinity Learn