MSBSHSE Class 9 Social Science Geography Chapter 8: Introduction to Economics Textbook Questions and Solutions

MSBSHSE Class 9 Social Science Geography Chapter 8 includes questions from the chapter so that students can refer to it and study accordingly. Students should use MSBSHSE Class 9 solutions of Geography to clear their doubts related to difficult topics. These solutions make the learning process easier for students by explaining the complex and difficult topics in a layman language.

MSBSHSE Class 9 Social Science Geography Chapter 8 Objective Questions: Textbook Important Questions and Solutions

MSBSHSE Class 9 Social Science Geography Chapter 8 Textbook Exercise Questions

Q (1) Explain the types of economies by filling correct information in the place of questions in the circle.

MSBSHSE Class 9 Social Science Geography Chapter 8-1

Answer:

Capitalist economy

Mixed Economy

Cuba, North Korea

Management in private hands

Combines private and state enterprise

Production is for direct use and not for profit

Production is based on demand and supply

India, Sweden and United Kingdom

Socialist Economy

China, Vietnam

Protects private property and allows a level of economic freedom in the use of capital. But it also allows the government to interfere in economic activities in order to achieve social aims.

Achieving social welfare

Q (2) Give an explanation:

(1) Economy begins at home.

(2) India’s economy is of mixed type.

(3) On the basis of economies, we can divide countries into three groups.

Answer 1: The economy begins at home means that you need to improve your own economic condition before thinking about changing something for the country or other people. If you are not financially stable then you will never be able to help other people as well, in terms of finance. You can only be able to provide emotional support to them.

Answer 2: India’s economy is considered to be of mixed type because both the public as well as the private exist in the market. Both have the right to operate and there is no hindrance regarding the operations. Together both the sectors help in the growth of the country to boost the economy and bring the desired change. Public and private sectors are the basis of the Indian economy with privatization making a big difference.

Answer 3: The division of countries into three groups according to the economies is known as the three sector theory. They are classified as under:

  • Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
  • Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
  • Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is Rs. 200 or below per day.

Q3) Write the following questions in one line:

(1) To which economic factor is the management of individual or family finances related?

(2) From which Greek word is the term ‘Economics’ derived?

(3) In a capitalistic economy, to whom does the ownership and management of means of production belong?

(4) What do you mean by globalisation?

Answer 1: Management of individual or family finances is related to income and expenditure.

Answer 2: The word economics came from the Greek word oikonomia.

Answer 3: In capitalistic economy, the ownership and management of means of production belongs to private individuals.

Answer 4: Globalization is the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world’s cultures, governments and economies.

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