Class- 11 subject - economic importance Question for your Exam
📘 Book 1: Statistics for Economics
🔹 Chapter 1: Economics
Q1. What is Economics?
Answer:
Economics is a social science which studies how people use limited resources to satisfy unlimited wants.
Q2. What are the central problems of an economy?
Answer:
The central problems are:
- What to produce
- How to produce
- For whom to produce
Q3. Distinguish between Microeconomics and Macroeconomics.
Answer:
Microeconomics studies individual units like households and firms, while macroeconomics studies the economy as a whole, such as national income and employment.
Q4. Explain the importance of Economics.
Answer:
Economics helps in understanding economic problems, making rational decisions, managing resources efficiently and promoting economic development.
🔹 Chapter 2: Collection of Data
Q1. What is primary data?
Answer:
Primary data are original data collected by the investigator for the first time.
Q2. What is secondary data?
Answer:
Secondary data are data already collected by others and used by the investigator.
Q3. Name methods of collecting primary data.
Answer:
Methods include:
- Personal interview
- Questionnaire method
- Observation method
🔹 Chapter 3: Organisation of Data
Q1. What is classification of data?
Answer:
Classification of data means arranging data into groups or classes based on similarities.
Q2. What is tabulation?
Answer:
Tabulation is the systematic presentation of data in rows and columns.
Q3. Why is organisation of data important?
Answer:
It makes data simple, understandable and useful for analysis.
🔹 Chapter 4: Presentation of Data
Q1. What is presentation of data?
Answer:
Presentation of data means showing data in diagrams, graphs or tables.
Q2. What is a bar diagram?
Answer:
A bar diagram represents data using rectangular bars of equal width.
Q3. State one importance of data presentation.
Answer:
It helps in easy comparison and quick understanding of data.
📕 Part 2: Indian Economic Development
🔹 Chapter 1: Indian Economy on the Eve of Independence
Q1. Describe the condition of Indian economy before independence.
Answer:
Before independence, the Indian economy was underdeveloped, agriculture-based, poor and dependent on British rule.
Q2. What was the condition of agriculture during British rule?
Answer:
Agriculture was backward, productivity was low and farmers suffered from poverty.
🔹 Chapter 2: Indian Economy (1950–1990)
Q1. What is a mixed economy?
Answer:
A mixed economy is one where both public and private sectors operate together.
Q2. What are Five-Year Plans?
Answer:
Five-Year Plans are government plans for economic development made for a period of five years.
🔹 Chapter 3: Liberalisation, Privatisation and Globalisation
Q1. What is liberalisation?
Answer:
Liberalisation means reducing government control over economic activities.
Q2. What is privatisation?
Answer:
Privatisation means transferring ownership from public sector to private sector.
Q3. What is globalisation?
Answer:
Globalisation means integration of the Indian economy with the world economy.
🔹 Chapter 4: Poverty
Q1. What is poverty?
Answer:
Poverty is a condition in which people are unable to fulfill their basic needs.
Q2. What is poverty line?
Answer:
Poverty line is the minimum income level required to meet basic needs.
🔹 Chapter 5: Human Capital Formation
Q1. What is human capital?
Answer:
Human capital refers to skills, knowledge and health of people.
Q2. Why is education important for human capital formation?
Answer:
Education improves skills, productivity and earning capacity.
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