🌍 Maharashtra State Board – Standard IX

📘 Chapter 8 – Introduction to Economics

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

Ans.

Q.2) Give explanation:

(1) Economy begins at home.

  1. The word ‘economics’ comes from the Greek word ‘oikonomia’, which means family management.
  2. Managing a household requires proper planning of income and expenditure.
  3. Similarly, villages, cities, states, and countries also need proper economic planning.
  4. Therefore, the concept of economy begins with managing a home.

(2) India’s economy is of mixed type.

  1. In India, both private and public sectors operate together.
  2. Private industries aim at earning profit.
  3. Public sector industries work for social welfare.
  4. The government tries to maintain a balance between profit-making and social welfare.
  5. Hence, India’s economy is called a mixed economy.

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

  1. An economy includes activities related to the production, distribution, and consumption of goods and services in a particular region.
  2. On the global level, countries can be divided into three types of economies.
    • Capitalist Economy – Ownership and management are in private hands.
    • Socialist Economy – Ownership and control are in the hands of the government.
    • Mixed Economy – Both public and private sectors coexist.

Q.3) Write the following answers in one line:

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

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

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

Ans: The term ‘Economics’ is derived from the Greek word ‘oikonomia’, which means family management.

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

Ans: In a capitalist economy, the ownership and management of means of production belong to private individuals.

(4) What do you mean by globalisation?

Ans: Globalisation means integrating or linking a country’s economy with the world economy through free trade and fewer restrictions on investment.

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