Unit 1 - Basic Concepts of Economics and Allocation of Resources (Exercise)

Write Short Notes On                                                                     

1. Subject matter of economics
2. Goods and services
3. Normal goods and Giffen goods
4. Inferior goods
5. Complementary and substitute goods with suitable example
6. Economic goods

Very Short Answer Questions                                                                                

1. What is economics?
2. Write the definition of economics in the words of Adam Smith.
3. What is the definition of economics as given by Marshall?
4. Define economics in the words of Lionel Robbins.
5. Define microeconomics.
6. Point out the importance of microeconomics.
7. What is macroeconomics?
8. Point out the importance of macroeconomics.
9. Give any two differences between microeconomics and macroeconomics.
10. What is positive economics?
11. Define normative economics.
12. Distinguish between positive and normative economics.
13. What is the main reason behind the origin of an economic problem?
14. Distinguish between normal and inferior goods.
15. What is meant by substitute goods?
16. Define public goods.
17. Distinguish between free and economic goods.
18. What do you mean by factors of production?
19. Make a list of factors of production.
20. Point out the features of land.
21. What are the features of labor?
22. What are the features of capital?
23. Point out any four features of organization.

Short Answer Questions                                                                             

1. State Adam Smith's wealth definition of economics.
2. Distinguish between positive and normative economics.
3. Define micro and macroeconomics.
4. Explain the concept of microeconomics.
5. Write the difference between goods and services.
6. Write the difference between normal goods and Giffen goods.
7. Write the difference between land and labor.
8. Write the difference between economic and non-economic goods.
9. Briefly explain importance of microeconomics.
10. Briefly explain role of macroeconomics
11. Write difference between micro and macroeconomics.
12. List out importance of micro and macroeconomics.

Long Answer Questions                                                                                          

1. Critically explain the Marshallian definition of economics.
2. Critically examine wealth definition of economics.
3. Compare Marshall's definition of economics with that of Robbins definition.
4. Discuss the Robbins' Scarcity and Choice definition of economics.
5. Define micro and macroeconomics. What are differences between them?
6. Distinguish between micro and macroeconomics. Explain the importance of microeconomics.
7. Critically explain Robbins' definition of economics.
8. Explain the Marshallian definition of economics. How far this definition is superior to Adam Smith's definition.
9. Explain features of labor.
10. Explain the features of land.
11. Explain the features of capital.
12. Explain the features of organization.
13. Explain concepts of positive and normative economics.

Activities: 1

Collects private and public company in your local level. Presents table in your classroom notice board and discuss in classroom with number of workers in company.

Lists of Private and Public Company

Kirtipur Municipality – 13, Kathmandu

Public Company	No. of Workers	Private Company	No. of Workers
Branch of NBL	13	ABC Pvt. Ltd.	24
S. B. Higher School	36	SBC Pvt. Ltd.	16
B. T. Primary School	8	BB Company	8
		AA Company	6
		ST Company	6

Sources: Field Survey, Kirtipur-13

Presented by: Rabin Manandhar

Roll No.: 1

Section: A

Subject Teacher: Mr. Yogendra Dahal

Activities: 2 

Collects any five substitutes and complementary goods in your local market. Discuss in your classroom with friends.

Activities: 3

Collect, classify and tabulate the different goods and services found in your local market and present them in your classroom.

Activities: 4

Make a list of factors of production found in your community or neighborhood and present in the classroom.