Introduction

  • Question 1
    CBSEENST11023327

    Define Economics.

    Solution
    Economics is a social science dealing with the study of economic problems.
    Question 2
    CBSEENST11023328

    Define economic activity.

    Solution
    It is an activity which is related to the use of scarce means.
    Question 3
    CBSEENST11023329

    Who is a consumer ?

    Solution
    A consumer is one who consumes goods and services for the satisfaction of his wants.
    Question 4
    CBSEENST11023330

    What is consumption ?

    Solution
    Consumption is the process of using up utility value of goods and services for the direct satisfaction of our wants. Utility value of goods means inherent capacity of goods and services to satisfy human wants.

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