Geography Important Questions Chapter 8 International Date Line Class 9 Maharashtra Board

Imp Questions For All Chapters – Geography Class 9th

Short Questions

1. What is economics about?

• It’s about managing money and resources to meet our needs.

2. What does “oikonomia” mean?

• It means “family management” in Greek.

3. Who is the father of economics?

• Adam Smith is known as the father of economics.

4. What did Adam Smith call economics?

• He called it “the science of wealth.”

5. What is a capitalistic economy?

• It’s an economy where private people own businesses for profit.

6. What is the main goal of a socialistic economy?

• The goal is to achieve social welfare for everyone.

7. What is a mixed economy?

• It’s a mix of private and government control balancing profit and welfare.

8. Name a country with a capitalistic economy.

• The USA has a capitalistic economy.

9. Name a country with a socialistic economy.

• China has a socialistic economy.

10. Name a country with a mixed economy.

• India has a mixed economy.

11. What is globalisation?

• It’s connecting a country’s economy to the world with free trade.

12. What does an economy do with production?

• It decides what to produce and how much.

13. How does an economy save money?

• It keeps production costs low.

14. What is one function of an economy?

• It shares money fairly among people.

15. What does economics study according to Lionel Robbins?

• It studies how people choose between limited resources and unlimited needs.

16. Where does economics begin?

• It begins at home with managing family finances.

17. What is the total spending in the example table?

• The total spending is ₹22,550.

18. What is the monthly income in the example?

• The monthly income is ₹20,000.

19. Why do we need to balance income and spending?

• To avoid spending more than we earn.

20. What is one resource economics manages?

• It manages money, time, or land.

Long Questions

1. Why is economics called a social subject?

• Economics is a social subject because it deals with how people manage money and resources in daily life, like farming or trade. It helps society grow by solving problems of production and sharing goods fairly.

2. How does economics help us at home?

• At home, economics teaches us to balance income and spending, like cutting costs on fun to fit a ₹20,000 budget. It’s like family management, which is where the word “economics” comes from.

3. What makes a capitalistic economy different?

• A capitalistic economy lets private people own businesses and focus on making profits, like in the USA or Japan. It’s different because the government doesn’t control everything, unlike in a socialistic system.

4. Why does a socialistic economy focus on welfare?

• In a socialistic economy, like China’s, the government owns production to make sure everyone benefits, not just a few. The goal is social welfare, so resources are shared for the good of all.

5. What is special about a mixed economy?

• A mixed economy, like India’s, has both private businesses and government control to balance profit and welfare. It’s special because it tries to help everyone while still letting people earn money.

6. How does globalisation change an economy?

• Globalisation connects a country to the world, allowing free trade of goods and services, like buying phones from other countries. It removes rules on trade and investment, making the economy borderless.

7. Why do economies plan for the future?

• Economies plan for the future by saving resources and money for things like schools or hospitals. This ensures people’s needs are met later, not just today.

8. How does economics manage limited resources?

• Economics helps us use limited resources like money or land wisely to meet unlimited wants, as Lionel Robbins explained. It’s about making smart choices, like reducing spending in the budget table.

9. Why is India’s economy called mixed?

• India’s economy is mixed because it has private companies for profit and government programs for welfare, like schools or hospitals. This balance helps both individuals and society grow together.

10. What is the role of production in an economy?

• Production in an economy decides what goods (like food or clothes) to make and how much, based on people’s needs. It also tries to keep costs low so resources aren’t wasted.