Worksheet: Economics (Class 9)
Chapter 8 – Building Blocks in Economics
Section A – Very Short Answer (1 mark each)
1. What is meant by scarcity?
2. Give one example of a scarce resource.
3. What are resources in economics?
4. Name any two types of resources.
5. What is meant by unlimited human wants?
6. Define opportunity cost.
7. What is choice in economics?
8. What is meant by demand?
9. What is supply?
10. What is an economic system?
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Section B – Short Answer (2–3 marks each)
1. Explain scarcity at the individual level with an example.
2. What is scarcity at the societal level?
3. Define land, labour, capital, and entrepreneur.
4. Why do economic problems arise?
5. Explain opportunity cost with an example.
6. What is the importance of understanding scarcity? (any two points)
7. Explain the nature of choice in economics.
8. What are the three central problems of an economy?
9. How do demand and supply affect prices?
10. What is a mixed economy?
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Section C – Long Answer (4–5 marks each)
1. Explain the concept of scarcity and its impact on economic decisions.
2. Describe the importance of opportunity cost in daily life.
3. Explain the role of economists in solving economic problems.
4. Discuss the advantages and limitations of a market economy.
5. Explain the features and limitations of a socialist economy.
6. Describe the advantages of a mixed economy.
7. Explain the role of government in a mixed economy.
8. What is a welfare economy? Explain its main features.
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Section D – Case Study Based Questions (4 marks)
Case Study 1: Limited Pocket Money
Riya gets ₹500 as her monthly pocket money. She wants to buy a storybook, eat fast food with friends, and recharge her phone. However, she cannot afford everything at the same time. She decides to buy the storybook and skips eating out. This situation shows that her money is limited but her wants are many. Because of this, she has to make a choice. The value of what she gave up (fast food) is her opportunity cost. Such decisions are common in daily life. It also shows how scarcity affects individuals. Proper decision-making helps in using resources wisely.
Questions:
a) What problem is Riya facing?
b) What is her opportunity cost?
c) Why does she need to make a choice?
Case Study 2: Government Decision
A state government has a limited budget for development. It has to choose between building a new hospital or improving roads. Both are important for people. However, due to limited funds, the government decides to build a hospital first. This decision shows scarcity at the societal level. The government must decide what to produce and for whom. The choice involves giving up one alternative. Good planning is needed to use resources efficiently. Such decisions affect the welfare of people.
Questions:
a) Which economic problem is shown here?
b) What is the opportunity cost?
c) Why can’t both projects be done together?
Case Study 3: Use of Resources
A farmer has a piece of land and limited water supply. He must decide whether to grow wheat or vegetables. Wheat needs less water, while vegetables can give more profit but need more water. The farmer chooses to grow wheat to save water. This shows how scarcity of resources affects production decisions. He makes a rational choice based on available resources. The vegetables he did not grow become his opportunity cost. This example also shows efficient use of resources. Every economic decision involves some sacrifice.
Questions:
a) What choice did the farmer make?
b) What is the opportunity cost in this case?
c) Why did the farmer choose wheat?
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Section E – Assertion and Reason (1 marks each)
1. Assertion (A): Human wants are unlimited.
Reason (R): Resources are limited in supply.
2. Assertion (A): Opportunity cost arises due to scarcity.
Reason (R): People have unlimited resources.
3.Assertion (A): In a market economy, prices are determined by demand and supply.
Reason (R): Government controls all economic decisions.
(Choose the correct option:)
• Both A and R are true and R is the correct explanation
• Both A and R are true but R is not the correct explanation
• A is true but R is false
• A is false but R is true
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Section F – Creative Thinking (4 marks each)
1. Why is it important for a country to choose between labour-intensive and capital-intensive methods of production?
2. How does scarcity lead to economic problems? Explain logically.
3. “Every choice has a cost.” Explain this statement with real-life examples.
4. Compare a market economy and a planned economy on the basis of decision-making and objectives.
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Section G – Activity / Project Work
1. List 5 decisions you made in a day and identify their opportunity costs.
2. Observe your family’s monthly expenses and classify them into needs and wants.
3. Find out one government welfare scheme and explain how it helps people.
Section H – Match the Following
Set 1
Column A Column B
1. Scarcity a. Next best alternative given up
2. Opportunity Cost b. Limited resources
3. Demand c. Quantity consumers want to buy
4. Supply d. Quantity producers are willing to sell
Answers:
1–b, 2–a, 3–c, 4–d
Set 2
Column A Column B
1. Land a. Human effort
2. Labour b. Natural resources
3. Capital c. Machines and tools
4. Entrepreneur d. Risk taker
Answers:
1–b, 2–a, 3–c, 4–d
Set 3
Column A Column B
1. Market Economy a. Government control
2. Socialist Economy b. Demand and supply
3. Mixed Economy c. Both sectors work together
4. Welfare Economy d. Focus on well-being
Answers:
1–b, 2–a, 3–c, 4–d
Section I – Fill in the Blanks
- Scarcity means ______ availability of resources.
- Human wants are ______ in nature.
- Resources are used to produce ______ and services.
- Opportunity cost is the ______ best alternative given up.
- Demand refers to the quantity consumers ______ to buy.
- Supply refers to the quantity producers are ______ to sell.
- The three central problems arise due to ______.
- In a market economy, prices are determined by ______ and ______.
- A ______ economy combines features of capitalism and socialism.
- Labour refers to ______ effort.
- Capital includes ______ and tools.
- An entrepreneur is a person who takes ______.
- In a socialist economy, resources are owned by the ______.
- Welfare economy focuses on ______ of people.
- Scarcity leads to ______ making.
Answers
- limited
- unlimited
- goods
- next
- want
- willing
- scarcity
- demand, supply
- mixed
- human
- machines
- risk
- government
- welfare
- decision
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