What are your reasons for studying Economics? - Vidyadip

Question

What are your reasons for studying Economics?

✓

Answer

The reasons for studying economics are:

To study the Theory of consumption: We want to know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices.
To study the Theory of Production: We also want to know how the producer, similarly, chooses what to produce for the market when he knows the costs and prices.
To study the Theory of Distribution: We want to know how the national income or the total income arising from what has been produced in the country is distributed through wages (and salaries), profits and interest.
The study of economics also helps us to understand and analyse the root cause of basic problems faced by an economy like, poverty, unemployment, income disparity, etc. and helps to take various corrective measures.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "6 Marks Question" from Introduction→Introduction — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Calculate the cost of living index number using family budget method.

Commodity	Wheat	Rice	Pulses	Ghee	Sugar	Oil	Fuel	Clothes
Unit Consumed In Base Year	200	50	56	20	40	50	60	40
Price in ₹ (Base Year)	1.0	3.0	4.0	20.0	2.5	10.0	2.0	15.0
Price in ₹ (Current Year)	1.2	3.5	5.0	30.0	5.0	15.5	2.5	18.0

Individual demand schedules of Rakesh and Mohit for ice cream is given below. Derive market demand schedule for ice cream from the following:

Price of Ice Cream (₹ per unit)	Demand of Rakesh (Units)	Demand of Mohit (Units)
10	1	2
9	2	3
8	3	4
7	4	5
6	5	6

→

How is the demand for a commodity affected by changes in the price of related goods? Explain with the help of diagrams.

Find the standard deviation from the given data, using step deviation method.

X	7.5	17.5	27.5	37.5	47.5
Frequency	10	8	15	6	4

Find out mean deviation of the following data.

Items:	5	10	15	20	25	30	35	40
Frequency:	8	16	18	22	14	9	6	7

State relation between mean, median and mode in normal and skewed distribution with an example.

What do you understand by absolute change, relative change and net change?

Prove that the algebraic sum of deviations of a given set of observations from their mean is zero. Give an example also.

Read the following case study carefully and answer the questions 1-2 on the basis of the same:
Firms must weigh the opportunity costs of producing one good versus another. As the production possibilities frontier showed, productive resources are limited and choices among outputs must be made. Such choices depend on relative prices. A farmer with farmland suited for both corn and soybeans must decide how much of each crop to plant. As the price of soybean falls, more land will be planted in corn. Oil refiners will be guided by the relative prices of fuel oil, gasoline, and kerosene in deciding how much of each to refine. Higher price of fuel oil tends to lower the supply of other refined oil products. Firms must also compare today's prices with those expected in the future.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$-Paul R. Gregory, Essentials of Economics, 4th Edition, University of Houston

1. How does the rise in the price of fuel oil affect the supply of other refined oil products?
2. How is withdrawal of subsidy on the inputs used (like fuel oil prices, gasoline, and kerosene in the above case) in the production of refined oil products likely to affect the supply and demand for refined oil products in India? Also, explain its implications in the Indian economy.

Explain the concept and uses of index numbers.