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11th Standard English Medium Economics Subject Production Analysis Creative 2 Mark Questions with Solution Part - II

Published on: 01/07/2021

QB365 provides detailed and simple solution for every Creative Questions in class 11 Economics Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Std: 11th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What do you mean by law of supply?

What do you mean by Iso quant?

Economies are divided into how many types? what are they?

Who is an 'Organizer'?

What is production?

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Answers Key:

Generic 2

5 x 2 = 10

(i) Law of supply is associated with production analysis.
(ii) It explains the positive (or) direct relationship between Price and Quantity supply.

(i) An Iso quant curve can be defined as the locus of points representing various combinations of two inputs capital and labour yielding the same output.
(ii) The Iso quant is also called as the "Equal product curve" (or) The "Iso-Product curve".

Economies are broadly divided into two types. They are,
(1) Internal Economies of scale
(2) External Economies of scale

(i) The man behind organizing the business is called as 'Organizer' or 'Entrepreneur'
(ii) An organiser is the most important factors of production.

(i) Production refers to the creation or addition of value.
(ii) Production is a process of value adding.
(iii) In other words, production is also defined as the transformation of input into output.