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Class 11th Economics - Introduction to Economics Case Study Questions and Answers 2022 - 2023

Published on: 08/09/2022

QB365 provides a detailed and simple solution for every Possible Case Study Questions in Class 11 Economics Subject - Introduction to Economics, CBSE. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

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Questions:

Case Study Questions

2 x 4 = 8

No analysis of an economic problem would be possible without economic data, which are economic facts. Today we increasingly use statistics to analyse serious economic issues like rising prices, growing population, unemployment, poverty etc. The purpose of collecting data about these economic problems is to understand and explain the problems in terms of various causes behind them, i.e., we try to analyse them.
(a) Give any one example of an economic problem.
(b) 'No analysis of an economic problem would be possible without economic data.' Explain.

'Scarcity is the root of all economic problems.' Had there been no scarcity, no economic problem would have arisen. In our daily life, we face the shortage of essential commodities. We face scarcity because the things that satisfy our wants are limited in availability. The resources which the producers have are limited and also have alternative uses, which give rise to the 'problem of choice' between different commodities that can be produced by those resources.
(a) What is the root cause of all economic problems?
(b) Explain what gives rise to the problem of 'choice' in our daily life

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Answers Key:

Case Study Questions

2 x 4 = 8

(a) Rising prices, growing population, povery etc. (anyone)
(b) It is correct to say that no analysis of an economic problem is possible without economic data. Today, in fact we increasingly use statistics to analyse serious economic problems like unemployment, poverty etc. Data related to these problems help us to understand and explain these problems in terms of various causes behind them. This is the reason as to why we try to analyse these problems.

(a) 'Scarcity' is the root cause of all economic problems.
(b) In our daily life, we face the shortage of the essential commodities. This shortage is due to the fact that our wants to be satisfied being unlimited and the resources which the producers have being limited and also having alternative uses. This imbalance gives rise to the 'problem of choice' between different commodities, that can be produced with those limited resources.