7th Economics Term 1 Unit 1 Book Back Solutions

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Samacheer Kalvi 7th Economics Term 1 Unit 1 Social Book Back Question and Answers:

Samacheer Kalvi 7th Standard New Social Book Back 1 Mark and 2 Mark Question & Answers PDF uploaded and available below. Class 7 New Syllabus 2021 to 2022 Book Back Question & Answer solutions available for both English and Tamil Medium. Class 7 Economics Book Term 1 Unit 1 – Production Answers/Solutions are provided on this page. 7th Std Social Book is of 1st Term consists of 10 units, 2nd Term consists of 7 units and Term 3rd consists of 10 Units. All Units/Chapters of Term 1st, 2nd, 3rd Social Book Back One, and Two Mark Solutions are given below.

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Samacheer Kalvi 7th Social Book Back Unit 1 Term 1 Answers/Solutions Guide PDF:

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 Economics – Term 1 Unit 1

Political Parties

 

I. Choose the correct answer:

1. Production refers to
(a) destruction of utility
(b) creation of utilities
(c) exchange value
(d) none of these
Answer:
(b) creation of utilities

2. Utilities are in the nature of
(a) form utility
(b) time utility
(c) place utility
(d) all of these
Answer:
(d) all of these

3.______is carried out by extractive industries.
(a) Secondary production
(b) Primary production
(c) Tertiary production
(d) Service production
Answer :
(b) primary production

4. Primary factors are
(a) land, capital
(b) capital, labour
(c) land, labour
(d) none of these
Answer:
(c) land, labour

5. The entrepreneur is also called
(a) exchanger
(b) Agent
(c) organizer
(d) communicator
Answer:
(c) organizer

II. Fill in the Blanks

  1. ________ means want satisfying power of a product.
  2. Derived factors are ________ and ________
  3. ________ is a fixed in supply.
  4. ________ is the human input into the production process.
  5. ________ is the man made physical goods used to produce other goods and services.

Answer:

  1. Utility
  2. Capital, Organization
  3. Land
  4. Labour
  5. Capital




III. Match the following

A B
Primary production (i) Adamsmith
Time utility (ii) Fishing, mining
Wealth of nation (iii) Entrepreneur
Human capital (iv) Stored for future
Innovator (v) Education, health

Answer:

1 – ii; 2- iv; 3 – i; 4 – v; 5 – ii

IV. Give short answer:

1. What is production?
Answer:
Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption (the output).

2. What is the utility?
Answer:
Utility means to want the satisfying power of a product.

3.Name the types of utility.
Answer:

  1. Form utility
  2. Time utility and
  3. Place utility

4. Name the types of production.
Answer:
There are three types of production

  1. Primary production
  2. Secondary Production
  3. Tertiary or Service Production

5. What are the factors of production?
Answer:
Factors of production are Land, Labour, Captial, Organization.

6. Define Labour.
Answer:
Labour is the human input into the production process.

7. Define Division of labour.
Answer:
Division of Labour means the dividing process of production into distinct and several component processes and assigning each component in the hands of labour or a set of labouress. who are specialists in particular process.

8. Write the forms of capital.
Answer:
The forms of capital are

  • Physical capital
  • Money capital and
  • Human capital.

9. Who is the changing agent of society?
Answer:
The entrepreneur is also called ‘Organizer’. In, modem times, an entrepreneur is called ‘the changing agent of the society’.

10. Write the three characteristics of an entrepreneur.
Answer:

    1. Identifying profitable investible opportunities
    2. Deciding the location of the production unit
    3. Making innovations

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