ECONOMIC (214) TUTOR MARK ASSIGNMENT 2021-22 | NIOS ASSIGNMENT ANSWER FREE
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1.
Answer any one of the following question in about 40-60 words.
(b) Illustrate the
difference between economic and non-economic with examples.
Ans.
Economic wants are
satisfied by using goods and services purchased from the market by paying a
price. For example, When we want a maid to cook, it is our economic want.
Non-economic wants are satisfied by using goods
and services which are not purchased from the market by paying a price. For
example, we want air to breathe, rain water for agriculture etc.
- Answer any one of the following question in about 40-60
words.
(B) Distinguish
between labour intensive technology and capital intensive technology.
Ans.
|
Labour
Intensive Technology |
Capital
Intensive Technology |
|
When we make more use of labour and less use of capital per unit of
output in the production of our commodity that is called labour intensive
technology. This type of technology is used in household enterprises and in
the enterprises which make production for self consumption or in case of
small scale |
When we make more use of capital and less use of labour per unit output
in the production of our commodity that is called capital intensive
technology of production. This type of technology is used when the production
is made on a large scale for sale in the market in order to earn profit. In
corporations and |
|
production. |
government enterprises generally
there is the use of capital intensive technology of |
|
|
production because there is large scale production of goods
and services. |
3.
Answer any one of the following question in about 40-60 words.
(b) Goods and services play an important role in an economy.
Explain. Ans. Goods and services play an important role in an economy :
Human wants
human wants
are unlimited and they are also ever increasing. It
means if the availability of different goods and
services like clothes, shoes, furniture, utensils, television, scooter, fruits,
vegetable, food grains and services of doctor,plumber, electrician etc
increases, it will satisfy more human wants.
Production
We require consumer goods and services to satisfy
increasing human wants. But this increase in availability of consumer goods and
services depends on the increased availability of producer goods and services.
Thus it is the quantity and quality of producer’s goods and services that will
determine the availability of consumer goods and services in the market.
Investment
Increase in the production of goods and services
will also determine the level of investment. Given the quantity of goods and
services, a part of it is consumed, which satisfies the human wants.
Whatever is not consumed is used for further
production and it results in capital formation in the economy. If the
production of goods and services is more, it is likely that the consumption
will be more and the investment will also be more. The larger is the surplus,
the larger is the productive capacity of the economy.
3. Answer any one of the following question in about 100-150 words.
(b) Sahil wants to
become an entrepreneur. What functions does he need to perform as an entrepreneur?
Ans. The main functions of an entrepreneur are as follow:
(i)
Conceiving and initiating: entrepreneur conceives the
plan of a production unit. All the decisions like what and how much to produce, which methods to use etc. are taken by
the entrepreneur.
(ii)
Organising the factors of
production: The
entrepreneur brings together the three factors of production and decides the
terms and conditions of work and the remuneration etc. of these factors of production.
(iii)
Division of work: First of all, the
entrepreneur divides the work in small units and sub-units. Then he assigns the
work to different persons according to their capability and the type of
training received by them.
Direction and supervision: He has to see that raw materials in not wasted, machines and tools are properly utilized with efficiency etc. The entrepreneur’s job is to maximize production by using/combining various factors of production.
(i)
Sale of finished products: The Entrepreneur has to make
arrangements for the sale of the finished production. He has to find out in
what ways he can get the maximum profits where the demand is maximum and the
use of advertisement. He has to
popularise the products to be sold in the market.
(ii)
Arrangement of finance: An entrepreneur has also to
make payment to the factor of production, such as wages to labour, rent to land
owner, interest to owner of capital. He has to pay them whether he receives a
profit or suffers a loss. He may have to make arrangements for finance to make such payment.
3.
Answer any one of the following question in about 100-150 words
(b).
Explain the central problem of an economy with the help of an example.
Ans. We may enlist three major problems facing any
economy. These are
1. Problem of Allocation
of Resources
2. Problem of Utilization
of Resources
3.
Problem of Growth of Resources
Problem of Allocation of Resources
An economy also confronts three fundamental economic problems:
1. What goods and services
shall be produced and in what quantities?
2. How shall
goods and services be produced?
3. For Whom goods and services are to be produced?
Full Utilisation of Resources
The other central problem of an economy relates to full utilisation of resources- land, labour, capital. You have seen that you can have more of bicycles by sacrificing some amount of wheat. If all the resources in the economy are fully employed, then the quantity of one commodity can be increased only by forgoing some quantity of the other. This happens when production takes place efficiently. But in reality, most of the time production does not take place efficiently. The factors are not fully employed and the production is below the optimum capacity of economy. Thus it is the duty of an economy to ensure that the scarce resources do not remain unutilized or under- utilised.
Growth of Resources
If resources like labour, capital and technology
grow over a period of time, the problem of scarcity can be addressed. Thus, for
the growth of any economy, the resources available to the economy should grow.
It is only through the effective growth of resources that a society can enjoy a
higher standard of living. This is how the countries have developed. If the
resources have failed to grow, the countries continue to be underdeveloped.
Thus, the economies should make efforts so that their resources grow gradually
to meet the growing needs.
6. Make any one project out of the given below.
(b) Calculate marginal product and average product with the help
of the following table.
|
Units of labour¡ |
Total Product (Units) |
Marginal Product |
Average Product |
|
0 |
10 |
|
|
|
1 |
15 |
|
|
|
2 |
20 |
|
|
|
3 |
27 |
|
|
|
4 |
36 |
|
|
|
5 |
40 |
|
|
Ans.
Given
Units of Labour and Total products Marginal Product (MP) =?
|
Average product (AP) =? Now, As per formula
MP = TPL – TPL–1
Here TPL Means Value of TP at L=1 which is 10.
L-1 refers to the precious level of employment of labour. Since L-1 = 1= 0,
= TP1– TP1-1 = 10 = 10
= TP2– TP2-1
= 15-10 = 5
= TP2– TP2-1
= 20-15 = 5
= TP1– TP1-1
= 27-20 = 7
= TP1– TP1-1
= 36-27 = 9
= TP1– TP1-1
= 40-36 =4
Since MP it the difference between two consecutive values of TP, it can be negative also.
Again According to question
Average product (AP) =? Now, As per formula
AP = TP/L
where L is
the number of units of labour input.
AP = TP/L
= 10/0 = 10
= 15/1 =15
= 20/2 =10
= 27/3 =9
= 36/4 =12
= 40/5 =8
|
Units of labour¡ |
Total Product (Units) |
Marginal Product |
Average Product |
|
0 |
10 |
10 |
10 |
|
1 |
15 |
5 |
15 |
|
2 |
20 |
5 |
10 |
|
3 |
27 |
7 |
9 |
|
4 |
36 |
9 |
12 |
|
5 |
40 |
4 |
8 |
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