This PSEB 9th Class Social Science Notes Economics Chapter 1 Story of a Village will help you in revision during exams.
PSEB 9th Class Social Science Notes Economics Chapter 1 Story of a Village
→ Economics: Economics is the study of unlimited human wants and the activities carried out to satisfy these wants through limited means.
→ Goods: Goods are those visible things that satisfy human wants e.g., books, chairs, mobile phones, etc.
→ Services: Services do not have a physical existence but they satisfy human wants e.g., teaching by a teacher.
→ Utility: Want satisfying power of a good or service is called utility.
→Price: The value of goods and services which can be expressed in terms of money is called price.
→ Wealth: All those goods and services for which we have to pay a price for their consumption are called wealth.
→ Money: Money can be defined as anything that is recognized by the government and is widely accepted as a medium of exchange in the transfer of goods.
→ Demand: Other things being equal, demand refers to the quantities of a commodity that the consumers are able and willing to buy at each possible price during a given period of time.
→ Supply: The quantities of a commodity that a seller is prepared to sell at given prices in a given period of time is called supply.
→ Market: Market means an arrangement where buyers and sellers of a commodity are in close contact with each other to buy and sell goods.
→ Cost: Cost is the amount spent in terms of money right from the production of goods to their sale.
→ Revenue: Revenue is the money earned by a person by selling goods or services.
→ Economic Activities: Economic activities are those activities that are concerned with consumption, production, exchange, and distribution of wealth.
→ Non-Economic Activities: Non-Economic activities are those activities that are not economically profitable.
→ Production: The creation of utility is called production.
→ Factors of Production: Land, labour, capital, and entrepreneur are called factors of production.
→ Land: Land is the free gift of nature-and its supply is fixed.
→ Labour: All human efforts made for the sake of monetary gain are called labour.
→ Multiple Cropping: To grow more than one crop on a piece of land during a year is known as multiple cropping.
→ Capital: Capital means all those man-made goods which are used in the further production of goods.
→ Entrepreneur: A human factor of production that takes economic decisions and bears risks is called an entrepreneur.