Economics Specimen 2024: Sec-A Que-2, 3 and 4 Solved for ICSE Solved for Sample Paper. Solutions of Que-2, 3 and 4 of Section A by expert teachers. These solutions of ICSE Specimen paper 2024 are fully applicable as latest prescribe guideline of CISCE for upcoming board exam
Economics Specimen 2024: Sec-A Que-2, 3 and 4 Solved for ICSE Sample Question Paper
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Economics Specimen 2024: Sec-A Que-2, 3 and 4
(i) Give any two examples of commercial revenue.
Ans: examples of revenue are: Rent received. Amount received from one time sale of an asset. Interest received from bank accounts
(ii) What does consumer awareness mean?
Ans: Consumer Awareness is an act of making sure the buyer or consumer is aware of the information about products, goods, services, and consumers rights. Consumer awareness is important so that buyer can take the right decision and make the right choice
(iii) ‘Specialization of labour helps the producers in their productive activities and is also beneficial to the workers’. Justify the statement with two suitable reasons.
Ans: specialization in a particular small job allows workers to focus on the parts of the production process in which they have an advantage. People have different skills, talents, and interests, so they will be better at some jobs than at others
(iv) Explain the meaning of overdraft facility
Ans: Overdraft is a credit facility that allows you to withdraw funds from your current or savings account even if your bank balance is zero. Many financial institutions, including banks, provide this feature. An overdraft facility is a short-term loan that must be repaid within the time frame specified by the lender.
(i) Define the term demand.
Ans: Demand simply means a consumer’s desire to buy goods and services without any hesitation and pay the price for it
(ii) Why is capital subject to depreciation?
Ans: Capital equipment is considered a noncurrent asset, which means that it’s depreciated over the length of its useful life
(iii) How is fixed deposit different from saving deposit?
Ans: Savings account: Savings account interest rate is not fixed, and it varies with the market. Bank Fixed Deposit: It is fixed, and the rate of interest is based on the tenure for which the money is saved and the age of the depositor. Senior citizens might enjoy a slightly higher rate
(iv) Analyse the visual elements in the above two pictures and identify the standardisation mark required for Picture 1 and Picture 2 respectively as per the consumer protection measure
(i) How does net debt differ from gross debt?
Ans:- Net debt shows how much debt a company has once it has paid all its debt obligations with its existing cash balances. Gross debt is the total book value of a company’s debt obligations
(ii) Explain the term elasticity of demand.
Ans: Elasticity of demand refers to the shift in demand for an item or service when a change occurs in one of the variables that buyers consider as part of their purchase decisions. It’s a relationship between demand and another variable, such as price, availability of substitutes, advertising pressure and customer income.
(iii) Ram and Shyam were both travelling by train from Delhi to Chennai separately. However, the cost of their tickets is different. Why? Give a reason for the railways charging different prices to different customers.
Ans: Indian Railways has dynamic pricing on fares only on selected Duronto, Rajdhani and Shatabdi category of trains. In the current pricing model, the dynamic fare is charged over the base fare is based on occupancy of seats in the corresponding trains with a cap of 150% of the base fare
(iv) Under what conditions does the supply of good exhibit unitary elasticity?
Ans: Unit Elastic Supply – Unit elastic supply is when the quantity of supply of a good changes proportionally to the change in price of the good. This is a direct relationship because when the price of a good goes down, more people will buy the product and the supply will go down
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