MAHA TET · Social Studies (Paper II)
Production, consumption, demand and supply.
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Q1 · Concepts of Economics · EASY
In economics, production refers to the creation of goods and services to satisfy human wants. Which of the following is an example of production?
Q2 · Concepts of Economics · MEDIUM
The law of demand states that when the price of a good increases, the quantity demanded of that good will decrease, assuming other factors remain constant. A shopkeeper notices that when he increases the price of mangoes from Rs. 40 per kg to Rs. 60 per kg, his daily sales drop from 50 kg to 30 kg. Which economic principle does this situation demonstrate?
Q3 · Concepts of Economics · MEDIUM
Consumption in economics refers to the use of goods and services to satisfy human wants. A family's monthly budget shows the following expenses: food Rs. 8000, rent Rs. 5000, electricity Rs. 1500, entertainment Rs. 2000, and savings Rs. 3500. What is the total consumption expenditure of the family for the month?
Q4 · Concepts of Economics · HARD
The equilibrium price in a market is determined where the quantity demanded equals the quantity supplied. In a village market, at Rs. 20 per kg, farmers are willing to supply 100 kg of tomatoes but buyers demand 150 kg. At Rs. 30 per kg, farmers supply 150 kg but buyers demand only 100 kg. At Rs. 25 per kg, both quantity demanded and quantity supplied are 125 kg. What can be concluded about the price of Rs. 20 per kg?