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

Samacheer Kalvi 7th Standard Social Science Book Back 1 Mark and 2 Mark Question & Answers uploaded online and available PDF for free download. Class 7th New Syllabus Social Science Term I book back question & answer solutions guide available below for English Medium. TN Class 7 Social Science Economics Book Term 1 Unit 1 – Production Solutions are provided on this page. Students looking for Samacheer Kalvi 7th Economics Term 1 Unit 1 Questions and Answers can check below.

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Samacheer Kalvi 7th Social Book Back Unit 1 Term 1 Solution Guide PDF:

TN Class 6th Social Science Economics Subject 1 Mark and 2 Mark Solutions Guide PDF available below. Click the Download option to download the book back 1 Mark & 2 Mark questions and answers. Take the printout and use it for exam purposes.

Economics – Term 1

Unit 1 – Production

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, labor
(c) land, labor
(d) none of these
Answer:
(c) land, labor

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. Labor
5. Capital

III. Match the following

Answer:

1 – ii; 2- iv; 3 – i; 4 – v; 5 – ii

IV. Give a 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 wanting 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, and Organization.

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

7. Define the Division of labor.
Answer:
Division of Labour means the dividing process of production into distinct and several component processes and assigning each component to the hands of labor or a set of laborers. who are specialists in a 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 an ‘Organizer’. In, modem times, an entrepreneur is called ‘the changing agent of 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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