Looking for an exam-oriented collection of extra questions and answers for SEBA Class 9 Social Science Economics Chapter 1 (Basic Concepts of Economics / অৰ্থনীতিৰ প্ৰাথমিক ধাৰণাসমূহ) for the 2026–27 academic session? Access thoroughly solved Short Answer Questions (2–3 marks), Long Analytical Questions (4–5 marks), comparative distinction tables, and revision notes. Master high-yield exam topics covering why Lionel Robbins’ definition of economics is regarded as more scientific and universal than Alfred Marshall’s material welfare perspective; the fundamental criteria of Robbins’ formulation (unlimited ends, scarce means, alternative uses); differences between wealth and welfare; distinction between value in use and value in exchange (the Water-Diamond Paradox); why all wealth consists of economic goods, but all economic goods are not wealth; characteristics of human wants (unlimited, complementary, competitive, and saturable); classifications of goods (free goods vs. economic goods, consumer vs. producer goods, perishable vs. durable goods); microeconomics vs. macroeconomics fundamentals; and central economic problems of resource allocation, structured strictly according to the Assam Board (SEBA) examination pattern.
Q.1. From which language is the word ‘economics’ derived?
Answer: Greek
Q.2. Which Greek word did ‘economics’ originate from?
Answer: Oikonomia
Q.3. What does the Greek term ‘oikos’ mean?
Answer: House (or family)
Q.4. What does the Greek term ‘nomos’ mean?
Answer: Rule (or management)
Q.5. Who is considered the Father of Economics?
Answer: Adam Smith
Q.6. Who gave the wealth-based definition of economics?
Answer: Adam Smith
Q.7. In which year was Adam Smith’s famous book published?
Answer: 1776
Q.8. Who offered the welfare-oriented definition of economics?
Answer: Alfred Marshall
Q.9. In which year was Alfred Marshall’s book Principles of Economics published?
Answer: 1890
Q.10. Who formulated the scarcity-based definition of economics?
Answer: Lionel Robbins
SEBA Class 9 Economics Chapter 1 Extra Questions
Q.11. In which year did Lionel Robbins publish his famous essay?
Answer: 1932
Q.12. What is the want-satisfying capacity of a good or service called?
Answer: Utility
Q.13. What are the produced means of production called?
Answer: Capital
Q.14. From which Greek word is ‘micro’ derived?
Answer: Mikros
Q.15. What is the English meaning of the word ‘Mikros’?
Answer: Small
Q.16. From which Greek word is ‘macro’ derived?
Answer: Makros
Q.17. What is the English meaning of the word ‘Makros’?
Answer: Large
Q.18. Goods provided directly by nature without any cost are called what?
Answer: Free goods
Q.19. Goods that carry a price and have limited supply are called what?
Answer: Economic goods
Q.20. What is the exchange value of a good expressed in terms of money called?
Answer: Price
Basic Concepts of Economics Important Questions and Answers 2026-27
Q.21. Name the factor of production that organizes land, labor, and capital.
Answer: Organization (or Entrepreneurship)
Q.22. Which economists linked scarcity with the idea of efficiency?
Answer: Samuelson and Nordhaus
Q.23. What term is used for the total money value of all final goods and services produced in a country in a year?
Answer: National income
Q.24. Sunshine and fresh air are examples of which type of goods?
Answer: Free goods
Q.25. What is the reward or remuneration paid to labor called?
Answer: Wages
Extra Short Questions and Answers
Q.1. What is the literal meaning of the word ‘Oikonomia’?
Answer: The word oikonomia is made up of two Greek words: oikos (house/household) and nomos (rule or management). Together, it means household management.
Q.2. State Adam Smith’s definition of economics.
Answer: According to Adam Smith, economics is “an enquiry into the nature and causes of the wealth of nations,” often summarized simply as the science of wealth.
Q.3. Why did critics call Adam Smith’s definition the ‘Gospel of Mammon’?
Answer: Critics like Thomas Carlyle and John Ruskin argued that Smith placed too much emphasis on physical wealth rather than human welfare, reducing economics to a selfish study of money.
Q.4. State Alfred Marshall’s definition of economics.
Answer: Marshall defined economics as the study of mankind in the ordinary business of life, dealing with individual and social actions related to the attainment and use of the material requisites of wellbeing.
Q.5. State Lionel Robbins’ definition of economics.
Answer: According to Lionel Robbins, economics is the science that studies human behavior as a relationship between unlimited ends and scarce means which have alternative uses.
Q.6. What are the two fundamental facts that cause an economic problem?
Answer: The two basic facts are:
- Human wants are unlimited.
- The resources to satisfy these wants are scarce (limited).
Q.7. What is microeconomics?
Answer: Microeconomics is the branch of economics that studies individual economic units, such as a single consumer, a household, a worker, or an individual firm.
Q.8. What is macroeconomics?
Answer: Macroeconomics is the branch of economics that studies the economy as a whole, dealing with aggregates like national income, total employment, and general price levels.
Q.9. What are economic goods?
Answer: Economic goods are man-made goods whose supply is limited relative to their demand. Because they require effort and cost to produce, they command a price in the market.
Q.10. What are free goods?
Answer: Free goods are gifts of nature that exist in abundant supply. They do not command a market price and can be consumed without payment (e.g., air, sunlight).
Class 9 Social Science Economics Chapter 1 Extra Q&A SEBA
Q.11. What is utility?
Answer: Utility is the capacity or power of a good or service to satisfy a human want.
Q.12. What is meant by ‘Value-in-use’?
Answer: Value-in-use refers to the usefulness or practical utility of a commodity for satisfying a human need, regardless of its market price (e.g., water has high value-in-use).
Q.13. What is meant by ‘Value-in-exchange’?
Answer: Value-in-exchange is the purchasing power of a commodity expressed in terms of other goods or money in the market.
Q.14. Name the four factors of production.
Answer: The four factors of production are:
- Land
- Labor
- Capital
- Organization (or Enterprise)
Q.15. What is Per Capita Income?
Answer: Per capita income is the average income earned per person in a country in a given year. It is calculated by dividing national income by the total population.
Extra Long Questions (3 Marks Each)
Q.1. Mention the three basic pillars of Lionel Robbins’ definition of economics.
Answer: Lionel Robbins based his definition on three core observations:
- Unlimited Wants: Human wants are endless; as soon as one want is fulfilled, new wants arise.
- Limited (Scarce) Resources: The means or resources available to satisfy these wants are limited in supply.
- Alternative Uses: Scarce resources can be put to multiple uses (for example, electricity can be used to run a factory, light a home, or power a train).
Because of these three conditions, humans must make a choice on how best to allocate resources.
Q.2. Explain three key differences between Free Goods and Economic Goods.
Answer:
- Source: Free goods are gifts of nature, whereas economic goods are created through human labor and effort.
- Supply and Scarcity: Free goods exist in abundant supply, while economic goods are scarce relative to demand.
- Price: Free goods carry no price and are available free of cost. Economic goods carry a price and require payment to acquire.
Q.3. Differentiate between Microeconomics and Macroeconomics.
Answer:
- Scope: Microeconomics studies individual units (a consumer, a single firm), while macroeconomics studies the economy as an aggregate whole.
- Core Variables: Microeconomics focuses on individual price, demand, and output; macroeconomics focuses on national income, general inflation, and total employment.
- Origin: Micro comes from the Greek word Mikros (small), whereas macro comes from the Greek word Makros (large).
Q.4. Distinguish between ‘Value-in-use’ and ‘Value-in-exchange’ with examples.
Answer:
- Meaning: Value-in-use refers to how useful a commodity is for human survival or comfort. Value-in-exchange refers to what a commodity can fetch when traded for other goods or money.
- Presence of Price: A good can have tremendous value-in-use without carrying any market price. A good with high value-in-exchange always commands a significant price.
- Example (Water-Diamond Paradox): Water is essential for life and has high value-in-use, but has little or no value-in-exchange. A diamond has very little use for survival, but commands a huge value-in-exchange.
Q.5. Explain the four factors of production and their respective rewards.
Answer:
- Land: All natural gifts used in production (soil, water, minerals). Its reward is Rent.
- Labor: Physical or mental human effort applied to create goods and services. Its reward is Wages.
- Capital: Man-made wealth used to produce further wealth (tools, machines, factories). Its reward is Interest.
- Organization: The coordinator who combines the other three factors and takes business risks. Its reward is Profit.
Assam Board Class 9 Economics Chapter 1 Solved Extra Questions PDF
Q.6. Why does the problem of choice arise in an economy?
Answer: The problem of choice (economic problem) arises due to three reasons:
- Human wants are endless and keep recurring.
- Resources (money, materials, time) needed to fulfill them are scarce.
- These limited resources can be used in different ways.
Since people cannot have everything they desire, they are forced to choose which wants to satisfy first and which to postpone.
Q.7. What is National Income, and what are two main reasons it is studied?
Answer: National income is the total monetary value of all final goods and services produced within a nation over a year.
Studying national income is important because:
- Measures Economic Performance: It reveals whether the country’s economy is growing, stagnant, or declining over time.
- Helps in Planning: It helps the government formulate policies, distribute resources among sectors, and tackle issues like poverty and inequality.
Q.8. Briefly explain the major areas covered under the scope of Economics.
Answer: The traditional scope of economics covers four key areas:
- Consumption: The study of how consumers satisfy their wants using goods and services.
- Production: The process of combining land, labor, capital, and organization to make goods.
- Distribution: How the total income generated is shared among rent, wages, interest, and profit.
- Exchange: The study of markets, money, and price determination through buying and selling.
💰 Class 9 Social Science Exam Preparation Notice: This page features curated SEBA Class 9 Social Science (Economics Section) Chapter 1: Basic Concepts of Economics Extra Questions, Answers & Solutions updated for the 2026–27 academic session. Tailored strictly to target high-frequency descriptive, analytical, and conceptual questions tested in school unit tests, half-yearly exams, and annual examinations, this revision guide explores beyond standard textbook exercises—providing structured, point-wise evaluations of Adam Smith, Alfred Marshall, and Lionel Robbins’ foundational theories, the economic dilemma of unlimited wants versus scarce resources, the core characteristics of wealth and economic goods, and the distinction between value and price—to guarantee full marks in your 2-mark, 3-mark, and 5-mark exam questions.
💡 Master SEBA Class 9 Economics Chapter Extra Questions:
- Having difficulty structuring a comprehensive 5-mark answer detailing the four fundamental pillars of Lionel Robbins’ scarcity definition, explaining the paradox of value (water vs. diamond), or establishing why transferable utility is mandatory for an economic good to be classified as wealth? Leave your query in the comments section below!
- Bookmark this page for quick revision of comparison tables (Free Goods vs. Economic Goods, Material Welfare vs. Scarcity), book titles, foundational years, and economic laws before your upcoming unit evaluations, half-yearly exams, and final annual examinations.
- Share this link with your classmates and WhatsApp study groups to make Class 9 Social Science economics preparation structured, analytical, and high-scoring!