CBSE Class 7 Answered
The study of economics can be traced back to the ancient times. Economics, as we know today, has evolved from its historical definition over the years. The term is used quite widely today. Let us read more about this interesting area of study. Quite surprisingly, a subject that deals with money and economic activity had its origins in the field of Philosophy. It was considered as a part of Political Science and was named Political Economy. It is the study of our monetary choices; what we decide to buy and not to buy. The origin of the word can be traced to ancient Greek. “Oikos” means house and “nomos” means customs or laws. There are two main types of economics: microeconomics and macroeconomics. While microeconomics studies the buyer-seller dynamics, macroeconomics studies the economic conditions affecting nations and their monetary relationships with one another. Economics throws light on how humans buy and spend money, how countries use their resources, how labourers operate, how investments work, how businesses fail and how tax effects population. |
Q1) Complete the following sentences. 6 a) ________________ in the ancient times. b) ________________ is different from what it was centuries ago. c) We can divide Economics into ________________: ________________ and ________________ |
Q2) Fill in the blanks. 8 The relationship between purchasing and selling is explored in a) ________________. b) ________________ deals with economics on a global scale. c) ________________ is where the name can be trace to. d) ________________ means set of rules that govern an area. |
Q3) Find the words in the passage that means 6 a) In a manner that creates wonder ________________ b) A force that stimulates change and development ________________ c) Produce a result ________________ |
The following passage has not been edited. There is one error in each line. Underline the error and write the incorrect word and the correction. The first one has been done as an example.
Deposits for sand |
of sand |
in north America |
a) |
points to the fact that the |
b) |
region experience a hot |
c) |
dessert climate. |
d) |
Coral reeves and remnants |
e) |
of forests provides us |
f) |
with a evidence. |
g) |