Economics Most Important Questions

Economics is the study concerned with the use of resources and production of goods and services, it covers all the capital growth and business of a nation. Economics helps us to understand the potential price of rice on the basis of demand and supply. Also, in various competitive exams economics carry a good weightage, so here we will explore the most important questions related to the subject of economics. 

• Describe the Work of a Farmer with 1 Hectare of Land
• Underemployment
• Why are the Wages for Farm Labourers in Palampur Less Than Minimum Wages?
• Do You Believe that Green Revolution has Made India Self-sufficient in Food Grains?
• MNCs and Control of Production
• Role of Banks in Economy of India
• Rural Credit – Meaning, Sources, Types and FAQ
• Why Ration Shops are Necessary?
• Explain any three Loan Activities of Banks in India
• How did the spread of electricity helped farmers in Palampur?
• Analyse the Role of Credit for Development
• Production Utility
• Do you think the Classification of Economic Activities into Primary, Secondary, and Tertiary is useful? Explain how.
• Bills of Exchange
• Features of Demonetization
• How is the Tertiary Sector different from other Sectors?
• What is Minimum Support Price?
• How are the activities in the economy classified on the basis of employment conditions?
• Developmental and Non-Developmental Expenditure
• Differentiate between Seasonal Hunger and Chronic Hunger
• Distinguish between Open and Disguised Unemployment
• What do you understand by Human Poverty?
• What is “Sarva Siksha Abhiyan”?
• Differentiate between Cottage and Small Scale Industries
• Bank Rate Policy
• Name the place where river Narmada originates
• Role of Government in Reducing Poverty
• How did withdrawal of US loans affect the different economies of the world?
• What are the measures taken by India to reduce Poverty?
• Capitalist vs. Socialist Economies: What’s The Difference?
• What is the role of MNC’s in Globalization Process?
• Write a note on the Role of Cooperatives in providing Food and Related Items
• What is Educated Unemployment and reasons for it’s prevalence in India?
• Rural Employment Generation Programme
• What are the differences between Formal and Informal sources of Credits and Loans?
• Who introduced the concept of Human Development?
• Importance of Sustainable Consumption
• How are Demand Deposits accepted as a Means of Payment?
• Role of Education in Economic Development
• Relation between Agriculture and Globalization
• Why was the Vernacular Press Act of 1878 passed?
• Frictional Unemployment – Overview, Causes, Examples
• Ways and Means of Consumer Protection
• Why do we need to expand the formal sources of credit in India?
• What is Welfare? – Definition, Models, Working, Welfare in India
• Skill Development and Employment Opportunity in India
• What is Disguised Unemployment?
• Write about the Utility and Value of resources
• How is economic growth linked with poverty reduction in India?
• What is Food Security?
• What happens to supply of food when there is a disaster or calamity?
• What are Public Goods?
• Problems of Indian Agriculture
• Types of Unemployment in India
• Advancement of International Trade of a Country is an Index to its Economic Prosperity
• What are the components of the money supply?
• How is the concept of Self Help Groups important for the poor people?
• What is the relation between occupational structure and development?
• How do farmers get into debt trap?
• What do you mean by Human as a resource?
• Mixed Economy – Definition, Features, Merits, Examples
• What are the Features of a Market?
• What is the role of consumers in the market place?
• What is a Smart City? – Definition, Highlights, Functions, Examples
• How does transport play an important role in the Economic development of a country?
• Basic Economic Entities
• What is the meaning of investment intermediaries?
• What are the adverse effects of Industrialization?
• Justify the statement ‘The development of an industry depends upon agriculture.’
• Explain the various causes of unemployment in India
• When does a social difference become a social division?
• How do small farmers arrange capital for farming?
• Explain the agency functions of commercial banks
• Human Development Index – Definition, Importance, Limitations
• What are the problems of the functioning of ration shops?
• Difference between Public and Private Sectors
• What happens in the Putting-out system?
• Which states are more food insecure in India?
• What is a Demand? Definition, Types, Examples, FAQs
• Difference between Developed and Underdeveloped Economy
• Positive Impacts of the Green Revolution
• Liberalisation – Introduction, Process, Positive and Negative Impacts
• Consumers International
• Objectives of Consumer Protection Act
• What is a Barter System and what are it’s drawbacks?
• Objectives of World Trade Organisation
• Basic Problems of an Economy
• Modern Waste Management Techniques
• Economic Development in the First and Second Five Year Plans
• What is meant by a Trade Barriers?
• What is a Poverty Line?
• How Do Governments Fight Inflation?
• Who issues currency notes in India?
• Describe the Impact of Globalisation on Indian Economy
• Measuring Human Development
• Evolution of Consumer Movement in India
• What is the basic goal of Human Development?
• What are the functions of NABARD?
• Vocational Education in India
• What are the advantages of globalisation in India?
• What are Consumer Forums and what is their importance?
• Describe the Current Government Strategy for Poverty Alleviation
• What are the effects of liberalism on economy?
• What is the aim of Mid-Day Meal Programme?
• What is Barter System? Definition, Examples, Benefits, Limits
• Four Economic Concepts Consumers Need to Know
• What Is a Multinational Corporation?
• Difference between Economic and Non-Economic Activities
• What are the limitations of green revolution in India?
• Discuss the Major reasons for Poverty in India

In conclusion, economics is a vast and important domain to understand. By studying these questions and answers you may have developed a good understanding of the business, production, and market resources. 

FAQs Economics Most Important Questions

Q 1.  Why is economics important in class 12th?

The study of economics is divided into two sub parts i.e., Microeconomics and Macroeconomics. Macroeconomics deals with the structure of the economy, its behaviour, decision-making, and also the over all performance. Macroeconomics must be studied well to score good marks in class 12th. Apart from this, economics in class 12th is important because it provides knowledge and skills that are relevant to various aspects of life such as the financial and career choosing decisions.

Q 2. What factors contribute to economic growth?

The 3 main factors that contribute to economic growth are – Technological advancement, Increase in labour inputs and accumulation of capital stocks.

Q 3. What are the 3 big questions of economics?

The 3 big questions of economics are – 1. What to produce? , 2. How to produce? , 3. Who to produce it for?