Economics Q&A for Class 8
12 free answers in Economics for Class 8 students, across CBSE, ICSE and State boards.
Question & Answer
Questions
- EconomicsClass 8CBSE
Explain the role of an entrepreneur as an innovator and job and wealth generator.
Role of an entrepreneur: Entrepreneur as an innovator: An entrepreneur assembles all the information, and analyzes the results derived from sound combination of factors. He sees the opportunity for introducing a new technique or a new product in the market. He puts attractive possibilities into practice. Entrepreneur as a wealth generator: Once an enterprise is launched, an entrepreneur assembles all the factors so that he can achieve desired results. He introduces new p
- EconomicsClass 8CBSE
The spirit of entrepreneurship helps an individual to grow. Explain this statement in detail.
The spirit of entrepreneurship helps an individual to grow in the following manner: Practicing innovative ideas: Entrepreneurship helps an entrepreneur in practicing or applying his innovative ideas to an opportunity to make it work. Facing challenges: It helps him in facing challenges or hardships in life. Planning enterprise: To get successful in the venture, an entrepreneur tries his utmost to plan the enterprise most effectively. Studying markets: H
- EconomicsClass 8CBSE
Explain the process of entrepreneurship in detail.
Process of entrepreneurship: Self Discovery Identifying opportunities Generating & evaluating ideas Planning Start up Viable project Self Discovery: The very first step in this process is self discovery. Learning what one enjoys doing, examining ones strength and weaknesses and relating it to potential opportunities Identifying opportunities: The next step is looking for needs, wants, problems and challenges that are not yet
- EconomicsClass 8CBSE
Explain the role of entrepreneur as described by Peter Drucker.
According to Peter Drucker, an entrepreneur: Searches for changes Responds to changes Exploits the change as opportunity So entrepreneurship can be defined as a systematic innovation which consists of the purposeful and organized search for changes and in the systematic analysis of the opportunities such changes might offer economic and social innovation.
- EconomicsClass 8CBSE
How does Jean Baptiste Say envisage the role of the entrepreneur?
According to Jean Baptiste Say, An entrepreneur is the one who avails the land, labour and capital and produces a product to earn profit. This can be explained with the help off the following diagram: Land Labor Capital Profit According to him an entrepreneur Sell the product and earns money Pays the rent of the land and gives wages to the laborers using that money and in addition to that makes his profit. Realizes the n
- EconomicsClass 8CBSE
According to a famous thinker Peter Drucker, innovation is a specific instrument of an entrepreneur. Hence he believes that an effective entrepreneur converts a source into a resource. When is a source converted into a resource? Explain with the help if an example.
A source is converted into a resource when it acquires a utilitarian value and is used for creating new utilities. For example, air, water, or minerals are present in abundance. But they become a resource only when they acquire or get utilitarian value or to say people start using it and also create new utilities and values for them or increase their existing value.
- EconomicsClass 8CBSE
Distinguish between an innovator and an inventor.
Difference between an innovator and an inventor: | INNOVATOR | INVENTOR | | --- | --- | | 1. Combines the new products and services to produce better ideas | 1. Discovers new methods and services. | | 2. Provides satisfaction to the consumers. | 2. Deals with the technical matter of the subject. | | 3. He keeps the commercial and economic viability of the product in the market. | 3. The commercial prospect of his invention is his last preference. |
- EconomicsClass 8CBSE
Mr. Anil always wanted to work for the development of the nation. In order to realize his dream he has now decided to become an entrepreneur as he believes that entrepreneur helps an individual in helping the nation by contributing to the Gross National Product. Do you think Mr. Anil’s opinion is correct? Justify your answer.
Mr. Anil’s opinion is correct. Entrepreneurs help in increasing the Gross National Product in the following manner: launches a new venture develops a new product commercializes his invention develops a new market for himself sell, export and import goods and services
- EconomicsClass 8CBSE
Mr. Ranjan residing in a rural area, realized that there was no STD facility and people had to travel very long to make any call. In order to find solution for this problem he thought of opening a small STD booth in his house. Within a month he started earning lots of money from his STD booth. Which feature of the entrepreneur is highlighted in the above case? Explain
In this case the feature of problem solver of entrepreneur is being highlighted here. The first and the foremost feature of an entrepreneur is his ability to solve a problem. Here, Mr. Ranjan identified the problem of the people of his locality and in search of finding the solution of the same came up with the idea of opening an STD booth.
- EconomicsClass 8CBSE
Explain the concept of entrepreneurship in brief.
Entrepreneurship is the process undertaken by an entrepreneur to augment his business interests. It is an exercise involving innovation and creativity that leads towards establishing his or her enterprise. It is a risk taking ability of the individual, broadly coupled with correct decision making.
- EconomicsClass 8CBSE
Why an entrepreneur is called a risk taker?
An entrepreneur is called a risk an entrepreneur should be stern and must have the guts to handle any type of risk. Also, he should not be afraid of taking chances when the opportunity strikes. Just like the mind behind Reliance Industries, Dhirubai Ambani. He had the vision and hence converted his dream into reality.
- EconomicsClass 8CBSE
“Entrepreneur is a wealth generator.” Comment on this statement.
Entrepreneur is called a wealth generator as when an enterprise is launched, an entrepreneur assembles all the factors so that he can achieve desired results. He introduces new products and methods of production to earn maximum. This profit earned by him helps in the generation of wealth.