Identify and explain the concepts from the illustrations :
1) My father purchased a two wheeler vehicle. helps to fulfil my travel needs.
2) A study of the annual income of the familyRamesh
3) As per the data for financial year 2018-19
the country's production of goods and service
increased by 20%.
4) Karuna's mother saves 1000/- every month out of
her given salary.
5) Ram's father utilized his provident fund amount
set up grocery store.
Answers
Identify and explain the concepts from the illustrations
Explanation:
1) My father purchased a two wheeler vehicle. helps to fulfil my travel needs:
Speaks about wants. Wants is one of the "basic concepts" of "Micro Economics". In other words it refers to as "needs". However, by making the "right choice" it has helped the individual to fulfill his/her basic need of travel. This has facilitated in satisfying that individual wants (means to fulfilling our needs) of travelling with the father purchasing the two-wheeler with his limited resources.
2) A study of the annual income of the family of Ramesh
Annual income is the amount of income that is earned in one fiscal year. The combined annual income from all sources is known as household income/personal income
3) As per the data for financial year 2018-19 the country's production of goods and service increased by 20%
The concept here is national income which means the value of goods & services produced by a nation in a financial year. It says here that the 2018-19 data show national income has increased by 20%
4) Karuna's mother saves 1000/- every month out of her given salary
The concept referred to here is savings. Savings refer to money, instead of spending it immediately, you put aside for future use. In addition to saving on future purchases, delaying the buying of impulses always allows you to determine if you actually need it or whether you're going to regret wasting immediately after purchasing.
5) Ram's father utilized his provident fund amount to set up grocery store.
This is known as investment which is creation of capital assets (setting up grocery store) by way of mobilisation of savings
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