Very Short Answer Type Questions
Question. State the meaning of scarcity.
Answer : Scarcity means shortage of goods and resources in relation to their demand.
Question. Give meaning of statistics in singular sense.
Answer : In sigular sense statistics means statistical methods such as collection, classification, presentation, analysis and inter pretation of data.
Question. What do you mean by economic activity?
Answer : An economic activity means that activity which is based on use of scarce resources for satisfaction of human wants.
Question. Write one function of statistics.
Answer : Statistics presents data is condensed form.
Question. Who is a producer?.
Answer : Producer is one who produces / sell goods and services for the generation of income.