CBSE Class 11 Economics VBQs Introduction

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.