Free NIOS Economics solved Assignment (214) for 2020-21.

NIOS economics solved assignment (TMA)

NIOS secondary course (Class 10) economics solved assignment with complete answer for 2020-2021.We provide complete National Institute of Open schooling (NIOS) Class 10th TMA solution.Download free economics secondary course (class 10th) Tutor Marked assignment solution.

Economics (214)
Tutor Marked Assignment (TMA) 2020-2021

1. Answer any one of the following questions in about 40-60 words.

b) Illustrate the difference between economic and non-economic with examples.

Answer: People want both material goods and non-material services for satisfaction of wants. Since resources available with every society are scarce, people try to achieve their goals by alternative use of these resources which they do by making appropriate choice. As science of scarcity and choice, economics studies human behavior as relationship between ends and means which are scarce and have alternative uses.
For example production of two goods – Cloth and Wheat. We cannot produce unlimited amount of cloth and wheat with limited amount of resources.We can produce more wheat only by withdrawing some resources from the production of cloth and putting them in production of wheat.



Question 2. Answer any one out of the following questions in about 40 to 60 words.
b) Distinguish between labour intensive technology and capital intensive technology.
Answer: Differences between labour intensive technology and capital intensive technology.

Labour intensive technologyCapital intensive technology
In labour intensive technology,labour is used in larger proportion than capital.In Capital intensive technology of production capital is used in larger proportion than labour.
Labour intensive technology is mostly used in home based industry.Capital intensive technology of production is mostly in heavy industries.

Question 3. Answer any one out of the following questions in about 40 to 60 words.
b)Goods and services play an important role in an economy. Explain.

Answer: Role of Goods and Services in an economy:
Human want: Human wants are unlimited and also they are ever increasing. Goods and services help to satisfy unlimited and ever increasing human want.
Production: To satisfy human want,we need goods and services. But this increase in availability of consumer goods and services depends on the increased availability of producer goods and services. We can produce more if we have more producer goods and services.It is the quantity and quality of producer’s goods and services that will determine the availability of consumer goods and services in the market.
Investment: Increase in the production of goods and services will also determine the level of investment. Given the quantity of goods and services, a part of it is consumed, which satisfies the human wants. Whatever is not consumed is used for further production and it results in capital formation in the economy.The larger is the surplus, the larger is the productive capacity of the economy.

Question 4. Answer any one out of the following questions in about 100 to 150 words.
b) Sahil wants to become an entrepreneur. What functions does he need to perform as an
entrepreneur?

Answer: Function of and entrepreneur:
Decision Making: The primary function of an Entrepreneur is to decide what to produce. An entrepreneur decides how to produce the product and where to sell the product. He will be responsible for choosing the right type of land, labour and capital and take important decisions with respect to quantity to be produced, money to be spent to buy the factors and raw materials, marketing the output produced etc.
Distribution of of Factor income: An entrepreneur employs different factor of production to produce goods and services.An entrepreneur is responsible for making payment to factor of production employed by him.He/she pays wages to the labourers, rent to the landlords and interest to the owner of capital in return for their productive services and earn profit for taking productive activity.
Risk Taking: An entrepreneur undertake production activity in anticipation of future demand. An entreprenuer bears the risks and uncertainties involved in production.



Question 5. Answer any one out of the following questions in about 100 to 150 words.
a) State and explain the law of demand with the help of a hypothetical numerical example/
schedule.

Answer: Law of Demand: ” Price and demand of a commodity is inversely related when other other factor remain constant” In other word, when ever there is decrease in the price of a commodity, demand for the commodity increases and vice versa.Other factor effecting demand remain same.

Price of Mango ( In Rs)Quantity demanded of Mango (In kg)
900.5
801
701.5
602
502.5

The above table shows different quantity of mangoes demanded at different price.

Question 6.Prepare any one project out of the following projects given below.
b) Calculate marginal product and average product with the help of the following table.

Answer:

Units of labourTotal Product (Units)Marginal ProductAverage Product
010
115515
220510
32779
43699
54048

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