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1(a) How do wants differ from desires? How do wants arise and grow? (In 60-80 words)
(b)Explain any five factors which influence classification of wants into necessities, comforts and luxuries. (In 60-80 words)
(c) How are production, consumption and investment inter-related? (In 60-80 words)
2(a) State any five main characteristics of labor as a factor of production.(in 60-80 words)
(b) How are the private sector production units classified on the basis of owners? Give one example of each category.(in 60-80 words)
(c) Distinguish between departmental enterprises and non-departmental enterprises. Give one example(in 69-80 words)
3. What is meant by increase in production? What is there a need for increasing production? (in 250 words)
4. What is the role of insurance in distribution of goods and services? (in 250 words)
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