Economic Systems and Production Techniques

The video tutorial covers various economic concepts through a series of questions and answers. It begins with exercise questions focusing on labor and capital-intensive techniques, scarcity of resources, and the roles of different sectors in the economy. Short answer questions explore mixed economies and production techniques, while detailed answers delve into economic problems, capitalism, and socialism.

In which technique is labor used more than machinery?

• Traditional

• Modern

• Labor-intensive

• Capital-intensive

What mainly causes economic problems?

• Plenty of resources

• Scarcity of resources

• Availability of resources

• Mismanagement of resources

Who owns the means of production in a capitalist economy?

• Government

• Cooperatives

• Society

• Private individuals

Which sector produces goods on a no profit, no loss basis?

• Public sector

• Cooperative sector

• Private sector

• Joint sector

What is a mixed economy?

• An economy with no government intervention

• An economy with both public and private sectors

• An economy with only private sector

• An economy with only public sector

What does a labor-intensive technique of production emphasize?

• More use of capital

• More use of labor

• Equal use of labor and capital

• Less use of labor

What is the main challenge in deciding what to produce?

• Managing production costs

• Finding the right market

• Deciding the price of goods

• Choosing between consumer and capital goods

How are economic decisions made in a capitalist economy?

• Through consumer and producer choices

• By government planning

• Through community consensus

• By international organizations

What is a key feature of socialism?

• Market-driven economy

• Government ownership of production

• Private ownership of production

• Consumer freedom

Under socialism, how are goods distributed?

• Based on market demand

• Based on consumer choice

• Based on needs

• Based on production cost