Social Studies (SST) Class 5 Notes
Based on the Single National Curriculum, PK
(New Book/New Syllabus for 2023-2024 Exams and onward)
National Book Foundation
as
Federal Textbook Boards, Islamabad
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👉 Solved Model Paper - English Class - V - 2024 (YouTube)
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Unit 6:
"Economics"
Q.1.Explain what is inflation? Explain the types of inflation with examples.
Answer:
Inflation: The constant rise in the prices of goods and services is called inflation. The main reason for inflation is the devaluation of the currency. One of the major causes of inflation in Pakistan is the rise in the prices of Petroleum products.
Types of inflation:
There are 2 types of inflation.
1. Cost Pull Inflation 2. Demand-Pull Inflation
1. Cost Pull Inflation: The amount spent on making something is called the "Cost". For example, if you have a bicycle factory, the price of the bicycle will rise as the cost of raw materials i.e. plastic and steel increases, this means that the cost of the raw material will determine the cost of manufactured items.
2. Demand-Pull Inflation: The intention to buy something and the purchasing power it is called demand. This inflation occurs when commodities are limited compared to demand. For example, we go to the market to buy a computer. The number of computers available is less than the number of buyers. This disbalance between the demand and supply of computers leads to a rise in prices.
Q2. What is meant by scarcity and how does it arise? Also, write how it can be controlled?
Ans:
Scarcity: Scarcity means that items are more limited than people.
How does it arise? There can be many reasons for scarcity arises:
i. Crops are damaged due to natural disasters.
ii. Due to a shortage of electricity and gas, factories cannot produce goods in time.
iii. Hoarding is also a major cause of Scarcity.
"Entrepreneurship"
Q.1. Explain the different types of businesses and the differences between them.
Ans. There are different types of businesses such as small-scale businesses and large-scale business.
Small Scale Business: A small scale business is a business in which the trader is the sole owner of This business and is responsible for his profit and loss.
Large Scale Business: In a large business, one or more people can own a business. When people run a business together as a group, the profit and loss would be equally distributed among partners. Many people are also employed to run such businesses.
Industrial Business: This business involves the manufacturing of products. Businessmen identify the needs of consumers, set up industries for them, and manage resources to meet their needs.
Agricultural Business: This business is related to the production and sale of agricultural products.
Trending as Entrepreneurship: In this business, entrepreneurs buy finished products and sell them to consumers.
Services Business: This business includes service providers. These organizations provide professional advice to people for other organizations. These include schools, hospitals, banks, etc.
Q2. Explain various attitudes that make your business successful.
Answer.
Positive Attitude: A positive attitude is the first step towards a successful business. A positive attitude means that you are positive and optimistic even in the most difficult conditions.
Creativity: A business-minded person will always look for new ideas. New ideas create innovation in products and businesses.
Strength: If you can convince others to buy your product through negotiation, you are a good businessman and you can use this ability to improve your relationship with your Customers.
Learning from Failures: Learn from your mistakes so that you can improve your business.
"Evolution of Money"
Q1. What do you know about the history of coins and currency notes in the Subcontinent? write a detailed one.
Answer. Coinage in the subcontinent began in the early 6th century Bc. These coins were called "Pana". These coins were made of silver. They had no clear shape but rather had different symbols.
⭐This region had been ruled by different foreign nations such as Iranian, Turk, British, and Greeks. These nations and governments introduced coins in various forms and symbols.
⭐ In 712 AD, the Arabs conquered these regions. The Sultans of Delhi and later the Mughals issued their coins.
⭐ Islamic calligraphy replaced symbols on these coins. During the course of the century, pure silver and gold were used and they were called Ashrafi.
⭐In 1857, the subcontinent was occupied by the British and they issued silver and nickel coins including the rupee and anna.
⭐ The coins were depicted with Images of the British monarchs. At the same time, the rupee was made the official currency.
⭐ Sher Shah Suri introduced a silver coin named Rupee.
Q2. Explain What is the role of banks in People's lives?
Ans: A bank is a financial and commercial institution where people save extra money after meeting their needs. People open bank accounts and deposit their money. Apart from this,
⭐ Merchants, industrialists, and farmers fulfill their needs by borrowing from banks.
⭐ Banks allow people to easily transfer their money from one city to another or from one country to another.
⭐ Sui gas, electricity, and telephone bills are also paid through banks.
⭐ Hajj and Umrah applications are also submitted through banks.
⭐ At the bank, people can save their jewelry and important documents in lockers.
⭐ All this is done by commercial banks. Apart from them, there is also a central bank in the country.
Q.3. Write the names of the currencies of different countries.
|
Sr. No. |
Country Name |
Currency |
|
1. |
Saudi |
Riyal |
|
2. |
UAE | Dirham |
|
3. |
Turkey | Turkish Lira |
|
4. |
Thailand |
Thai baht |
|
5. |
Korea |
won |
|
6. |
Malaysia |
Malaysian Ringgit |
|
7. |
Canada |
Canadian Dollar |
|
8. |
Kuwait |
Kuwaiti Dinar |
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2. 5th Class: Social Study (S.St.) Notes
3. 5th Class: General Science (G.Sc.) Notes
4. 5th Class: Urdu (اُردو) Notes
5. 5th Class: Islamiyat (اسلامیات) Notes
6. 5th Class: Mathematics Notes
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2. 5th Class: Social Study (S.St.) Notes
3. 5th Class: General Science (G.Sc.) Notes
4. 5th Class: Urdu (اُردو) Notes
5. 5th Class: Islamiyat (اسلامیات) Notes
6. 5th Class: Mathematics Notes
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