Identify and explain the concepts from the given illustrations

1) My father purchased a two wheeler vehicle. This helps to fulfil my travel needs.
Ans: Identification of the concept:- Utility.
Explanation of the concept:- 
(a) Utility means usefulness of a commodity. In economics utility refers to capacity or power of a commodity to satisfy human wants.
(b) Concept of utility is subjective phenomenon.
(c) It is only feeling or experience of mind hence it cannot be measured.

2) A study of the annual income of the family of Ramesh
Ans: Identification of the concept:- Personal Income.
Explanation of the concept:- 

(a) Personal income refers to earning or income received by an individual from all his sources 

3) As per the data for financial year 2018-19, the country’s production of goods and services increased by 20%.
Ans: Identification of the concept:- Economic Growth.
Explanation of the concept:- 
(a) Economic growth refers to an increase in the real national income of the country. This is a quantitative concept.
(b) Economic growth is spontaneous and reversible

4) Karuna’s mother saves Rs 1000/- every month out of her given salary.
Ans: Identification of the concept:- Savings.
Explanation of the concept:- 
(a) Savings refer to that part of income which is kept aside to satisfy future needs, in other words savings is that part of income which is not spent currently on consumption.

5) Ram’s father utilized his provident fund amount to set up grocery store.
Ans: Identification of the concept:- Investment.
Explanation of the concept:-
(a) Investment refers to creation of capital assets from mobilisation of savings. e.g. factory, building and equipment.