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Hint: First, find the difference between the Indian place value system and the international place value system. Then find the conversion rates from the Indian place value system to the international place value system. Write 1 million in numeric form and convert this to the Indian place value system to find the final answer.

In this question, we need to find the value of 1 million and find the number from the given options this value of 1 million is equivalent to.

In this question, we have to keep in mind that the place value system that uses millions and billions, etc is the international place value system. We do not use this place value system. Instead, we use the place value system which involves the use of lacks and crores, etc which is the Indian place value system.

So, because of this we need to find the conversion rates from international place value system to the Indian place value system.

Let us first see the difference between the Indian place value system and the international place value system.

A place value chart helps us to recognize large numbers. We read the place value chart from left to right. In Indian place value system we start grouping the number from right in group of 3 and further in group of 2. While, in the international place value system we group the number from right in groups of 3 only.

Now, we know that 1 million = 1,000,000 in the international place value system.

1 million = 10,00,000 in the Indian place value system.

This is equivalent to 1,000 Thousands = 10 Lakhs = 1 Million

Hence, 1 million is equivalent to 1000 thousands.

So, option (b) is correct.

Note: In this question, it is very important to realise that the place value system that uses millions and billions, etc is the international place value system. We do not use this place value system. Instead, we use the place value system which involves the use of lacks and crores, etc which is the Indian place value system. In Indian place value system we start grouping the number from right in group of 3 and further in group of 2. While, in the international place value system we group the number from right in groups of 3 only.

__Complete step-by-step answer:__In this question, we need to find the value of 1 million and find the number from the given options this value of 1 million is equivalent to.

In this question, we have to keep in mind that the place value system that uses millions and billions, etc is the international place value system. We do not use this place value system. Instead, we use the place value system which involves the use of lacks and crores, etc which is the Indian place value system.

So, because of this we need to find the conversion rates from international place value system to the Indian place value system.

Let us first see the difference between the Indian place value system and the international place value system.

A place value chart helps us to recognize large numbers. We read the place value chart from left to right. In Indian place value system we start grouping the number from right in group of 3 and further in group of 2. While, in the international place value system we group the number from right in groups of 3 only.

Now, we know that 1 million = 1,000,000 in the international place value system.

1 million = 10,00,000 in the Indian place value system.

This is equivalent to 1,000 Thousands = 10 Lakhs = 1 Million

Hence, 1 million is equivalent to 1000 thousands.

So, option (b) is correct.

Note: In this question, it is very important to realise that the place value system that uses millions and billions, etc is the international place value system. We do not use this place value system. Instead, we use the place value system which involves the use of lacks and crores, etc which is the Indian place value system. In Indian place value system we start grouping the number from right in group of 3 and further in group of 2. While, in the international place value system we group the number from right in groups of 3 only.

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