Geography
- Write a description of Economics given by Lionel Robbins. According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Name the factors affecting an economy. The factors affecting an economy are: Geographical area and natural resources. Population Occupations Political Sovereignty 1
- Explain the importance of Economics. Economics is an important Social Science Subject. We use Economics on a large scale in agriculture, trade, finance, administration, law and... 1
- Explain the functions of an economy. Every country has a different economy. But the main functions of an economy are similar. Some of the main functions of an economy are: Decid... 1
- Distinguish between Capitalist Economy and Socialist Economy. Criteria Capitalist Economy Socialist Economy Definition A capitalist economy is one in which private firms control key production component... 1
- What is the World Economy? World Economy is a borderless economy in which natural resources, profit, services, capital, labour and technology flow freely across the co... 1
- How does Adam Smith describe Economics in his ‘Wealth of Nations’? In the book ‘Wealth of Nations’ Adam Smith describes Economics as ‘the science of wealth’. 1
- Name Adam Smith’s book and year of publication. Adam Smith’s book is titled ‘Wealth of Nations/ and was published in 1776. 1
- What is the main aim of a Socialistic economy? The main aim of a Socialistic economy is to achieve social welfare. 1
- What do you mean by Socialistic economy? The economy in which the means of production belong to the society as a whole i.e. the government’s control is known as a Socialistic econom... 1
- Which countries have adopted Capitalistic Economy? Germany, Japan and USA are the examples of countries which have adopted Capitalistic economy. 1
- What is the main aim of a Capitalistic Economy? The main aim of a Capitalistic Economy is to earn maximum profit. 1
- What is a Capitalistic Economy? The economy in which the ownership and management of the means of production is in the hands of private individuals is called as a Capitalis... 1
- Define Economics ? in simple way According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Suppose you are the finance minister of an agrarian country. Giving priority to the overall development of the country, As a Finance Minister of an Agrarian country like India, I would focus on transforming India in five areas: Modernization of agriculture, en... 1
- What do you mean by globalisation? Globalisation means aligning the country’s economy with the world economy. 1
- In a capitalistic economy, to whom does the ownership and management of means of production belong? In a Capitalistic Economy, the ownership and management of means of production belong to the private sector. 1
- From which Greek word is the term ‘Economics’ derived? The word ‘Economics’ is derived from the Greek word ‘Oikonomia’ which means family management. 1
- To which economic factor is the management of individual or family finances related? Management of individual or family finances is related to the economic factor of ‘income and expenditure. 1
- On the basis of economies, we can divide countries into three groups. The activities related to the production, distribution and consumption of goods and services in a specific region is called economy. On the... 1
- India’s economy is of mixed type. Mixed economy is a combination of Capitalism and Socialism. India is said to be a Mixed economy because there is a co-existence of both publ... 1
- The economy begins at home. Household finance is related to income and expenditure. Every household has unlimited expenditure and the income earned is limited. The hous... 1
- What is the time difference between the GMT and the IST? IST is 5hrs and 30 min ahead of GMT. 2
- Which meridian determines Indian Standard Time (1ST)? 82°30′ E is the standard meridian of India. 2