Maharashtra State Board
- Explain the importance of trade. The importance of trade are: Trade is an important economic activity. The economic life of people is dependent on each other. No region or c... 1
- What is barter trade? In ancient and medieval periods, trade was done through barter system. Barter trade means exchange of commodities for commodities without us... 1
- Which factors influence trade? The factors which influence trade are: Factors like the economy of the country, government policies, markets, laws, judicial systems, curren... 1
- Mention the functions of the European Union. The main functions of the European Union are: Establishing an integrated market in member nations amongst Europe. Free flow of goods, servic... 1
- What is the importance of marketing from farmers ‘point of view’? Marketing involves price of a commodity, its sales promotion, its advertising and its proper distribution. In the traditional marketing syst... 1
- Write the functions of the important trade organisations in Asia. Important trade organisations in Asia are: Association of South East Asian Nations (ASEAN) To expand social and cultural harmony along with... 1
- What is the difference between the OPEC and APEC in terms of their functions? OPEC APEC (i) OPEC stands for Organisation of Petroleum Exporting Countries. APEC stands for Asia-Pacific Economic Cooperation (APEC). (ii)... 1
- State the objectives of WTO. WTO stands for World Trade Organisation. The main objectives of WTO are: To provide platform for negotiations in international trade. To han... 1
- Explain the nature of globalisation. Globalisation means aligning the economy of the country with the world economy. There is free trade and all restrictions on (foreign) invest... 1
- What are the main features (components) of the economy? The economy is a system related to the production, distribution and consumption of goods and services in a specific region. The main feature... 1
- Explain the nature of the Socialist Economy. There is no private ownership of the means of production as these belong to the society as a whole. There is total control of the State over... 1
- Explain the nature of the Capitalist Economy. The ownership and control of means of production is in the hands of the private individuals in the Capitalist Economy. There is no control o... 1
- 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