Rajasthan Board RBSE Class 10 Social Science Solutions Chapter 14 Economic Concepts and Planning.
In this article we will discuss short question, very short question and long question and answers of the Chapter 14 Economic Concepts and Planning.
Rajasthan Board RBSE Class 10 Social Science Solutions Chapter 14 Economic Concepts and Planning.
Economic Concepts and Planning Very Short Answer Questions
Question 1.
Define national income.
Answer:
National income is defined as monetary value of production of final goods and services produced in a given period by a country.
Define national income.
Answer:
National income is defined as monetary value of production of final goods and services produced in a given period by a country.
Question 2.
Define Gross domestic income.
Answer:
Gross domestic income (GDPfc) refers to the sum total of factor income generated within the domestic territory of a country in an accounting year.
Define Gross domestic income.
Answer:
Gross domestic income (GDPfc) refers to the sum total of factor income generated within the domestic territory of a country in an accounting year.
Question 3.
When was national income committee established to calculate national income?
Answer:
National income committee was formed in 1949 to calculate national income.
When was national income committee established to calculate national income?
Answer:
National income committee was formed in 1949 to calculate national income.
Question 4.
Who calculates national income of India?
Answer:
National income of India is calculated by Central Statistical Organisation.
Who calculates national income of India?
Answer:
National income of India is calculated by Central Statistical Organisation.
Question 5.
Economy is divided into how many sectors? Name them.
Answer:
Economy is divided into three sectors viz primary, secondary and tertiary sector
Economy is divided into how many sectors? Name them.
Answer:
Economy is divided into three sectors viz primary, secondary and tertiary sector
Question 6.
Name the three services included in tertiary sector.
Answer:
Tertiary sector includes services like telecom, postal and banking.
Name the three services included in tertiary sector.
Answer:
Tertiary sector includes services like telecom, postal and banking.
Question 7.
What do you mean by economic development?
Answer:
Economic development is the process in which real national income and per capita income increases along with favourable changes in social, cultural and economic structure.
What do you mean by economic development?
Answer:
Economic development is the process in which real national income and per capita income increases along with favourable changes in social, cultural and economic structure.
Question 8.
Name the book of Shri M. Vishveswariya.
Answer:
Planned economy of India is authored by shri M. Vishveswariya.
Name the book of Shri M. Vishveswariya.
Answer:
Planned economy of India is authored by shri M. Vishveswariya.
Question 9.
Which five year plan was ended one year before?
Answer:
Fifth five year plan was ended one year before.
Which five year plan was ended one year before?
Answer:
Fifth five year plan was ended one year before.
Question 10.
Who is the chairperson of Niti Ayog?
Answer:
Current Prime Minister Shri Narendra Modi is the chairperson of Niti Ayog.
Who is the chairperson of Niti Ayog?
Answer:
Current Prime Minister Shri Narendra Modi is the chairperson of Niti Ayog.
Economic Concepts and Planning Short Answer Type Questions
Question 1.
Why should national income be calculated? Give any three reasons.
Answer:
National income is calculated because it gives knowledge about economic condition and economic growth, it is helpful in comparing various countries, and gives information about contribution and importance of various economic sectors in the economy. Apart from this future planning can be done for the economy.
Why should national income be calculated? Give any three reasons.
Answer:
National income is calculated because it gives knowledge about economic condition and economic growth, it is helpful in comparing various countries, and gives information about contribution and importance of various economic sectors in the economy. Apart from this future planning can be done for the economy.
Question 2.
Who calculated national income of India for the first time and when?
Answer:
For the first time national income was calculated by Shri Dada Bhai Naoroji in 1868.
Who calculated national income of India for the first time and when?
Answer:
For the first time national income was calculated by Shri Dada Bhai Naoroji in 1868.
Question 3.
Name the three intellectuals who calculated national income of India before independence?
Answer:
The three intellectuals who calculated national income of India before independence were Findley Shiraj, Dr. V.K.R.V. Rao, and R.C. Desai.
Name the three intellectuals who calculated national income of India before independence?
Answer:
The three intellectuals who calculated national income of India before independence were Findley Shiraj, Dr. V.K.R.V. Rao, and R.C. Desai.
Question 4.
Explain the concept of per capita income.
Answer:
Per capita income refers to per person income. It is calculated by dividing national income of the countiy by the total population of the country. PCI = NI/ Population. It is more appropriate measure of economic welfare.
Explain the concept of per capita income.
Answer:
Per capita income refers to per person income. It is calculated by dividing national income of the countiy by the total population of the country. PCI = NI/ Population. It is more appropriate measure of economic welfare.
Question 5.
Explain the rising importance of tertiary sector in India.
Answer:
There is increase in production in all the sectors of the economy in last few year:, but highest is recorded in tertiary sector. As a result tertiary sector becomes the largest production sector in India. Though India has shown changes in contribution of all sectors, in gross domestic production but no much of change is in employment. Why people didn’t move to other sectors from primary sector? The reason is nor enough generation of employment in secondary and tertiary sector. As a result around 50% of labour is employed in agriculture sector, but agriculture sector contributes less than 15% in Gross Domestic Product. Whereas, contribution of secondary sector and tertiary sector is more than 85% in gross domestic product.
Explain the rising importance of tertiary sector in India.
Answer:
There is increase in production in all the sectors of the economy in last few year:, but highest is recorded in tertiary sector. As a result tertiary sector becomes the largest production sector in India. Though India has shown changes in contribution of all sectors, in gross domestic production but no much of change is in employment. Why people didn’t move to other sectors from primary sector? The reason is nor enough generation of employment in secondary and tertiary sector. As a result around 50% of labour is employed in agriculture sector, but agriculture sector contributes less than 15% in Gross Domestic Product. Whereas, contribution of secondary sector and tertiary sector is more than 85% in gross domestic product.
Question 6.
Explain the concept of economic growth.
Answer:
Increase in nation’s actual output or income level is called as economic growth. In short, economic growth depicts nation’s rising national income and per capita income. It is a measure of change in the size of economy. Normally, it is considered as an index of welfare.
Explain the concept of economic growth.
Answer:
Increase in nation’s actual output or income level is called as economic growth. In short, economic growth depicts nation’s rising national income and per capita income. It is a measure of change in the size of economy. Normally, it is considered as an index of welfare.
Process of rise in production or income by increasing nation’s natural, physical, human and capital resources is called as economic growth. Economic growth is a long term quantitative process.
Economic growth does not have qualitative dimensions. It is a priceless perception. In economic growth, social, political, structural changes are not considered.
Economic growth does not have qualitative dimensions. It is a priceless perception. In economic growth, social, political, structural changes are not considered.
Question 7.
Why economic development is broader than economic growth?
Answer:
Economic development is a wider concept than economic growth. It includes qualitative aspects of life along with the quantitative aspects. A favourable social, cultural, political or institutional change along with increase in national income or per capita income is called as economic development. Whereas, economic growth, includes only increase in national income or per capita income. It is more appropriate criterion to compare two or more countries.
Why economic development is broader than economic growth?
Answer:
Economic development is a wider concept than economic growth. It includes qualitative aspects of life along with the quantitative aspects. A favourable social, cultural, political or institutional change along with increase in national income or per capita income is called as economic development. Whereas, economic growth, includes only increase in national income or per capita income. It is more appropriate criterion to compare two or more countries.
Question 8.
Explain the concept of economic planning.
Answer:
Planning is that technique in which resources are utilized and allocated as per the priorities to achieve the objectives. This technique can be used by a nation in achieving the set objective of various sectors like family planning, financial planning etc., when technique of planning is used for economic development or to achieve desired economic objective then, it is called as economic planning.
For the first time this technique was adopted by Soviet Union. Soviet Union in 1928 declared central planning and adopted the path of economic development by the way of five year planning.
Explain the concept of economic planning.
Answer:
Planning is that technique in which resources are utilized and allocated as per the priorities to achieve the objectives. This technique can be used by a nation in achieving the set objective of various sectors like family planning, financial planning etc., when technique of planning is used for economic development or to achieve desired economic objective then, it is called as economic planning.
For the first time this technique was adopted by Soviet Union. Soviet Union in 1928 declared central planning and adopted the path of economic development by the way of five year planning.
Question 9.
What was the time period for twelth five year plan? What are the objectives of this plan?
Answer:
The time period of twelth five year plan was from 1 April to 31 march 2017. Basis of Twelth Five Year Planning was rapid inclusive development. Economic growth of 8 per cent was set a target along with poverty eradication, reduction in unemployment, enhancement of education and health sector etc were set as target.
What was the time period for twelth five year plan? What are the objectives of this plan?
Answer:
The time period of twelth five year plan was from 1 April to 31 march 2017. Basis of Twelth Five Year Planning was rapid inclusive development. Economic growth of 8 per cent was set a target along with poverty eradication, reduction in unemployment, enhancement of education and health sector etc were set as target.
Economic Concepts and Planning Long Answers Type Questions
Question 1.
What is national income? Explain the relationship between national income and national product.
Answer:
National income is defined as monetary value of production of final goods and services produced in a given period by a country. It can also be referred as increase in value of final goods and services. This increased value is distributed among owners of factors of production. Which, act as income of the owners. For example, land gets rent, labour gets wages or salaries, interest is received by capital and entrepreneurs receive profit. Payments made for resources are equal to increase the value of goods and services. So, national income equals to national product.
What is national income? Explain the relationship between national income and national product.
Answer:
National income is defined as monetary value of production of final goods and services produced in a given period by a country. It can also be referred as increase in value of final goods and services. This increased value is distributed among owners of factors of production. Which, act as income of the owners. For example, land gets rent, labour gets wages or salaries, interest is received by capital and entrepreneurs receive profit. Payments made for resources are equal to increase the value of goods and services. So, national income equals to national product.
Question 2.
Explain in detail the sectors of economy.
Answer:
There are three sectors in the economy. These sectors are divided on the basis of activities performed under it. These sectors are named as- primary sector, secondary sector and tertiaiy sector..
Primary sector is a sector in which natural resources are utilized to produce goods. The activities performed under it are called as primary activities. It includes activities like-cultivation, mining, animal husbandry, dairy, fishing etc. It is also called as agricultural and allied sector.
Explain in detail the sectors of economy.
Answer:
There are three sectors in the economy. These sectors are divided on the basis of activities performed under it. These sectors are named as- primary sector, secondary sector and tertiaiy sector..
Primary sector is a sector in which natural resources are utilized to produce goods. The activities performed under it are called as primary activities. It includes activities like-cultivation, mining, animal husbandry, dairy, fishing etc. It is also called as agricultural and allied sector.
Secondary sector is a sector where products of primary sector are used as raw material and are converted into different forms by the means of manufacturing. For example-textile industry, here cotton is used as a raw material and is converted into fabric. Similarly we have iron and steel industry where iron ore is used as raw material and converted into iron/steel rods and sheets. It is also called as industrial sector as it includes various types of industries.
Tertiary sector refers to the sector where services are produced. For example – telecom services, postal services, banking services, education services etc. It includes services which do not directly help in production. It is also called as service sector.
Tertiary sector refers to the sector where services are produced. For example – telecom services, postal services, banking services, education services etc. It includes services which do not directly help in production. It is also called as service sector.
Question 3.
Discuss the changing importance of various sectors along with economic development.
Answer:
Primary Sector played a very important role in initial stages of development of the country. It was very prosperous in initial stages of development due to changing technique production increases but, as the country developed and need for various manufactured goods started increasing. People started engaging themselves in different manufacturing works. Factories came into existence and started expanding work force, started shifting from primary to secondary sector as a result secondary sector became most important from the point of view of employment and production of goods at cheaper rate. It is one of the signs of economic development.
People have also started shifting to tertiary sector since last 100 years in developed nations.
Discuss the changing importance of various sectors along with economic development.
Answer:
Primary Sector played a very important role in initial stages of development of the country. It was very prosperous in initial stages of development due to changing technique production increases but, as the country developed and need for various manufactured goods started increasing. People started engaging themselves in different manufacturing works. Factories came into existence and started expanding work force, started shifting from primary to secondary sector as a result secondary sector became most important from the point of view of employment and production of goods at cheaper rate. It is one of the signs of economic development.
People have also started shifting to tertiary sector since last 100 years in developed nations.
Question 4.
What were the objectives behind adopting the technique of planning in India?
Answer:
The objectives behind adopting the technique of planning in India are as follows:
What were the objectives behind adopting the technique of planning in India?
Answer:
The objectives behind adopting the technique of planning in India are as follows:
- To achieve the objectives of economic development.
- To solve the problem of poverty.
- To reduce the inequality of income and establish social justice.
- Optimize the use of human resources and extend employment opportunities.
- To achieve self reliance in all the sectors specially in mining and capital goods.
- Modernization of traditional Indian economy.
- To enhance educational and health services and attain social welfare.
- Achieve economic stability, because without it economic development can’t be achieved. ,
- Rural development, enhancement of social and community services. Increase in power generation etc.
- Removal of regional disparities.
Question 5.
Write a note on Niti Aayog.
Answer:
Niti Aayog was established on 1 January 2015. Its chairperson is Prime Minister Shri Narendra Modi, deputy Chairperson is Shri Arvind Pangadiya and Chief Executive Officer is Shri Amithabh Kant. All chief ministers and Deputy Governors are the members of Niti Aayog. Niti Aayog forms strategy and long term planning and program along with giving technological advice. It is a think tank of Indian government. Niti Aayog acts as a best platform for all the states to work in the interest of nation.
Write a note on Niti Aayog.
Answer:
Niti Aayog was established on 1 January 2015. Its chairperson is Prime Minister Shri Narendra Modi, deputy Chairperson is Shri Arvind Pangadiya and Chief Executive Officer is Shri Amithabh Kant. All chief ministers and Deputy Governors are the members of Niti Aayog. Niti Aayog forms strategy and long term planning and program along with giving technological advice. It is a think tank of Indian government. Niti Aayog acts as a best platform for all the states to work in the interest of nation.
It encourages cooperative unionism. There are two motives behind establishment of Niti Aayog- team India hub and knowledge and innovation hub. Team India works for integrating state government with central government and knowledge and innovation hub strengthens think tank capacity. It is a revolutionary improvement based on cooperative unionism.
Economic Concepts and Planning Additional Questions Solved
Question 1.
What do you mean by production?
Answer:
Production refers to creation of utility or increase in the value of any goods or services.
What do you mean by production?
Answer:
Production refers to creation of utility or increase in the value of any goods or services.
Question 2.
How per capita income is calculated?
Answer:
Per capita income of a country is calculated by dividing national income by total population of a country.
How per capita income is calculated?
Answer:
Per capita income of a country is calculated by dividing national income by total population of a country.
Question 3.
Who developed the criterion of HDI?
Answer:
United Nations Development Program developed the index under the leadership of Mr. Mehboob ul Hak.
Who developed the criterion of HDI?
Answer:
United Nations Development Program developed the index under the leadership of Mr. Mehboob ul Hak.
Question 4.
What do you mean by standard of living?
Answer:
Standard of living tells us about the availability of goods and services to a person in a country. If the availability of goods and services is more, it is considered as high standard of living. Developed states or nations have high standard of living and underdeveloped have low.
What do you mean by standard of living?
Answer:
Standard of living tells us about the availability of goods and services to a person in a country. If the availability of goods and services is more, it is considered as high standard of living. Developed states or nations have high standard of living and underdeveloped have low.
Question 5.
Till now how many five year plans are completed?
Answer:
Till now twelve Five Year Plans have been completed.
Till now how many five year plans are completed?
Answer:
Till now twelve Five Year Plans have been completed.
Question 6.
What do you mean by revision plan?
Answer:
It is a plan which has flexibility to change the time, resource allocation, targets etc of current plan after a particular time period.
What do you mean by revision plan?
Answer:
It is a plan which has flexibility to change the time, resource allocation, targets etc of current plan after a particular time period.
Question 7.
What is the other name of tertiary sector?
Answer:
Tertiary sector is called as service sector as it produces services.
What is the other name of tertiary sector?
Answer:
Tertiary sector is called as service sector as it produces services.
Question 8.
What is the most important criterion to find welfare of a person or a family?
Answer:
National income is the most important criterion to find welfare of a person or family.
What is the most important criterion to find welfare of a person or a family?
Answer:
National income is the most important criterion to find welfare of a person or family.
Question 9.
What do you mean by sustainable development?
Answer:
Development that meets the needs of the present generation without compromising the ability of future generation to meet their own needs is called as sustainable development.
What do you mean by sustainable development?
Answer:
Development that meets the needs of the present generation without compromising the ability of future generation to meet their own needs is called as sustainable development.
Question 10.
What are the motives behind the establishment of Niti Aayog?
Answer:
There are two motives behind the establishment of Niti Aayog:
What are the motives behind the establishment of Niti Aayog?
Answer:
There are two motives behind the establishment of Niti Aayog:
- To make a team India to integrate state government and central government so that they can work together for the benefit of the country.
- To create a knowledge and innovation hub so that think tank’s capacity can be strengthen.
Question 11.
What does the Niti Ayog do?
Answer:
Niti Aayog forms strategy and long term planning and program along with giving technological advice. It a is a think tank of Indian government which acts as a best platform for all the state to work in the interest of nation. It encourages cooperative unionism.
What does the Niti Ayog do?
Answer:
Niti Aayog forms strategy and long term planning and program along with giving technological advice. It a is a think tank of Indian government which acts as a best platform for all the state to work in the interest of nation. It encourages cooperative unionism.
Question 12.
Why national income is not considered as an appropriate measure of economic welfare?
Answer:
National income is not considered as an appropriate measure- of economic welfare as it does not include the impact of change in population. It can be understood with the help of an example If any country A has national income as 100000 and its population is 10000. On the other hand country B too has national income as 100000 but is population is 20000. If it is asked in which country welfare is better, we consider only national income as criterion then both the countries are at equal. But the situation is not same in both nations as country A will certainly in a better position as its population is less.
Why national income is not considered as an appropriate measure of economic welfare?
Answer:
National income is not considered as an appropriate measure- of economic welfare as it does not include the impact of change in population. It can be understood with the help of an example If any country A has national income as 100000 and its population is 10000. On the other hand country B too has national income as 100000 but is population is 20000. If it is asked in which country welfare is better, we consider only national income as criterion then both the countries are at equal. But the situation is not same in both nations as country A will certainly in a better position as its population is less.
Question 13.
What do you mean by human development index?
Answer:
Idea of human development came into existence in 1990 after creation of human development index came in existence under the leadership of Mehboob U1 Haq. United Nations Development Program developed an index to calculate human development level which include important dimensions like knowledge, health (life expectancy) and standard of living (per capita income). Index was developed to extend the test criterion of human development. Index converted development from an economic centric to a human centric. It is an impressive index to compare national welfare and development
What do you mean by human development index?
Answer:
Idea of human development came into existence in 1990 after creation of human development index came in existence under the leadership of Mehboob U1 Haq. United Nations Development Program developed an index to calculate human development level which include important dimensions like knowledge, health (life expectancy) and standard of living (per capita income). Index was developed to extend the test criterion of human development. Index converted development from an economic centric to a human centric. It is an impressive index to compare national welfare and development
Question 14.
Why sustainable development is so important in today’s context?
Answer:
Sustainable development is so important in today’s context because we are exploiting resources at a very fast rate which is beyond the regeneration capacity of the nature. If we keep on using natural resources at the same pace then future generation will be left over with no resources and their development will hamper. If we want to develop at the same or at faster speed in future then we need to have sustainable development.
Why sustainable development is so important in today’s context?
Answer:
Sustainable development is so important in today’s context because we are exploiting resources at a very fast rate which is beyond the regeneration capacity of the nature. If we keep on using natural resources at the same pace then future generation will be left over with no resources and their development will hamper. If we want to develop at the same or at faster speed in future then we need to have sustainable development.
Question 15.
What is inclusive development?
Answer:
Inclusive development emphasis on bringing deprived sections of society into main stream. It’s a broader concept which supports equal opportunity and equality in every aspects of life.
What is inclusive development?
Answer:
Inclusive development emphasis on bringing deprived sections of society into main stream. It’s a broader concept which supports equal opportunity and equality in every aspects of life.
Question 16.
Differentiate between economic growth and economic development?
Answer:
Economic growth and economic development can be differentiated on various basis as under:
Differentiate between economic growth and economic development?
Answer:
Economic growth and economic development can be differentiated on various basis as under:
S.No.
|
Basis
|
Economic growth
|
Economic development
|
1.
|
Meaning
|
Increase in countries actual output or income level is called as economic growth.
|
It is a process in which real national income and per capita income increases along with social cultural and economic structure along with the technique of production.
|
2.
|
Concept
|
It is a narrow concept.
|
It is a border concept.
|
3.
|
dimension
|
It has quantitative dimension.
|
It has qualitative as well as quantitative dimension’s.
|
Question 17.
Write a short note on Five Year planning in India.
Answer:
As per planned economic development strategy India has implemented twelve Five Year Plans till date.
Due to hurdles after third five year plan such as Indo-Pak War, continuous draught, inflation and depletion of resources three yearly plan were made during 1966 to 1969. This period was called as Plan holiday. Then, Janta government called off fifth five year plan before time and presented revision plan during 1978 to 1983.
Write a short note on Five Year planning in India.
Answer:
As per planned economic development strategy India has implemented twelve Five Year Plans till date.
Due to hurdles after third five year plan such as Indo-Pak War, continuous draught, inflation and depletion of resources three yearly plan were made during 1966 to 1969. This period was called as Plan holiday. Then, Janta government called off fifth five year plan before time and presented revision plan during 1978 to 1983.
In 1980 Congress government called off revision plan and declared sixth five year plan from 1 April 1980. Financial year 1978-79 was merged with fifth plan and planning during 1979-80 was considered as annual plan. Due to rapid changing political condition in 1990 Eighth five year plan could not be started.
Basis of Twelfth five year planning was rapid inclusive development. Economic growth of 8 per cent was set a target along with poverty eradication, reduction in unemployment, enhancement of education and health sector etc were set as target.
Question 18.
Write short note on planning commission.
Answer:
After independence a planning commission was set up by Indian government in 1950. Its main task was to estimate the resources of country and plan to increase and to make an effective use of them. To determine the objectives and priorities and allocate the resources was one of the important tasks of commission. Planning commission was a constitutional and advisory organization. In August 1952 Indian government established National development council.
Write short note on planning commission.
Answer:
After independence a planning commission was set up by Indian government in 1950. Its main task was to estimate the resources of country and plan to increase and to make an effective use of them. To determine the objectives and priorities and allocate the resources was one of the important tasks of commission. Planning commission was a constitutional and advisory organization. In August 1952 Indian government established National development council.
The main objective behind establishment of council was to include various states and union territories in planning process and to decentralization. National development council leads the planning commission and time to time analyze the progress of it. Chief Ministers or deputy governors are also the members of council. It is also a constitutional and advisory body. Planning commission work under the guidance of National development council.
We hope the given RBSE Solutions for Class 10 Social Science Chapter 14 Economic Concepts and Planning will help you. If you have any query regarding Rajasthan Board RBSE Class 10 Social Science Solutions Chapter 14 Economic Concepts and Planning, drop a comment below and we will get back to you at the earliest.
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