SEBA Class 10 Political Science and Economics Chapter 2 Economic Development

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SEBA Class 10 Political Science and Economics Chapter 2 Economic Development

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Economic Development

Chapter: 2

PART – III: ECONOMICS

EXERCISE

Very Short Answer Type Questions:

1. Economic growth.

Ans: Economic growth is an increase in the production of economic goods and services in one period of time compared with a previous period. It can be measured in nominal or real (adjusted to remove inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP).

2. Economic development.

Ans: Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. Economic development means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.

3. Human development.

Ans: Human development is defined as the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live.

4. Economic planning.

Ans: Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.

5. Democratic planning.

Ans: Democratic planning is a planning in which there is active participation of people in different stages of plan making.

6. Liberation.

Ans: The term “liberalisation” refers to the “removal of controls” in order to promote economic development. Economic liberalisation is the reduction of government regulations and restrictions in an economy in exchange for increased private sector participation.

7. Privatisation.

Ans: The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business.

The process in which a publicly-traded company is taken over by a few people is also called privatization. The stock of the company is no longer traded in the stock market and the general public is barred from holding stake in such a company.

8. Globalisation.

Ans: Globalisation refers to the integration of global economics, industries, markets, culture and policies making around the world free from socio-political control and reduces distances between regions/countries through a global network of trade, communication, immigration, and transportation.

Short Answer Type Questions:

1. Mention two important points of difference between economy growth and economy development.

Ans: The different between economic growth and economic development are: 

Economic Growth:

(i) Economic Growth is the positive change in the indicators of economy.

(ii) Economic Growth refers to the increment in amount of goods and services produced by an economy.

Economic Development:

(ii) Economic development is the quantitative and qualitative change in an economy.

(ii) Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

2. What are three indicia of human development?

Ans: The Three development are:

(i) Life expectancy.

(ii) Literacy The levels of literacy include adult literacy and the gross enrolment ratio of primary and secondary education and other branches.

(iii) Standard of living (basically accessibility to sanitation and pure drinking water).

3. What is meant by expansion of collective choice? 

Ans: Human development means the expansion of collective choice of the people. The three indicators of human development such as life expectancy, literacy and standard of living influence collective choice. The choice of the people constitute the core of human development, the technical formula or the concepts are but of secondary importance. The concept of economic growth represents only one choice the level of income. Human development on the other hand covers economic, social, cultural and political choices of the people.

The focus of human development is an experiment of the lives of the people, it is not merely the rise in the amount of output produced in the country.

4. Who are the members of NITI Aayog?

Ans: The National Institution for Transforming India is abbreviated as NITI.

The members of NITI Aayog are:

(a) Full time members: Three experts.

(b) Part time members: Two numbers.

(c) Ex official members: Maximum four cabinet Ministers.