What are the limitations of this criterion, if any? Answer "The Earth has enough resources to meet the needs of all but not enough to satisfy the greed of even one person".
Some people near the bus stand have opened shops selling eatables. This problem refers to the selection of technique to be used for production of goods and services There are various techniques available to produce goods a Labour Intensive Techniques b Capital Intensive Techniques Thus.
Whether to produce goods for rich section or poor section of society or more for rich and less for poor section. For comparing countries, their income Economics ncert chapter 1 considered to be one of the most important attributes.
Answer Banks should provide loans at low Interest rates so that the poor villagers can start some business to help them earn a living. Because of irregular work and low wages they are unable to fulfill their needs and are in debt.
These activities involve the exchange of money to earn livelihood. There is limited resources and thus producers can not produce all the goods, in an economy. What wages do they get? So, income by itself is not a completely adequate indicator of material goods and services that citizens are able to use.
Statistics not only reveals quantitative information but also reflects the qualitative aspect of data like better, worse off, highly skilled, etc. Thus, the study of economics is very important. Answer In our region, there are two labourers namely Ram Khilawan and Basanti, who are husband and Wife working as casual constructing labourers.
Those wants will be fulfilled first that provides the highest satisfaction to the individual and to which the individual has attached the top most priority. But this criterion has certain limitations because of which determination of Human Development Index HDI is done using this criterion along with some other development factors like health, education etc.
The theory highlights how a producer combines different inputs given their prices in order to minimise the cost of production and to maximise the profits.
What could be the other possibilities fifty years from now?
They are put to great distress to repay the loan, which is not so in the case of medium and large farmers. Distinguish between Microeconomics and Macroeconomics. What are the different ways of increasing production on the same piece of land?
The farmers in these regions set up tube wells for irrigation and made use of HYV seeds, chemical fertilisers and pesticides In farming.
The following are the activities that constitute the ordinary business of life: The rate of interest charged by Tejpal Singh was higher than that of banks. Answer No, I do not agree with the statement that per capita income is not a useful criterion at all.
For example, if Indian Government aims at encouraging the production level, then it formulates its economic policy based on the average production level of the past three years. Government does not play any role.
Distinguish between a centrally planned economy and a market economy. Similarly, for development, people look at a mix of goals. Fill up the following based on information on Palampur. What can be done so that more non-farm production activities can be started in villages?
They have to depend on the local merchant and moneylender for loan. Answer Savita, a small farmer, in order to cultivate wheat on her 1 hectare of land, decides to borrow money from Tejpal Singh a large farmer on the following terms Tejpal Singh agrees to give Savita the loan at an interest rate of 24 per cent for four months which is a very high interest rate.
Another example could be the preparation of government budget.
Production Is very low and it is very difficult for the farmer to provide for his family. Different persons can have different developmental goals and two, what may be development for one may not be development for the other.NCERT Solutions for Class 10th: Ch 1 Development Economics Social Studies (mi-centre.com).
Get here NCERT Solutions for Class 9 Social Science Economics Chapter mi-centre.com NCERT Solutions for Class 9 of Social Science Economics subject includes detailed answers of all the questions in Chapter 1 – The Story of Village Palampur provided in NCERT Book which is prescribed for class 9 in schools.
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Chapter 1 Introduction You must have already been introduced to a study of basic microeconomics. This chapter begins by giving you a simplified account of how macroeconomics differs from the microeconomics that you have known.
Those of you who will choose later to specialise in economics, for your higher studies, will know about. Oct 10, · Page 1 NCERT Solutions for Class 12th Microeconomics Chapter Chapter 1 – Introduction National Council of Educational Research and Training (NCERT) Book Solutions for class 12th Subject: Economics Chapter: Chapter 1 – Introduction These Class 12th NCERT Solutions for Economics provide detailed, step-by-step solutions to /5(66).
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