1. Define National Income ?
- In country , National Income is a measures of the total value of goods and services produced by an economy over a period of time, normally a year.
2. What is Percapita Income ?
- Percapita Income = National Income / Population
3.What is tertiary Sector?
- Tertiary sector includes trade , communication, transport , finance , and insurance.
- It also hotel industry, real estate and social services.
4.What is Laissez – Faire?
- Laissez faire means non – intervention by the government.
5.What is net Domestic Products
- Net Domestic Products = Gross Domestic Product (-) Depreciation.
6.Write any 3 objectives of Eleventh five year Plan?
- To abolish poverty
- Larger employment opportunities.
- To ensure environmental protection.
7. What is mixed economy ?
- Mixed economy means the co-existence of both the government owned and private owned industries.
- Ex : Transport, Television, Tele Communication
8.What is Liberalization ?
- Private sectors are encouraged to enter into core industries which are reserved for public sector.
- It means movement towards a free market system.
9. What is Privatization ?
- Privatization means transforming all economic activities from public sector to private sector.
- It also refers to the setting up of private units in public utility services.
10. What is Globalization ?
- Globalization means the linkage of nation’s markets with global markets.
- The finished goods also find a place in the global market.
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