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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