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Explain the meaning of the term 'economy'. State the types of goods and services provided by the term 'economy'. Explain the meaning of production, consumption and investment. Differentiate between stock investment and fixed investment. Distinguish between 'Gross' and 'Net' Investment. Explain the meaning of the term 'saving'. Explain the interrelationship between various economic processes. Questions: What do you mean by an economy? Distinguish between consumer goods and producer goods with the help of an example. Distinguish between consumer services and producer services with the help of an example. Distinguish between a single use producer good and a single use consumer good. Distinguish between a durable use producer good and a durable use consumer good. Explain the relationship between production and consumption Distiguish between gross investment  and net investment. Distingu...

Objectives :-) Explain the features of the economic policies before 1991 Highlight the factors that led to the crisis in 1991. Discuss the salient features of the New Economic Policy-Industrial policy, trade policy and Financial sector reforms. Explain how the role of planning has changed in the new economic environment. What you have learnt :-) The key features of the economic policies prior to 1991 were as follows: (1)Priority was given to the public sector to achieve rapid industrialisation. (2)Industrial licensing was a measure through which the government controlled the functioning   of the private sector. (3)Foregin investment was restricted as the government did not want control of domestic companies     to go in foreign hands. (4)Indigenous industry was protected from foreign competition through high custom duties. (5)Exchange rates of foreign currencies were officially fixed by the government. The major p...

Know the meaning of society, government and other associatons. Distinguish between state and society. Distinguish between state and other associations. Distinguish between state and government. Distinguish between state and nation.

Distinction between Nation and Nationality. Elements of Nationality. The State Elements of State.   (Distinction between Society, Nation, State and Government) Distinction between State and Society. State and Other association. Distinction between State and government Distinction between State and Nation.   (Major Political Theories) Meaning of Liberalism. Features of Liberalism. Weakness of Liberalism. Marxism and its Basic postulates. Highlights of Marxism. Relevance of Marxism.     (Meaning and scope of Political Science) Chaning of Meaning of Political Science. Growth of the discipline of Political Science. Distinction between Political Science and Politics. Scope of Political Science Citizens and Government. Liberty Safeguards of liberty Justice and its relevance for citizens and state.   (Good Governance) Meaning of Good Governance. Features of ...

Understand the meaning of Directive Principles of State Policy. Classify the Directive Principles into four groups ie economic and social, Gandhian, administrative and those related to international peace. Recognise the role of Directive Principles in promotion of universalisation of education, abolition of child labour and improving the status of women. Explain the Directive Principles which provide the framework of welfare state to be realised in  practise in India. Describe that the Directive Principles aim at the establishment of economic and social democracy. Explain the role of government at different levels in implementing these principles. Distinguish between fundamental Rights and the Directive Principles of state policy. Appreciate the content of Fundamental duties. Identify the Fundamental Duties given in the Constitution. Appreciate the importance of Fundamental Duties despite their being non-justiciable. Questions Examin...

Objectives Distinguish between the meaning of cost as used in business and as used in  micro economics. Explain the meaning and importance of various concepts of cost such as, explicit cost, implicit cost and normal profit in micor economics. Distinguish between fixed costs and variable costs and explain the concepts of total cost, average cost and marginal cost. Find out total cost from marginal cost and average cost and explain the importance of these costs for a producer. Find out total fixed cost, total variable cost, average fixed cost, average variable cost, average total cost and marginal cost. Points to remember Production involves cost. Money costs or explicit are not the only costs in micro economics. The concept of cost as used in business generally refers to money or explicit cost. Cost in micro economics includes Explicit Cost, Implicit Cost and Normal Profit. Cost may be classified into private costs and social costs....

Explain the meaning of 'world order'. Discuss the working of bipolar world during the cold war years. Trace the emergence of a multipolar world. Recognise that after the end of the cold war, the world order has become unipolar. Recall the enormity of human suffering on account of wars, violence and terrorist activities in the   contemporary world. explain the meaning of globalisation and the factors responsible for it. Recognise the growing economic inqualities between the rich and poor countries in the contemporary  global order. Questions   (1)Who are the main players in world affairs?   (2)Are states equal in their size and strength?   (3)Name the victorious countries in the Second World War?   (4)Is it true that the importance of Europe declined after the Second World War?   (5)Which two countries were known as the super powers?   (6)Identify two military alliances formed during the Cold...