Q (2) Give an explanation :
(1) Economy begins at home.
(2) India's economy is of mixed
type.
(3) On the basis of economies, we can divide countries into three groupes.
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Answers
Answer:
The economy begins at home means that you need to improve your own economic condition before thinking about changing something for the country or other people. If you are not financially stable then you will never be able to help other people as well, in terms of finance.
India has a mixed economy with both public and private sector. In public sector, industries of national importance are set-up such as defence industries, basic industries, power generation, etc.
(i) Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. ...
(ii) Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. ...
(iii) Underdeveloped Countries: These countries have a low rate of GDP.
Explanation:
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Answer:
Answer 1: The economy begins at home means that you need to improve your own economic condition before thinking about changing something for the country or other people. If you are not financially stable then you will never be able to help other people as well, in terms of finance. You can only be able to provide emotional support to them.
Answer 2: India’s economy is considered to be of mixed type because both the public as well as the private exist in the market. Both have the right to operate and there is no hindrance regarding the operations. Together both the sectors help in the growth of the country to boost the economy and bring the desired change. Public and private sectors are the basis of the Indian economy with privatization making a big difference.
Answer 3: The division of countries into three groups according to the economies is known as the three sector theory. They are classified as under:
Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is Rs. 200 or below per day.
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