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12th Standard English Medium Economics Subject Economics of Development and Planning Creative 2 Mark Questions with Solution Part - I

Published on: 23/06/2021

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Std: 12th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

Write a brief note on New Welfare oriented Approach about economic development

What are the two main approaches to the concept of development?

What is short term planning?

What is the main problem of planning in underdeveloped countries?

What is perspective plan?

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Answers Key:

Generic 2

5 x 2 = 10

(i) During 1970s, economic development was redefined in terms of reduction of poverty, ‘inequality’ and unemployment within the context of a growing economy.
(ii) In this phase, ‘Redistribution with Growth’ became the popular slogan.

There are two main approaches to the concept of development viz
i) the traditional approach and
ii) the new welfare-oriented approach.

(i) Short term plans are also known as 'controlling plans'.
(ii) They encompass the period of one year, therefore, they are also known as 'annual plans'.

Over population and low capital formation are some other important problems of planning in underdeveloped nations.

(i) Long term plan is also known as perspective plan.
(ii) The period of perspective plan is 10 - 30 years.
(iii) This plan brings structural changes in the economy.