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12th Standard English Medium Economics Subject Economics of Development and Planning Creative 3 Mark Questions with Solution Part - II

Published on: 23/06/2021

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Std: 12th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 3

5 x 3 = 15

Write a short note on former Indian Planning Commission.

Form a chart how supply and demand sides of vicious circle of poverties are happening.

Distinguish between Economic Development and Growth. (Any Three Points).

Explain the concept "economic development".

List out the types of Planning.

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Answers Key:

Generic 3

5 x 3 = 15

(i) On January 26, 1950, the Constitution came into force.
(ii) In logical order, the Planning Commission was created on March 15, 1950.
(iii) The plan era began on April 1, 1951, with the launch of the first five-year plan (1951-56).
(iv) Planning Commission was set up to formulate Five Year Plan in India by Jawaharlal Nehru.
(v) He was the first Chairman of Planning Commission, Government of India.

S.No	Economic Development	Economic Growth
(i)	Related to Underdeveloped Countries	Related to developed (or) advanced countries.
(ii)	Rising of income levels in poor countries.	Rising of income levels in rich countries
(iii)	It is discontinuous and spontaneous changes in the station if any state	It is gradual and steady changes in the long run.

(i) Development means, people must have higher incomes, better education, better health care and nutrition, less poverty and more equality of opportunity.
(ii) According to Michael P. Todaro and Stephen C. Smith, "development must beconceived of as multidimensional process involving major changes in social structure, popular attitudes and national institutions, as well as the acceleration of economic growth, the reductions of inequality and the eradications of poverty".

Types of planning:
1. Democratic
2. Totalitarian
3. Planning by Direction
4. Inducement
5. Short, Medium and Long term
6. Functional
7. Structural
8. Centralized
9. Decentralized
10. Indicative
11. Imperative
12. Financial
13. Physical
14. Comprehensive
15. Partial