Economy One-Liners for various competitive examinations
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Here are some important Economy one-liners for students competing for various exams
Watch some of the important Economy Bits below.
1- The three economic systems are Capitalist, Socialist and Mixed.
2- The rapid growth of towns is perceived as an indicator of Urbanization.
3- Income earned through hard labor is called Earned Income and income earned through wealth and property is Unearned income.
4- Ryotwari system– Land is held in single independent holdings and the individual holders are responsible for payment of rent to the state.
5- Mahalwari System: The land belonged to a small group of powerful families who paid rent to the state.
6- South West Monsoon occurs from June to September.
7- Automobiles, Heavy Engineering Goods, machine tools, Chemicals, textiles, electronic goods, cement, fertilizers etc are the products from an Organized sector.
8- Organized Sector– It refers to large-scale industrial units and agricultural units with a defined pattern of production and employment.
9- Capitalist Economic System: The system wherein private individuals own the production and distribution is Capitalist Economic System. Example- USA and Germany.
10- Socialist Economic System: The system wherein the production and distribution of goods and services is owned by public enterprises is called Socialist Economic System. Example- China
11- Mixed Economic System: It is the system wherein both public and private ownership prevails. Example- India, Sri Lanka.
12- During East India Company’s rule, Lord Cornwallis introduced Zamindari system in 1793 in Bengal, Bihar, Odisha and Madra states. According to this system, tax collection was entrusted to rich landlords known as Zamindars.
13- The public enterprises of companies operating under the ownership of the Government are collectively called Public Sector. Example- Life Insurance Company, Banking, Railways, Air India and Indian Airlines, Post, and Telephones etc.
14- Large Scale Sector– Any firm or industry with more than 35 lakhs of rupees as capital investment comes under large scale sector. Example- Bharat Heavy Electrical Limited at Ramchandrapuram near Hyderabad.
15-Small Scale Sector: Any firm or industry with an investment ranging from 5 to 35 lakhs of rupees is termed as a small-scale sector. Ex- Any petrol filling pump or any rice mill.
16- Tiny Scale Sector: Any firm or industry with an investment not exceeding 5 lakhs of rupees comes under tiny scale sector. Ex- Candle manufacturing, Note-Book making etc.
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