Economic Structure — Flashcards

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Economic structure refers to the nature of production and employment in the three sectors (agricultural, industrial, and service sectors) of an economic system. It includes the level of income, use of…

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India's traditional agrarian economy had these features: 1) Majority of population engaged in cultivation, 2) Subsistence farming - farmers grew only what was necessary for their needs, 3) People had …

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Subsistence farming is a type of agriculture where farmers grow crops only to meet their own basic food needs and that of their families. They produce just enough food for survival and do not grow cro…

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Commercialization of farming brought these changes: 1) Farmers began growing crops for market sale rather than just for personal needs, 2) Commercial crops like coconut, cotton, sugarcane, jute, groun…

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The Industrial Revolution was a period of major technological and economic change that began in Britain during the 17th and 18th centuries. It involved the development of new machinery, factory system…

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The capitalist class emerged when feudal lords who owned lands decided to invest their money in industries instead of just agriculture. Attracted by huge profits and making use of new discoveries and …

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In a simple economy, income comes from two sources: 1) Household sector - owns factors of production (land, labor, capital, organization) and receives rent, wages, interest, and profit, 2) Firms secto…

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Households supply factors of production (land, labor, capital, organization) to firms and receive payments (rent, wages, interest, profit). Firms use these factors to produce goods and services, which…