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Current Affairs 10th Class

Money and Credit - Important Terms And Concepts

  Money and Credit     IMPORTANT TERMS AND CONCEPTS  
  • Money is the most basic and significant invention of mankind. Money occupies a unique position in a modem economy. In its absence the whole prosperous economic life would collapse like a pack of cards.
    Definition. Money may be defined as anything which is generally accepted by the people in exchange of goods and services or in repayment of debts. According to Crowther, "Money can be defined as anything that is generally accepted as a means of exchange and at the same time acts as a measure and as a store of value."
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  • Barter Exchange/Barter System. It implies direct exchange of goods against goods without use of money is called barter exchange. It is also called C.C. economy, i.e., commodity for commodity exchange economy. When a weaver gives cloth to the farmer in return for getting wheat from the farmer, this is called barter exchange.
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  • Inconveniences of Barter Exchange.
    (a) Lack of double coincidence of wants.
    (b) Absence of common measure of value.
    (c) Lack of divisibility.
    (d) Difficulty in storing wealth.
    (e) Lack of satisfactory unit to engage in contracts.
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  • Functions of Money.
    (a) Medium of Exchange
    (b) Measure of Value
    (c) Standard of Demand Payments
    (d) Store of Value.
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  • Money as a Legal Tender Money. Currency (coins and notes) is a legal tender money which cannot be refused in payment for transactions- Everybody is bound to accept it in exchange for goods and services and in discharge of debts. None can refuse to accept it because non-acceptance is an offence. It is issued by the government or duly authorised Central Bank.
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  • Demand Deposits. Deposits in a bank which are payable on demand are called demand deposits. It also provides the facility of medium of exchange which is a function of money, when payments are made by cheques.
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  • Cheque. It is a paper instructing the bank to pay a specific amount from the person's account to the person in whose name the cheque has been made.
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  • Loan Activities of Banks. Basically banks borrow money to lend. Banks pay interest (suppose x %) from whom it borrows. After keeping a portion of deposits as reserves, banks lend to people who demand money as loan and bank charges interest (suppose y %} from them. The difference between what is charged from borrowers y %) and what is paid to depositors is their main sources of income. After meeting all expenses of banks out of this income, the resultant is profit/loss for the bank.
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    Catgeory: 10th Class

    Money and Credit - Chapter Coverage

      Money and Credit           CHAPTER COVERAGE  
    • Barter Exchange System 
     
    • Modern Form of Money
     
    • Functions of Money
     
    • Loan Activities of Banks
     
    • Terms of Credit
     
    • Formal Sector Credit in India
     
    • Inform Sector Credit in India
     
    • Self-Help Groups (SHGs)
     
    • Functions of Central Bank and Commercial Bank
       
    Catgeory: 10th Class

    Globalisation and The Indian Economy - Important Terms And Concepts

      Globalisation and The Indian Economy     IMPORTANT TERMS  AND CONCEPTS  
  • New Economic Policy. It refers to all those different economic reforms introduced since July 1991 or policy measures and changes which aim at increasing productivity and efficiency by creating an environment of competition in the economy.
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  • Liberalisation. The process by which government controls over the industry are being loosened.
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  • Globalisation. It means integrating the economy of a country with the economies of other countries under condition of free flow of trade and capital, and movement of persons across borders. In simple words, it means integrating our economy with the world economy.
    IMF defines globalisation as "the growing economic interdependence of countries worldwide though increasing volume and variety of cross border transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology."
    Mitchell puts it, "globalisation for better or worse, has changed the way the world does business. Though still in its early I   stages, it is all but unstoppable. The   challenge that individuals and businesses face is learning how to live with it, manage it, and take advantage of the benefits it offers."
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  • Privatisation. It means allowing the private sector to set up more and more of such industries as were previously reserved for public sector. Under it, existing enterprises of the public sector are either wholly or partially sold to private sector.
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  • Multinational Corporations (also known as international corporation, transnational corporation, global corporation). MNC is a company that owns or controls production in more than one nation.
    According to ILO report, "The essential nature of the multinational enterprises lies in the fact that its managerial headquarters are located in one country (referred to for convenience as the home country) while' the enterprise carries out operations in a number of other countries as well (host countries)."
    In other words, MNC is a corporation that controls production facilities in more than one country, such facilities having been acquired through the process of foreign direct investment.
  • (a) Foreign Direct Investment (or Foreign Capital). It refers to investments directly made in industry or other spheres of economic activity of a country by foreign industrial houses or MNCs with the objective of earning profits. In short, it is an investment made by MNCs. FDI is an important source of financing industrial development in less developed countries. more...
    Catgeory: 10th Class

    Globalisation and The Indian Economy - Chapter Coverage

      Globalisation and The Indian Economy       CHAPTER COVERAGE  
    • Globalisation
     
    • Liberalisation
     
    • Privatisation
     
    • Interlinking Production Across Countries
     
    • Foreign Trade, Foreign Direct Investment and Integration of Markets
     
    • Factors that have enabled Globalisation
     
    • World Trade Organisation
     
    • Impact of Globalisation in India
     
    • The Struggle for a Fair Globalisation
     
    • Economic Reforms 1991
     
    • Multinational Corporations
         
    Catgeory: 10th Class

    Consumer Rights - Important Terms And Concepts

      Consumer Rights    
  • Common ways by which consumers are exploited :
    • (b) Foreign Trade. It refers to exchange of goods-purchase and sale-across geographical boundaries of the countries.
    (c) Value of Trade. Value of exports plus the value of imports during the year.
    (d) Volume of Trade. Physical quantities of goods exported plus imported in a year.
    (a) Underweight and Undermeasurements
    (b) Substandard quality
    (c) High Prices
    (d) Duplicate articles
    (e) Adulteration and impurity
    (f) Lack of safety devices
    (g) Artificial scarcity
    (h) False or incomplete information
    (i) Unsatisfactory aftersale service
    (j) Fough behaviour.
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  • Factors causing exploitation of consumers :
    (a) Limited information
    (b) Limited supplies
    (c) Limited competition
    Low literacy
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  • Rights of consumers:
    (a) Right to safety
    (b) Right to be informed
    (c) Right to choose
    (d) Right to be heard
    (e) Right to seek redressal
    (f) Right to consumer education.
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  • Legislative measures include enactment of the Consumer Protection Act.
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  • Administrative measures include distributing essential commodities through Public Distribution System.
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  • Technical measures consist of standardization of the products.
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  • Bureau of Indian Standards (BIS) caters to the industrial and consumer goods.
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  • 'AGMARK' is meant for the agricultural products.
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  • International Organisation for Standardisation (ISO) certifies the standards of products at the International level. ISO established in 1947, is located in Geneva.
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  • Codex Aliment Arius Commission (created by FAO and WHO in 1963) sets international food standards. It is located in Rome. Italy.
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  • Consumers International is a global level institution of Consumer Welfare Organisations,
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  • Consumer movements were the result of dissatisfaction of the consumers caused due to unfair practices adopted by the sellers. This has shifted the responsibility of ensuring quality of goods and services on to the sellers. During last decades, large number of consumer groups/fora and associations have emerged in India.
    • Catgeory: 10th Class

    Consumer Rights - Chapter Coverage

      Consumer Rights     CHAPTER COVERAGE  
    • Consumer Exploitation
     
    • Consumer Awareness
     
    • Consumer Movements
     
    • Consumer Rights and Duties
     
    • Various Measures under Consumer Protection Act, 1986
     
    • Price Rise
     
    • Public Distribution System
     
    Catgeory: 10th Class

    Political Parties - Important Terms And Concepts

      Political Parties   IMPORTANT TERMS AND CONCEPTS  
  • Political Parties: A "political party" is a political association or a voluntary group of people who come together to contest elections and hold power in the government. They agree on some policies and programmes.
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  • Election Commission: It is an independent multi-member body which is constituted for the superintendence, direction and conduct of elections.
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  • Partisan: A person who is strongly committed to a party, group or faction. Partisanship is marked by a tendency to take a side and inability to take a balanced view on an issue.
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  • One-Party/Mono Party: "Mono-party system" means a system in which only one party operates in the political system for various reasons. In this system there is no opposition, e.g., China.
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  • Two-Party or Bi-Party System: A political system where there are two major parties. In this system power usually changes between two main parties, e.g., United Kingdom and United states of America.
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  • Multi Party System: It is a political system where more than two parties exist and contest elections to come to power.
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  • National Parties: Parties that are present in only one of the federal units and are countrywide parties known as national parties. These parties have their units in various states.
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  • State or Regional Parties: The parties that are present in several or all units (states) of the federation known as state or regional parties.
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  • Recognised Political Parties: The parties which get recognition by the Election Commission, given election symbols, privileges and some other special election facilities are known as the recognised political parties.
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  • Leftist Parties: Parties which are radical, ideological conservative in nature known as Leftist parties.
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  • Rightist Parties: Parties which want a status Quo and are conservative known as Rightist parties.
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  • Opposition: The political party or group of parties that form part of a legislature but are not in the government. They check the activities of the government.
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  • Defection: It signifies, changing party allegiance from the party on which a person gets elected to a different party, i.e., members may change their party for money, post, etc.
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  • Affidavit: It is a signed document submitted to an officer, where a person makes a sworn statement regarding his/her personal information.
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  • Ruling Party: Political party that runs government.
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    Catgeory: 10th Class

    Political Parties - Chapter Coverage

      Political Parties        
    Catgeory: 10th Class

    Outcome of Democracy - Important Terms And Concepts

      OUTCOME OF DEMOCRACY   Important Terms And Concepts  
  • Outcome: Results, consequences or output.
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  • Characteristics of Democracy: Promotes equality, Enhances the dignity of the individual, improves the quality of decision making, provides methods to resolve conflicts, accommodates correct mistakes.
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  • Alternative Forms of Government than Democracy: Monarchy, military rule, by religious leaders.
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  • Elements/Constituents of Democracy: Formal constitution, elections, political parties, constitutional rights.
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  • Monarchy: The government ruled by the monarch or king of the country i.e., monarch or king is the head of the country who is hereditary.
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  • Dignity: The word denotes privileged position, honorable rank or importance given to any particular post or personality.
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  • Outcome of Democracy: Political equality and political justice, social equality and social justice, economic equality and economic justice, dignity to the individual.
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  • Measures for Democratic Outcome: Regular free and fair elections, open public debate on major policies, right to information given to the people.
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  • Economic Development: It refers to the growth or advancement of the country in the way of providing better facilities and services to the individual.
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  • Transparency: Right or means to examine the process of decision making.
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  • Accountable: Responsible, answerable, legitimate to the individual/posts and their needs and expectations.
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  • Poverty: It is a socio-economic phenomenon which in general terms is the denial of opportunities to lead a long, healthy, creative life and to enjoy a decent standard of living.
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  • Inequality: Absence of equal opportunities, equal treatment and equal status at any level, social, economic or political is known as inequality.
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  • Measures to Sustain Democracy:
    •                          Unity in diversity                          Historical background of the country                          Tolerance power among people                          Feeling of nationalism and patriotism                          Peaceful co-existence                          Non-alignment                          International peace and understanding  
  • Civil Liberties: These are privileges or rights thought to be valuable in themselves and important for the functioning of democratic society.
    • Catgeory: 10th Class

    Outcome of Democracy - Chapter Coverage

      OUTCOME OF DEMOCRACY         CHAPTER COVERAGE         
    • Qualities of Democracy
    • Basic Elements of Democracy
    • Comparative Analysis between Democracy and its Alternative
       
    Catgeory: 10th Class

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