Economics · Class 11 Commerce
Ch 7Indian Economy — Class 11 Economics, concept-first.
Every country must answer three basic economic questions: what to produce, how to produce it, and for whom to produce it. The way a country organises the answers to these questions — who owns land, factories and other productive resources, and who decides what gets produced — is called its economic system.
Key concepts
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Mixed Economy
A mixed economy is an economic system in which both the private sector, operating through free markets, and the public sector, owned and directed by the state, coexist and together decide what is produced, how it is prod…
Most relevant Q&A
Chapter contents
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How Economies Are Organised: Capitalism, Socialism and the Mixed Model
Every country must answer three basic economic questions: what to produce, how to produce it, and for whom to produce it.
Basic Features of the Indian Economy
The Indian economy has a distinct set of features that the GSHSEB Std 11 Commerce syllabus expects every student to be able to list and explain, since these features explain both India's achievements…
Sectors of the Indian Economy
Economic activity in India is classified in two different, equally important ways: by the nature of the activity and by the ownership of the enterprise carrying it out.
Mixed Economy in India
A mixed economy is an economic system that combines features of both capitalism and socialism: it retains private property, the profit motive, and the price mechanism (as in capitalism) for most econo…
India as a Developing Economy: Key Characteristics
A developing economy is one still undergoing the structural transformation from a low-income, agriculture-dominated economy toward a modern, diversified, higher-income one — as distinct from a develop…
Major Problems of the Indian Economy
Despite decades of growth — and the acceleration that followed the 1991 reforms studied in the previous chapter — the Indian economy continues to face a set of persistent structural problems that this…
Exercises
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- Q1What is meant by a mixed economy? State any two reasons why India adopted this economic system at Independence.Free
- Q2Distinguish between a capitalist economy and a socialist economy.Free
- Q3Classify the following economic activities into the primary, secondary or tertiary sector: (i) fishing (ii) running a bank (iii) manufacturi…Free
- Q4Distinguish between the public sector and the private sector, giving one example of each from Gujarat's own economy.Preview
- Q5Which sector currently contributes the largest share to India's Gross Value Added (GVA)? (a) Primary sector (b) Secondary sector (c) Tertiar…Preview
- Q6State any four basic features of the Indian economy.Preview
- Q7What is meant by a 'dualistic economy'? Explain briefly with reference to India.Preview
- Q8Why is India, despite having one of the largest aggregate national incomes in the world, still considered to have a low per-capita income?Preview
- Q9Define a developing economy. State any three characteristics of a developing economy.Preview
- Q10Distinguish between open unemployment and disguised unemployment, giving one example of each.Preview
- Q11Explain any three major problems facing the Indian economy today.Preview
- Q12"India's population is both an asset and a challenge for its economy." Discuss this statement.Preview
- Q13Give one example each of a public-sector enterprise and a cooperative-sector enterprise associated with Gujarat.Preview