Give any one example of consumer's 'right to choose.'
An example of consumer's right to choose is - if a person purchases an electronic products, which turns out to be faulty, a person by producing a receipt can claim to replace or get a refund of it.
Highlight the inherent problem in double coincidence of wants.
Double coincidence of wants means that when someone wants to exchange his goods with another person the latter must also be willing to exchange his good with the first person.
Describe any three characteristics of 'Odisha-Jharkhand belt' of iron one in India.
Odisha - Jharkhand Belt:
(i.) In Odisha, high grade haematite ore is found in Badampahar mines in the Mayurbhanj and Kendujhar districts. In the adjoining Singhbhum district of Jharkhand; haematite iron ore is mined in Goa and Noamundi.
(ii.) This belt contains high grade hematite ore found in Kendujhar and Mayurbhanj mines; exported via Paradwip Port.
(iii.) Badampahar mines in the Mayurbhanj and Kendujhar districts of Orissa have high grade hematite ore. Additionally, hematite iron ore is mined in Gua and Noamundi in Singhbhum district of Jharkhand.
Explain with examples the interdependence of agriculture and industries.
Agriculture and industries are interrelated to each other and move hand in hand which are explained in the following points :
(i.) Agriculture serves as a major source of raw materials to many industries.
(ii.) Industries obtain raw materials from agriculture and produce finished products. For example, Jute, sugar, cotton textiles etc.
(iii.) Manufacturing industries which are involved in the production of tools, equipment's have helped in modernizing agriculture.
(iv.) Industries are also involved in producing fertilizers, pesticides, plastics and other tools for the farmers.
Name the river which is related to 'National Waterways' No. 1.
The Ganga river, between Allahabad and Haldia (1620 km) - N.W. No. 1
Why do the movement of goods and services from one place to another require fast and efficient means of transport. Explain with examples.
Reasons for fast and efficient means of transport :
(i.) It is necessary to carry raw materials to production centers and from manufacturing hubs to markets in as little time as possible to achieve efficiency. This is particularly true for perishable goods.
(ii.) It enables goods to reach newer markets and allows people greater accessibility to goods and services. Efficient transport network enables markets to expand to hinterland.
(iii.) Communication opens new avenues of commerce. Modern communication tools like internet allow commercial transactions to take place over large distances, facilitating electronic commerce and banking across countries and contributing to integration of markets.
"Banks are efficient medium of exchange." Support the statement with arguments.
People deposit their money with banks by opening a bank account. Banks keep the money safe and provides interest on the deposited amount. The deposited money can be withdrawn from banks as when required on demand. Bank deposits also facilitate easy transfer of money through cheques, demand drafts and internet banking.
Banks keep only 15% of their total cash deposits to meet the everyday withdrawal demands of their customers. Major portion of the remaining deposits are used to give loans to people at specific rate of interest.
Examine any three conditions which should be taken care of by multinational companies to set up their production units.
MNC's decision to set up production units of certain commodities in other countries is determined by the following conditions:
i. Proximity to markets and availability of buyers.
ii. Availability of cheap labor both skilled and unskilled,
iii. Availability of raw materials at lowest possible rates and
iv. Support from the government like providing SEZ's that is special economic zones.
v. Assured profits
vi. Support from local companies and manufacturers.
Analyse any three reasons for the beginning of the consumer movement in India.
At world level the origin of consumer movement was in the form of consumer cooperatives. The first cooperative came in 1904 in Madras but there was not much development till 1962. The objectives of consumer movement were different in India from those of western countries.
Objective of Indian consumer movement in 1970 were as follows :