Gujarat Board Class 12 Economics — Flashcards for Quick Revision

A: A diagram is a representation of observable data by way of a picture. It is drawn for data with discrete frequency distribution and is self-explanatory. Lay persons do not require detailed knowledge o

A: A graph is a representation of observable data drawn for statistical information that is not self-explanatory. It is used for data with continuous frequency distribution and requires thorough knowledg

A: 1. Makes difficult economics concepts easier and clearer 2. Shows trends of economic parameters over various years 3. Helps understand changes in different sectors of economy 4. Enables easy compariso

A: Economic Growth refers to a continuous increase in the real national income and real per capita income of a country over a long period of time. It is a quantitative change that shows increase in total

A: Economic Development is a multidimensional process involving both quantitative and qualitative changes. It includes increase in real national income plus structural changes in economy, society, and in

A: 1. Growth is occurrence; Development is process 2. Growth involves only quantitative changes; Development involves both quantitative and qualitative changes 3. Growth focuses on distribution of availa

A: A barter system is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. For example, a farmer exchanging w

A: It refers to the difficulty in finding someone who has what you want and also wants what you have. For example, if a person with rice wants wheat, they must find someone who has wheat and specifically

A: According to Marshall, 'Money is that medium which is used as a means of exchange without any doubt or investigation regardless of time or place.'