Current Affairs 10th Class

  Consumer Rights    
  • Common ways by which consumers are exploited :
    (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.

  •   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
         

      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
     

      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...
      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
       

      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.
  • (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.
    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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      OUTCOME OF DEMOCRACY         CHAPTER COVERAGE         
    • Qualities of Democracy
    • Basic Elements of Democracy
    • Comparative Analysis between Democracy and its Alternative
       

      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.

  •   Sectors of the Indian Economy     Chapter Coverage  
    • Economic and Non-Economic Activities
     
    • Primary, Secondary and Tertiary Sectors in India
     
    • Division of Sectors as Organised and Unorganised
     
    • Public and Private Sectors
     
    • Calculation of GDP
     
    • Importance of Service Sector
     
    • Different Types of Unemployment
     
    • NREGA, 2005

      Sectors of the Indian Economy   Important Terms and Concepts  
  • Classification of sectors of the Indian economy.
  • (i) On the basis of nature of activities
    (a) Primary sector
    (b) Secondary sector
    (c) Tertiary sector
    (ii) On the basis of ownership
    (a) Private sector
    (b) Public sector
     
  • Primary Sector (or Agriculture and related sectors). It includes all those economic activities which are connected with extraction and production of natural resources, g., agriculture, fishing, mining, etc.
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  • Secondary Sector (or Industrial sector). It includes all activities which are concerned with the processing materials which have already been extracted at the primary stage, g., the mining of iron ore is primary industry, but manufacture of steel is secondary industry.
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  • (a) Tertiary Sector (or Service sector). It is concerned with providing support services to primary and secondary sector and includes transport, banking, insurance, warehousing, communication, advertising, etc. It facilitates smooth flow of goods and services in the economy. Importance of tertiary sector has been observed in the last decade and its contribution to GDP has also risen.
  • (b) Growth of Service Sector in India. Service sector has grown tremendously in the last decades in India. It is expected that India will be the third largest economy in the world in coming years. This sector is an important user of information and communication technologies.
    (c) India as a major service provider to the world. In the recent years, India has become a major service provider to the world along with service sectors like financial services, telecommunications and transport. It has a great potential to expand.
     
  • Private Sector. Private individuals or companies possess the ownership of assets and delivery of services, g., TISCO.
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  • Public Sector. Government possesses the ownership of assets and delivery of services, g., Railways.
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  • Organised Sector. Here, people have assured work and terms of employment are regular. Rules and regulations given in various laws are followed as they are registered by the government.
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  • Unorganised Sector. It consists of small and scattered units which are largely outside the control of the government. It is characterised by low-paid and insecure jobs. Rules and regulations are not followed.
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  • Economic Activities. It covers all those activities which are undertaken by people with the object of earning money, e.g., a worker working in a factory and a teacher teaching in a school.
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  • Non-Economic Activities. It covers all those activities which are undertaken to satisfy social, psychological and emotional needs, g., person engaged in religious work and housewife looking after the household.
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  • Gross Domestic Product (GDP) of a country. Value of all more...



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