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The unorganized sector is characterized by small and scattered units which have remained largely outside the control of the government.

In agricultural sector we find disguised unemployment, because more than the required persons are engaged in the work of agriculture.

The situation of underdevelopment where people are apparently working but all of them are made to work less than their potential.

Financial year: 

A period of twelve months over which the accounts and taxes of a company or a person are calculated. 

For example, April 2017 to March 2018 Is called financial year 2017-18.

Organized sector:

Enterprises or places of work where the terms of employment are regular and therefore, people have assured work.

Sectoral Goods:

The goods produced In three sectors i.e., Agricultural, Industrial and Service sectors.

Unemployment which exists when marginal physical productivity of labour is zero or sometimes it becomes negative is called disguised unemployment.

D) District boundaries

Correct Answer is : (b) String

(d) Hardware / Software selection

The three different phases in the circular flow of income are-

Generation Phase- In this phase, the firm manufactures the goods and services with the assistance of factor services.

Distribution Phase- This phase involves the flow of factor income, which comprises of rent, interests, wages, and profit from firm to the household.

Disposition Phase- Here, the income collected by the factors of production, is used on the goods and services manufactured by a firm.

B) Underemployment

(b) disguised unemployment

Unorganised sectors consist of all unincorporated private enterprises owned by individuals or households engaged in the sale or production of goods and services operated on a proprietary or partnership basis and with less than ten total workers. In
rural areas, the unorganised sector comprises mainly of workers in small-scale industries, casual workers in construction, trade and transport, etc. and those who work in shops, street vendors, garment makers, rag pickers etc.

Full employment

The answer is (c) water harvesting

Unorganised sector is the sector that comprises of small scale enterprises or units. Moreover, these sectors are not registered with the government. These units are scattered which are largely outside the control of the government. Though there are rules and regulations these are never followed here. For example, casual workers in construction, roadside business, shops etc. Workers in unorganised sectors are often exploited and not paid a fair wage. Their jobs are not secure.

On the other hand, the organised sector includes all those enterprises and organisations with regular terms of employment. People have assured work registered by the government. They have to follow many rules and regulations included in different laws and rules including the Factories Act, Minimum Wages Act, Payment of Gratuity Act and Shops and Establishments Act.

Organised sector is better than unorganised sector in terms of employment and working conditions. There are many problems while working in the unorganised sector. In the organised sector, security of employment is entitled to all the workers. They have fixed working hours and can have the benefits and allowances for working overtime. They also get paid leave, holiday allowances, medical allowances, provident fund, and gratuity. All basic facilities like drinking water and a safe working environment should be given to them under the legal rules and regulations. In contrast, workers in the unorganised sector are low-paid and are not regular employees. They have no facility for overtime allowances, paid leave, sick leave and other allowances. Generally, workers in unorganised sectors are often exploited and not paid a fair wage. Thus, the organised sector is better than the unorganised sector.

Tertiary sector activities do not produce any goods but provide services that support the production process. The demand for these activities is ever-increasing. For e.g. demand for basic services like hospitals, banks, postal services, etc. have increased. It has the highest contribution in GDP of the country and employs a large number of people.

Disguised employment means that more number of people employed in an economic activity than required. If these extra people are removed, there will be no effect on the production. They seem to be employed but actually they are not. The workforce is not being used to its potential. They divide the work but do not increase production. They do not help in increasing the productivity as their efforts are not economic. For example, in the rural areas, the entire family is engaged in the production of crops on the same piece of land. If there are ten people in the family, three people can manage the production. If the extra seven people ard removed the productivity will be the same. They seem to be making no contribution. Hence, it is truly stated that disguised or hidden employment does not help in productivity of a country. 

Primary sector employs around 50% of the population, but it contributes the most to disguised unemployment. Even when people appear to be employed, they are actually unemployed as their removal from the production process does not affect the said process. These people are engaged in activities but not to their full potential. This situation is called disguised unemployment or hidden unemployment.
It is present in both rural and urban areas. In rural areas, disguised unemployment is present in the agricultural sector. Owing to the family structure in India, several members of the same family may be working on the same piece of land for agricultural production. They are engaged in an activity which can be carried out by a lesser number of people as rural land holdings in India are notoriously small. Thus, they are not employed to their full potential and contributing to disguised unemployment.

In some situations, even when people appear to be employed, they are actually unemployed as their removal from the production process does not affect the said process. These people are engaged in activities but not to their full potential. This situation is called disguised unemployment or hidden unemployment. It is present in both rural and urban areas. In rural areas, disguised unemployment is present in the agricultural sector. Owing to the family structure in India, several members of the same family may be working on the same piece of land for agricultural production. They are engaged in an activity which can be carried out by a lesser number of people as rural land holdings in India are notoriously small. Thus, they are not employed to their full potential and contributing to disguised unemployment.

During the 1950s and 1960s, the Indian economy depended on the agricultural sector. But in recent 40 years, in terms of output, tertiary sector has contributed significantly.

Tertiary sector activities do not produce any goods but provide services that support the production process. The demand for these activities is ever-increasing. For e.g. demand for basic services like hospitals, banks, postal services, etc. have increased. It has the highest contribution in GDP of the country and employs a large number of people.

 The following are the features of the unorganized sector. 

• Working hours are more and harsh. 
• No job security is there. 
• No employment benefits are given. 
• Employees work in poor working conditions.

The tertiary sector is involved in providing services. With the development and rapid urbanization, the tertiary sector has also gained importance in India. Services which employ highly skilled and educated workers have grown in importance. Growth in the healthcare sector, administrative services have boosted the growth in the tertiary sector. But the lower end of the tertiary sector which employs less skilled and lower educated personnel have been less productive. The earnings are low, but without an alternate source of employment, the workers are stuck at their current jobs. The workers include small shopkeepers, repair persons, transport persons, cattle owners etc.

The tertiary sector is involved with providing service while the primary sector includes all activities that are associated with the use of natural resources like agriculture, fishing, forestry etc. The tertiary sector employs people who need food to not only survive but also to provide the energy necessary for work performance. Primary sector grows this food through agricultural activities in rural areas. Thus, the tertiary sector is dependent on the primary sector.

Ever since the service sector got liberalized in the year 1991, it has seen constant growth. 

The following are the reasons responsible for the growth of service sector in the Indian economy. 

• Increase in the income of people: Since the income level of the people has been increasing ever since, with increasing affluence there is increase in the demands of the services like maids, cooks, servants and gardeners. (h) Increase in population: With an increase in number of people in the country, the demand for service sector has increased. Demands for service like schools, health department and nursing homes have increased. 
• Increase in numbers of working women: With the passage of time there has been a massive increase in the number of working women in India. This has led to increase in demands in the service sector like household help, babysitters and cooks.

National Rural Employment Guarantee Act 2005 (NREGA) is an Indian labour law and social security measure that aims to guarantee the right to work.

• It aims at enhancing livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. 
• The NREGA was initiated with the objective of “enhancing livelihood security in rural areas by providing at least 100 days of guaranteed wage employment in a financial year, to every household whose adult members volunteer to do unskilled manual work.” 
• Another aim of NREGA is to provide employment within 5 km of an applicant’s residence, and minimum wages are to be paid. If work is not provided within 15 days of applying, applicants are entitled to an unemployment allowance.

The employment generation part of service sector is not growing in importance. The service sector in india employs different kinds of people. At one end, there are a limited number of services that employ highly skilled and educated workers. At the other end, there are a very large number of workers engaged in services such as small shopkeepers, repair persons cattle, owners transport drivers and electricians. These people barely manage to earn there living and yet they perform these services because no alternative opportunity for work are available for them.

The primary sector includes all activities that are associated with the use of natural resources like agriculture, fishing, forestry etc. The secondary sector is concerned with the processing of raw materials into products and goods. Without the secondary sector, the primary sector would not have a market for selling their products and thereby earn income. For example, agricultural production of sugarcane is a primary sector activity. But without a secondary sector activity like mills which buy the sugarcane and process it for sugar, the sugarcane would rot, and farmers would stop production of the same.

• Creation of infrastructure: Public sector promotes the economic development since it brings about creation and expansion of infrastructure and the infrastructure plays an important role in economic development. 
• Generates financial resources: Public Sector provides for various employment opportunities since major part of public sector depends on manpower and higher employment opportunities implies higher generation of financial resources for economic development. 
• Contributes to HDI: Public sector majorly contributes to the Human Development Index since health and education industries come under the purview of public sector. 
• Availability of goods: Public sector helps in availability of goods at moderate rates, which helps in maintaining financial security and thus helps in economic development. 
• Provides encouragement: It provides encouragement to small, medium and cottage production units. It also strives for the creation of welfare state

The East India Company appointed Gomasthas in India due to the following reasons :
(i) Before 1760s, British cotton industries had not expanded and Indian fine textiles were in great demand in Europe.
(ii) The East India Company wanted to expand exports from India but French, Dutch, Portuguese and local traders competed in the market.
(iii) The weavers and supply merchants could bargain and try selling the products to the best buyer. Hence they appointed Gomasthas to supervise and collect supplies.

(i) The Gomasthas were appointed by the British to supervise weavers, collect supplies and examine the quality of cloth.
(ii) As time passed, New Gomasthas who were outside and did not have any long-term social link with the village acted arrogantly with the villagers, marched into the village with sepoys and Peons and punished weavers for delays in a supply-often beating and flogging them. This was an act which was very similar to the manner in which the British dealt with defaulters. In this manner, Gomasthas became good partners in British management.

The Great Depression began around 1929 and lasted till the mid-1930s. During this period, most parts of the world experienced a decline in production, employment, incomes, and trade. Agricultural regions and communities were the most affected.

Causes of Great Depression :
(i) Post-world war economy of the world was fragile. Agricultural overproduction was a problem. As prices slumped, farm produce rotted.
(ii) Many countries financed loans from the U.S.
(iii) U.S. overseas lenders panicked at the sign of financial crisis.
(iv) Thus, banks were bankrupt and were forced to close down in Europe and in the US because they were unable to recover investments, collect loans
and repay depositors.
(v) American capitalists stopped all loans.

The activities of the tertiary sector generate services rather than goods. Thus it is also called the service sector. The tertiary/service sector provides service as an end product. Media and communication, banking, real estate, hotels, education, health and recreation form a part of the tertiary sector.

Unorganised workers are those workers who are employed in the unorganised sector. In India, the primary sector activities specifically agriculture comprises the largest proportion of unorganised workers. This is because disguised unemployment is rampant in this sector. It hires people without the necessity of particular skills and the hiring is not a constant feature. Farmers tend to work on their own along with the help of their families and hire labourers as and when required. Also, because of the seasonal nature of agriculture, the hiring is not on a year-round basis but mostly during the cropping season, and the rest of the time these workers are either idle or working as construction workers, etc.

Money is something that can act as a medium of exchange in transactions. 

(i) In India, the Reserve Bank of India issues currency notes on behalf of the central government. 

(ii) As per Indian law, no other individual or organisation is allowed to issue currency. 

(iii) Moreover, the law legalises the use of rupee as a medium of payment that cannot be refused in settling transaction in India. 

(iv) No individual in India can legally refuse a payment made in rupees. Hence, the rupee is widely accepted as a medium of exchange.

(i) The British Government imposed import duties on cotton textiles so that Manchester goods could be sold in Britain without competition.
(ii) It persuaded the East India Company to sell the British manufactured goods in the Indian market.
(iii) It increased the export of British cotton goods.
(iv) It decreased the Indian imports into Britain.

God Krishna, Saraswati, Lakshmi, Kartikeya and even maharaja Ranjit Singh was found in many imported goods. These god and goddesses goods were used by international and foreign manufacturers.

(i) A vibrant sea trade operated through the main pre-colonial ports.
(ii) Surat on the Gujarat coast connected India with the Gulf and the Red Sea ports.
(iii) Masulipatnam on the Coromandel Coast and Hooghly in Bengal had trade links with the Southeast Asian ports.

(i) Agricultural overproduction remained a problem and it was made worse by falling agricultural prices.
(ii) As prices slumped and agricultural incomes declined, farmers tried to expand production and bring a large volume of produce to the market but it pushed down prices.
(iii) In the mid-1920s, many countries financed their investments through loans from the US, it was extremely easy to raise loans in the US when the going was good.
(iv) But in the first half of the 1920's, countries that depended crucially on US loan faced an acute crisis.
(v) The withdrawal of the US loans affected the rest of the world in different ways. In Europe. lt led to the failure of small major banks and the collapse of currencies such as the British pound sterling.

(i) The developing countries came under the guidance of IMF and World Bank which were dominated by the former colonial powers in order to uplift their economies.

(ii) Former colonial powers exploited the natural resources of developing nations through IMF and World Bank.
(iii) The developing nations organized themselves into G-77 so as to gain real control over their natural resources, to get more development assistance and fairer prices for raw materials.
(iv) They also wanted a better opportunity for their manufactured goods in the markets of developing nations.

Modern forms of money include paper notes and coins. 

Rupee is widely accepted as a medium of exchange because: 

• It is authorised by the government of India. 
• The law legalises the use of rupee as a medium of payment and settling the transactions. 
• Thus, no one can refuse a payment made in rupees.

In India, the rupee is widely accepted as a medium of exchange because of the authentication of the Reserve Bank of India (RBI). RBI plays an essential role in printing the currencies, there is no other authority other than RBI has the power to issue the currency and it has the sole authority. RBI is the central bank of India which on behalf of the central government in financial matters. It is the law that legalizes the use of rupee as a medium of exchange anywhere in India. No person can refuse the Rupee for the transaction; if he refuses, then he can be sued by law. Therefore it is the law that makes the rupee as a widely accepted as a medium of exchange in the country.

Transactions are made in money because a person holding money can easily exchange it for any commodity or a service. It solves the problem of double coincidence of wants by acting as a medium of exchange.

For example, a shoe manufacturer wants to sell shoes in the market and wants to buy rice. Under barter system, both parties selling shoes and rice have to agree to buy and sell each other’s commodities and this creates a problem which is referred to as double coincidence of wants. This problem is overcome by the introduction of money. Now, the shoe manufacturer will sell the shoes for money and with that money he can buy rice. 

Taka currency is widely accepted as a medium of exchang.

The primary sector employs around 50% of the population, but it contributes the most to disguised unemployment. Even when people appear to be employed, they are actually unemployed as their removal from the production process does not affect the said process. These people are engaged in activities but not to their full potential. This situation is called disguised unemployment or hidden unemployment.

It is present in both rural and urban areas. In rural areas, disguised unemployment is present in the agricultural sector. Owing to the family structure in India, several members of the same family may be working on the same piece of land for agricultural production. They are engaged in an activity which can be carried out by lesser number of people as rural land holdings in India are notoriously small. Thus, they are not employed to their full potential and contributing towards disguised unemployment.

As per 2015 estimates, agriculture contributes 16.1%, industry 29.5% and service sector 54.4% of GDP of the country. Agriculture sector’s contribution to the national income is lowest due to seasonal nature of it.

Paper notes and coins

According to RBI, the currency consists of two things paper notes and coins. RBI is the sole authority that issues the notes and coins. Since it is issued by the RBI, it accepted as a medium of exchange in the country.

Proto-industrialization was the early phase of industrialized in Europe and England when there was large-scale industrial production for an international market. This was not based on factories.

It was successful in the countryside in England due to the following reasons :
(i) The peasants had been shut out of village commons due to enclosure movement.
(ii) They now looked for an alternative source of income.

The Swadeshi movement gave the message to boycott the foreign made cotton and other clothes as this made India dependent and thus people would never be developed neither will there be any development of the country in terms of industrial production. This movement asked the government to increase the tariff of foreign goods for the protection of the domestic economy.

The companies protested for their collective interest and asked the government to give the producers other concessions.