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The company is marketing services of all kinds.

Financial Market. Reduce the Cost of Transaction.

True. As money held by them do not come into actual circulation in the country.

True. It exists under barter exchange because of difficulty in simultaneous fulfilment of mutual wants of buyers and sellers.

Note: As per CBSE guidelines, no marks will be given if reason to the answer is not explained.

Characteristics of a company 

(1) Voluntary association 

At least two persons, voluntarily, must join hands to form a private company, while a minimum of seven persons are required for a public company. 

(2) Artificial person 

A company is created by law. Though, it has no body and no conscience, it still exists as a person, having a distinct personality of its own. Because like a human being it can buy, sell and own property, sue others, be sued by others, hence called as an artificial person. 

(3) Separate legal entity 

A company has an independent status, different from its members. This implies that a company cannot be held liable for the actions of its members and vice-versa. Company has a distinct entity separate from its members. 

(4) Common seal 

Being an artificial person, company cannot sign the documents. Hence, it uses a common seal on which its name is engraved. Putting the common seal on papers is equivalent to that of signatures of a human being, making them binding on the company. 

(5) Limited liability 

The liability of the shareholders of a company is normally limited to the amount of shares held or guarantee given by them. 

(6) Transferability of shares 

No shareholder is forever wedded to the company. Subject to certain conditions, the shares are freely transferable. The private companies do impose some restrictions on the transfer of shares. 

(7) Diffusion of ownership and management 

In this form of organisation, entrepreneur should clearly understand that there exists separation of ownership from management. As the shareholders could be scattered across the country, they give the right to the directors to manage the company's affairs.

The father asked (a) his son why he had returned home late that day. The boy replied (b) that his motorbike brakes had failed on the way. On hearing this, the father (c) asked him why he hadn’t checked his brakes before starting. The boy said that as (d) he was in a hurry he had had no time. Disappointed on hearing this, the father observed that it showed how careless he was. He added that if (e) he kept his bike in a good condition, he would save himself a lot of trouble and time.

(i) Delhi Education Minister has nullified the apprehension that the fee of government schools won’t rise.

(ii) Admissions of students in medical and dental colleges will be reduced by 2000 and 3000 seats respectively for want of renewal of permission from the centre.

(ii) The government of Delhi has decided that it would issue computerised house tax bills within two months.

(iv) A commemorative stamp in honour of Babu Gulab Rai, will be released on 22 June by the Prime Minister..

(v) Two underground cables of 1200 pairs and 800 pairs capacity each were cut and stolen in Sarita Vihar exchange area on the night of 19 June.

1. My parents left me with her when they went to live in the city. 

2. She used to wake me up in the morning. 

3. She said her morning prayers in a monotonous sing-song voice.

4. I listened because I loved her voice. 

5. She always went to school with me.

(i) With dil. H₂SO₄ : H₂ gas is evolved.
Zn + H₂SO₄ → ZnSO₄ + H₂↑
ii) With dilute HCl : H₂ gas is evolved.
Zn + HCl → ZnCl₂ + H₂ ↑
(iii) With dilute HNO₃ : H₂ gas is evolved.
Zn + 2HNO₃ → Zn(NO₃)₂+ H₂O + H₂ ↑

(iv) With dilute NaCl : No chemical reaction takes place.
(v) With dilute NaOH : Sodium zincate is formed and H₂ gas is evolved.
Zn + 2NaOH → Na₂ZnO₂ + H₂ ↑

Ozone is a molecule containing three atoms of oxygen (O₃), a highly poisonous gas present in the upper layer of the atmosphere.
Formation of Ozone : The UV radiations split molecular oxygen (O₂) apart into free oxygen atoms (O + O). These atoms then combine with molecular oxygen to form ozone.

 O₂ → O + O ,O + O₂ → O₃
Effect : Ozone layer shields the surface of the earth from damaging UV radiations of the sun.

(a) (i) They share a common concern for the need to conserve fossil fuels which are  nonrenewable.
(ii) They value cooperation and co-ordination for a common cause of energy conservation.
(b) If parents would adopt car pooling then the number of cars on street would reduce. This would save a lot of petrol or diesel which is a fossil fuel. Apart from saving money, there would be less pollution in air because burning fossil fuel causes air pollution

(i) It is due to
(a) Intermolecular hydrogen bonding in HF.
(b) Higher H—F bond dissociation enthalpy than H—Cl.

(ii) As P—P single bond (213 kJ mol^-1) in P₄ is much weaker than N= N triple bond (941.4 kJ mol^-1) in N₂ .

Deleted from syllabus.

Barter system of exchange is a system in which goods are exchanged for goods. 

It’s Drawbacks are: 

1. Lack of double coincidence of wants. 

2. Lack of divisibility. 

3. Difficulty in storing wealth. 

4. Absence of common measure of value. 

5. Lack of standard of deferred payment.

Income earned by way of lease is rental income, and hence form part of operating surplus and is included in national income.

Value: Analytic

Computation of taxes as per Income Tax Slab Rates is not allowed as the benefit of Slab Rates is only available to Individuals and HUF’s.

Capital Gains arising from the sale of any asset by the partnership firm are taxable under Section 112.

No, any contribution made by an employee himself to any insurance scheme is not a part of compensation to employee. 

Value: Analytic

Real per capita income cannot be taken as an index of economic welfare because there are many items and transactions relating to national income that have no connection with real GDP such as production of defence goods. Also it does not take into account any transaction related to illegal activities, black money and production of services for self-consumption. 

Value : Critical thinking

There are two factors,

1. Unequal distribution of GDP

2. Rise in price level 

Value : Social awareness

Yes, because people’s well-being is affected by these environmental damages. No, it is very difficult to assess real damages in monetary terms.

Value : Awareness about social cost of GDP.

In many industries, the workers are migrants. Young women are seen as submissive workers. Many men also migrate singly, either unmarried or leaving their families in the village. These migrants have little time to socialise and whatever little time and money they can spend is with other migrant workers. From a nation of interfering joint families, the nature of work in a globalised economy is taking people in the direction of loneliness and vulnerability.

The well being of nation or standard of living of people is measured by per capita income (GDP/Total Population) and distribution pattern of income not only by GDP.

Value : Critical thinking

Many of our cultural practices and patterns can be traced to our agrarian backgrounds. For example, most of the New Year festivals in different regions of India – such as Pongal in Tamil Nadu, Bihu in Assam, Baisakhi in Punjab and Ugadi in Karnataka- actually celebrate the main harvest season and herald the beginning of a new agricultural season.

Historically, all over the world it has been found that there are slightly more females than males in most countries. This seems to be due to two reasons. First, girl babies appear to have an advantage over boy babies in terms of resistance to disease in infancy. At the other end of the life cycle, women have tended to outlive men in most societies, so that there are older women than men. 

States such as Kerala have undergone a different process of development, in which political mobilisation, redistributive measures, and linkages to an external economy (primarily the Gulf countries) have brought about a substantial transformation of the rural countryside. Far from the rural being primarily agrarian, the rural in Kerala is a mixed economy that integrates some agriculture with a wide network of retail sales and services, and where a large number of families are dependent on remittances from abroad. 

Cities had a key role in the economic system of empires. Coastal cities such as Mumbai, Kolkata and Chennai were favoured. From here primary commodities could be easily exported and manufactured goods could be cheaply imported. Colonial cities were the prime link between the economic centre or core in Britain and periphery or margins in colonised India. Cities in this sense were the concrete expression of global capitalism. 

Social movements have shaped the world we live in and continue to do so. That the work-day should not exceed eight hours, that men and women should be paid equally for doing the same work, that workers are entitled to social security and pension – these and many other rights were gained through social movements. 

Modern economics developed from the ideas of early thinkers such as Adam Smith, and is based on the idea that the economy can be studied as a separate part of society that operates according to its own laws, leaving out the larger social or political context in which markets operate.

Sociologists view markets as social institutions that are constructed in culturally specific ways. For example, markets are often controlled or organised by particular social groups or classes, and have specific connections to other institutions, social processes and structures.

While knowing about its past in ancient and medieval times is very important, its colonial experience is particularly significant for comprehending modern India. This is not just because many modern ideas and institutions reached India through colonialism. It is also because such an exposure to modern ideas was contradictory or paradoxical. For example Indians in the colonial period read about western liberalism and freedom. 

In ‘contract farming’ systems, the company identifies the crop to be grown, provides the seeds and other inputs, as well as the knowhow and often also the working capital. In return, the farmer is assured of a market because the company guarantees that it will purchase the produce at a predetermined fixed price. 

(a) Weightless Economy is one in which products have their base in information, as in the case with computer software, media and entertainment products and internet-based services. A knowledge economy is one in which much of the workforce is involved not in the physical production or distribution of material goods, but in their design, development, technology, marketing, sale and servicing. 

(b) The child can give his/her personal opinion. The key point should be that there is physical production of goods and the earning mainly comes from intangible resources such as knowledge, information, analysis and so on. 

Following are the stages of Indian economic history

(a) Pre-colonial phase- India’s economy was extensively monetised in the late pre- colonial period. While various kinds of non-market exchange systems such as the jajmani system did exist in many villages and regions, even during the pre-colonial period villages were incorporated into wider networks of exchange through which agricultural products and other goods circulated. There existed extensive and sophisticated trading networks. India was a major manufacturer and exporter of handloom cloth as well as the source of many other goods such as spices that were in great demand in the global market, especially in Europe. These traditional trading communities such as the Nakarattars also had their own banking and credit system called the Hundi. 

(b) Colonial phase- under colonialism, there began penetration of commercial money into local agrarian economies and the incorporation into wider trading networks that brought about radical social and economic changes in rural and urban areas. Land revenue was to be paid in cash; India’s handloom industry declined; India became a supplier of raw material and a market for cheap manufactured goods. New groups entered into trade and business, sometimes in alliance with existing merchant communities and in some cases by forcing them out. The market expansion provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances. New communities emerged to take advantage of the economic opportunities provided by colonialism and continued to hold economic power after independence. 

(c) Post-independence phase- Marwaris were one such community that took advantage of the opportunities and became a successful business community. They accumulated wealth and with their extensive social networks that created relations of trust, they were able to establish themselves as moneylenders and bankers. 

Capitalism is an economic system in which the means of production are privately owned and organised to accumulate profits within a market system. Capitalism in the west emerged out of a complex process of European exploration of the rest of the world, its plunder of wealth and resources, an unprecedented growth of science and technology, it’s harnessing to industries and agriculture. What marked capitalism from the very beginning was its dynamism, its potential to grow, expand, innovate, use technology and labour in a way best assured to ensure greatest profit. What marked it too was its global nature. 

Community identities can act as the basis for nation-formation; hence, already existing states see all forms of community identity as dangerous rivals. That is why states generally tend to favour a single, homogenous national identity, in the hope of being able to control and manage it. However, suppressing cultural diversity can be very costly in terms of the alienation of the minority or subordinated communities whose culture is treated as ‘nonnational’. 

Benedict Anderson argued that the expansion of print media i.e. newspapers helped the growth of nationalism, the feeling that people who did not even know of each other’s existence feel like members of a family. It gave people who would never meet each other a sense of togetherness. Anderson thus suggested that we could think of the nation as an ‘imagined community’. 

Commercialization of agriculture led to the growth of migrant agricultural labour. As traditional bonds between labourers or tenants and landlords broke down, and as seasonal demand for agricultural labourer increased in prosperous areas, a pattern of seasonal migration emerged with thousands of workers circulating between their houses and more prosperous areas where there is demand for labour and higher wages. Labourers migrate also because of increased inequalities in rural areas from mid 1990s, which have forced many households to combine multiple occupations to sustain themselves. As a livelihood strategy, men migrate out periodically and women and children are left behind in the village with their elderly grandparents. Migrant workers come mainly from drought-prone and less productive regions, and they go to work on farms in the Punjab and Haryana, or on brick kilns in U.P., or construction sites in cities such as New Delhi or Bengaluru. These migrant workers have been called ‘footloose labour’ by Jan Breman. His study shows that landless workers do not have many rights; they are not paid the minimum wages. Also, wealthy farmers prefer to employ migrant workers for harvesting and other such intensive operations, rather than local working class, because migrants are more easily exploited and can be paid lower wages. This preference has produced a peculiar pattern in some areas where local landless labourers move out of the home villages in search of work during the peak agricultural seasons, while migrant workers are brought in from other areas to work on the farms. This pattern is found especially in sugarcane growing areas. Migration and lack of job security have created a very poor working and living conditions for these workers.

Independent India 

• After independence, Nehru embarked on a policy of planned development that focussed on agrarian reforms as well as industrialisation. 
• The agriculture scenario was very grim with low productivity, dependence on imported food grains and intense poverty of a large section of the rural people. They felt a major reform in the agrarian structure and especially in the landholding system and the distribution of land was necessary. 

Land Reforms 

• Abolition of zamindari system which removed the layer of intermediaries who stood between the cultivators and the state. Of all the land reforms passed, this was the most effective for in most areas it succeeded in taking away the superior rights of the zamindars over the land and weakening their economic and political power. This did not happen without struggle. Although, it did not totally remove landlordism or tenancy or sharecropping system but did away with the top layer of landlords in the multi-layered structure. 
• Tenancy abolition and regulation acts. They attempted either to outlaw tenancy altogether or to regulate rents to give some security to the tenants. In most of the states these laws were not implemented effectively. In West Bengal and Kerala, radical restructuring of agrarian structure gave land rights to tenants. 
• Land Ceiling Acts. These laws imposed an upper limit on the amount of land that can be owned by a particular family. The ceiling varies from region to region, depending on the kind of land, its productivity, and other such factors. Very productive land has a low ceiling while unproductive land has high ceiling limit. According to these acts, the state is supposed to identify and take possession of surplus land (above the ceiling limit) held by each household, and redistributes it to landless families and households in other specified categories such as SCs and STs. 

But, in most states these acts proved to be toothless. There were many loopholes and other strategies through which most landowners were able to escape from having their surplus land taken over by the state. While some very large estates broke up, in most cases landowners managed to divide the land among relatives and others, including servants, in so-called ‘benami transfers’ – which allowed them to keep control over the land. In some families, some rich farmers actually divorced their wives (but continued to live with them) in order to avoid the provisions of land ceiling act, which allows a separate share for unmarried women but not wives.

A nation is a peculiar sort of community that is easy to describe but hard to define. We can describe many specific nations founded on the basis of common cultural, historical and political institutions like a shared religion, language, ethnicity, history or regional culture. But it is hard to come up with any defining features, any characteristics that a nation must possess. For every possible criterion there are exceptions and counter-examples. For example, there are many nations that do not share a single common language, religion, ethnicity and so on. On the other hand, there are many languages, religions or ethnicities that are shared across nations. But this does not lead to the formation of a single unified nation of, say, all English speakers or of all Buddhists. 

• The first modern mass media institution began with the development of the printing press. 
• The fist attempts at printing books using modern technologies began in Europe. This technique was first developed by Johann Gutenberg in 1440. Initial attempts at printing were restricted to religious books. 
• With the industrial revolution, the print industry also grew. 
• The first products of the press were restricted to an audience of literate elites. It was only in the mid-19th century, with further development in technologies, transportation and literacy that newspapers began to reach out to a mass audience. 
• People living in different corners of the country found themselves reading or hearing the same news. It has been suggested that this was in many ways responsible for people across a country to feel connected and develop a sense of belonging or ‘we feeling’. The well-known scholar Benedict Anderson has thus argued that this helped the growth of nationalism, the feeling that people who did not even know of each other’s existence feel like members of a family. It gave people who would never meet each other a sense of togetherness. Anderson thus suggested that we could think of the nation as an ‘imagined community’. 
• In the 19^th century, social reformers debated and wrote in newspapers and journals. The growth of Indian nationalism was closely linked to its struggle against colonialism. It emerged in the wake of the institutional changes brought about by British rule in India. Anticolonial public opinion was nurtured and channelized by the nationalist press, which was vocal in its opposition to the oppressive measures of the colonial state. This led the colonial government to clamp down on the nationalist press and impose censorship, for instance during the Ilbert Bill agitation in 1883. Association with the national movement led some of the nationalist newspapers like Kesari (Marathi), Mathrubhumi (Malayalam), Amrita Bazar Patrika (English) to suffer the displeasure of the colonial state. But that did not prevent them from advocating the nationalist cause and demand an end to colonial rule.

A nation is a peculiar sort of community that is easy to describe and hard to define.

This statement is true

(a) It allows for positional change

In the 19th century, orthodox members of the Hindu community in Bengal formed an organisation called Dharma Sabha debating the issue of Sati. 

A system of democracy in which the members of a group or community participate collectively in decision making. This is called participatory democracy

The Land Ceiling Act proved to be toothless as some rich farmers actually divorced their wives but continued to live with them under Benami Transfers.

Law carries the means to coerce whereas the essence of justice is fairness.

Nyaya Panchayat can impose fines but cannot award a sentence.

• An alternative to the nation-state, then, is the “state nation”, where various “nations”— be they ethnic, religious, linguistic or indigenous identities— can coexist peacefully and cooperatively in a single state polity. 
• Case studies and analyses demonstrate that enduring democracies can be established in polities that are multicultural. Explicit efforts are required to end the cultural exclusion of diverse groups and to build multiple and complementary identities. Such responsive policies provide incentives to build a feeling of unity in diversity — a “we” feeling. 
• Citizens can find the institutional and political space to identify with both their country and their other cultural identities, to build their trust in common institutions and to participate in and support democratic politics. 
• All of these are key factors in consolidating and deepening democracies and building enduring “state-nations”. India’s constitution incorporates this notion. Although India is culturally diverse, comparative surveys of long-standing democracies including India show that it has been very cohesive, despite its diversity. 
• Also important are efforts to build the loyalties of all groups in society through identification, trust and support. National cohesion does not require the imposition of a single identity and the denunciation of diversity. 
• Successful strategies to build “state-nations” can and do accommodate diversity constructively by crafting responsive policies of cultural recognition. They are effective solutions for ensuring the longer terms objectives of political stability and social harmony.