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Difference between capitalist and socialist economy :

Capitalist Economy:

(i) It has right of private property, means that productive factors such as land, factories, machinery, mines, etc. are under private ownership. The owners of these factors are free to use them in the manner in which’ they like. The government may, however, put some restrictions for the benefit of the society in general.

(ii) It comprises freedom of enterprise, means that everybody engages in any economic activity which they like.

(iii) It allows freedom of choice to the consumer, means people in a capitalist economy are free to spend their income as they like. This is known as Consumer Sovereignty.

(iv) It is a profit-motive economy which forces or induces people to work and produce.

(v) In this economy, competition prevails among sellers to sell their goods and among buyers to obtain goods to satisfy their wants. Advertisement, price-cutting, discounts, etc. are very common methods of competition in a capitalist economy.

Socialist Economy:

(i) It possesses collective ownership of means of production, except small farms, workshops and trading-firms which may remain in private hands. As a result of social ownership, profit-motive and self-interest are not the driving force of economic activity as it is in the case of market economy.

(ii) It has central authority to establish and accomplish socio-economic goals; that is why it is called Centrally Planned Economy. Major economic decisions, such as what to produce, when and how much to produce, etc. are taken by the central authority.

(iii) In this economy, freedom from hunger is guaranteed but consumers’ sovereignty gets restricted by selective production of goods. The range of choice is limited by planned production. However, within that range, an individual is free to choose what he likes most.

(iv) A relative equality of income is an important feature of this economy. Among other things, differences are narrowed down by lack of opportunities to accumulate private capital. Educational and other facilities are enjoyed more or less equally; thus the basic causes of inequalities are removed.

(v) Pricing mechanism exists in a socialist economy but it has only a secondary role, e.g., to secure disposal of accumulated stocks. Since allocation of productive resources is done according to a pre-determined plan, the pricing mechanism loses its predominant role in economic decisions.

1. PPC is concave to origin (to the base point).
2. PPC is made up of a combination of two objects, the combination of alternative possibilities of production.
3. When the production possibility curve situation moves from one point to another, the combination of two objects changes.

Following are the three utilities of macro-economics:

1. The function of the economy is better understood with the help of macro-economic analysis.
2. Macro-economics plays an important role in economic planning of a country.

According to A. Koutsoyannis, “Objective of economic theories is to build up a model of economic behaviour of an individual unit (may be one consumer, a producer or firm or government-agency) and its impact on one another, which constitute the economy of an area, a country or whole world.”

The subject matter of economics is presently divided into two major branches:

Micro-economics and macro-economics, these two terms have now become of general use in economics.

Micro-Economics : It studies the economic behaviour of individual economic units and individual economic variables. The unit of study in micro-economics is the part of the economy, such as individual households, firms and industries. Thus, the study of economic behaviour of the households, firms and industries forms the subject matter of micro economics. In other words, micro economics is a microscopic study of the economy. For example, microeconomics is concerned with how the individual consumer distributes his income among various products and services so as to maximize utility. Micro-economics also seeks to explain how the individual firms determine the sale price of the product, how much to produce, what amount of product will maximize its profit, how to minimize the cost of production.

Macro-Economics : Macro economics is the study of the economy as a whole. The unit of study in macro economics is the entire economy rather than a part of it, and it deals with the problems faced by the entire economy. Thus, macro economics deals with the functioning of the economy as a whole. 

For example, macro economics seeks to explain how the economy’s total output of goods and services and total employment of resources are determined and what explains the fluctuations in the level of output and employment. Macro economics explains why sometimes economy is operating at near-about full employment, and why, at other times, there is high degree of unemployment; why sometimes there is full utilization, of the economy’s productive capacity, and why, at other times, there is under-utilization of the economy’s productive capacity.

The origional cities of this civilization were in the whereabouts of the Indus river, so in the beginning, it was called the Indus valley civilization. But according to the latest knowledge, this civilization belongs to the vanished river Saraswati in Punjab, Haryana.

In the vedic age, families were dominated by father but sons and daughters had equal social and religious rights. Both had right to upanayan sanskar, education and performing the yajna. In ancient days, the mother and the wife had high prestige in the family and the society. It was mentioned that the gods dwell where the women are worshipped. Ghosha, Apala, Lopamudra and Vishvavara were some of them who performed the great yajnas with great confidence.

It is the study of all theories and principles which are based on individual unit. 

Following are included in the subject matter of micro-economics:

1. Theory of consumption
2. Theory of production
3. Theory of price of commodity
4. Theory of cost of resources.

The economy is classified into:

1. Primary sector (Agriculture and animal husbandry)
2. Secondary sector (Production and manufacturing)
3. Tertiary sector (Service sector).

1. Theory of income and employment
2. Theory of normal price level
3. Theory of business cycle
4. Theory of money and banking.

The names of major Indian thinkers related to economics are: Swami Dayanand Saraswati, Dadabhai Naoroji, Mahadev Govind Ranade, Gopal Krishna Gokhale, Ramesh Chandra Dutt, M.N. Roy.

The later main thinkers related to economics are: Mahatma Gandhi, Jawaharlal Nehru, Ram Manohar Lohiya, Prof. J. K. Mehta, Pandit Deen Dayal Upadhyay and Amartya Sen.

1. We study individual or specific units in micro-economics.
2. We study small variables of economy in micro economics.

Following are the three utilities of micro economics:

1. It is helpful in taking decisions related to individual units.
2. It is helpful in determining the value of goods and services.
3. It is helpul in forecasting the market.

The stone tools belonging to Paleolithic age were made by man 20 lakh years ago. They were big and thick in shape and were not well – cut. This age was divided into three periods – lower, middle and upper. During the Mesolithic age, the shape of the stone became smaller. They were called micro – lithic tools. The excavation done in Gujarat, Rajasthan, UP, MP, Orrisa and Kerala tell us that these tools are thousand years old.

The archaeological sources of history include all the remains of on ground and under ground structures like stupas, chaityas, ashramas, mathas, temples, palaces, forts and tombs. From all such remains, we learn about the art, architecture, culture and political life of that period.

From these remains we came to know about the civilization and culture of Harappa and Mohenjodaro. From the remains of Deogarh and the temple inside the village, we learn about the religion and cultural states of the place. From these epitomes, we know the expansion of Indian culture to the South – East Asia.

The importance of micro economics are:

1. Helpful in analysis of the individual unit problem.
2. Helpful in determining the value of goods and services.

Correct Answer is : (a) Mac Donald

Man started cattle breeding and agriculture in the neolithic age.

From ancient times, the cultural and economic achievements of India have been the objects of attraction for the foreign writers. They have written a lot about India. Megasthenes’ famous book ‘Indica’ gives a vivid knowledge about the administration of Chandragupta Maurya.

Heiun – Tsang’s book “Tsuyuki describes the contemporary history of India. ITsing travelled India from 672 and 688 and from the description of his travels, we know a lot about the Nalanda University and Vikramshila university of India. Among the Tibetans’ description of India, ‘Kangyur’ and ‘Tengyur’ are regarded as the most useful books.

Coins, currency and stamps are significant enough to tell us about the ancient history of India. We get from them the knowledge about names of the rulers, dates, their faces, dynastic traditions, religion, their glorious deeds, daily life, art and their likes and dislikes etc. Samudragupta’s coins carry the imprint of Veena and the lion, which tell us about his love for music and heroic deeds.

Archaeologist Dr. V. S. Vakankar started the research campaign of the vanished Saraswati river.

The epitomes of Angkorwat are situated in Combodia.

The ways and means that the historians use to know about the past activities, are called evidences/proofs.

The Rigveda is the oldest veda.

In ancient times, Indian culture and civilization had a global propagation. This was not achieved by military invasions but by love and modesty. Indian history has been glorious from the beginning. On the basis of the remains found during excavation, it can be asserted that Indian culture pervaded the globe. 

Some of its examples are as follows.

1. Even today, on the northern gate of the Great Wall of China, there is an inscription in Sanskrit which says, “May God send Yakshas to defend us.”

2. Western historians and scientists have expressed their feelings about the superiority of Indian culture and history. Sir Walter Raleigh has written, “The first man on the earth was born on Indian soil.” Mayour, Colonel Ulkott, Voltair, Max – Muller etc. have expressed their views about ancient culture of India.

3. In Agnipurana India has been called as Jamboo – dweep. The Indian colonies across the sea were called Deepantar. They consisted of nine islands. The present Java, Sumatra, Malaya, Combodia, Siam, Champa, Burma and Srilanka etc. were on integral part of cultural India.

The European scholar Silven Levy has mentioned the word’Bhartiya group of Islands’. The Arabian geography scholar Masoodi has written that ancient India spread both on the land and the sea. Its boundary embraced Sumatra and Java. Thus, the then cultural India extended from Afghanistan toʻthe whole of South – East Asia.

The Indians reached Burma (Braham Desh), Siam, Indonesia, Malaysia, Australia, Borneo, Philippines, Japan and as far as Korea and eastablished their political and cultural colonies. Such other Indian navigators and tourists reached from the pacific ocean to Mexico in Central America, Handuras, Peru, Bolivia, Chile and various other parts of South America and settled there.

The Aryans reached the vairous parts of the world by land and sea routes. There they preached the teachings of their religion and the principles of their culture.

Handmade geometrical drawings made to decorate are rock dwellings called rock-art or rock graphics.

Rakhaldas Banerjee discovered Mohenjodaro. He discovered in 1922.

The battle of Dusraj’ (battle of ten kings) was fought between the Trtsu – Bharata king Sudas and kings of ten Jans. King Sudas won the battle.

Sixteen sanskars are – 

1. Garbhadhan, 

2. Punsavan, 

3. Simantonnayana, 

4. Jatakarma, 

5. Namkarana, 

6. Nishkramana, 

7. Annaprashan, 

8. Choodakarma, 

9. Karnabedha, 

10. Vidhyarambha, 

11. Upnayana, 

12. Vedarambha, 

13. Keshanta, 

14. Samavartana, 

15. Marriage, 

16. Antyeshti (last rites).

Panchajana included – Anu, Yasstu, Turvas Puru and Duhe.

The Aranyaka granthas deal with the subjects of philosophy.

These are

1. Dharma (conduct and character),

2. Wealth (worldly properties and other possessions), 

3. Kam (enjoyment of facilities), 

4. Moksh (freedom from the bondage of life and death).

The Atharvaveda is the last Veda. It was written by Atharva rishi.

The Rigveda has 10 Mandals and 1028 Suktas

Sindhu – Saraswati civilization was the oldest civilization of the world. This civilization and culture was pure Indian. On the basis of the remains found in the excavation, its features can be mentioned as follows.

1. Planning of the Cities – The cities of this civilization were well – organised and were solidly built out of baked bricks and stone. Their drainage systems, wells and water storage system were the most sophisticated in the ancient world.

The main streets and roads were broad and were set in a line, sometimes running straight for a mile and were varying in width form 4 meters to 10 meters. The main streets intersected at right angles, dividing the city into squares or rectangular blocks each of which was divided lengthwise and cross – wise by lanes. The houses had a well, a bathroom, and a covered drain connected to the big drain in the street. The buildings were made of baked bricks. One of the largest buildings in Mohanjodaro was the Great Bath measuring 180 feet by 108 feet. Another large building in Harappa was the great granary which was made about 45 meters long and 15 metres wide. It was meant to store foodgrains.

2. Social Life – There were rulers (ruling class), important authorities, common people (general class), labour class, and farming class in the society. Family was the smallest unit of the society. The remains of clay – idols of mother goddess have been found which indicate that the importance of women in the society, and the evidences of mother dominated families have been found. Both men and women wore ornaments made of gold, silver, copper and other metals.

3. Religious life -The people of this civilization were religious. They worshipped mother goddess and lord Shiva. Besides this they worshipped trees and animals including mythical animals too.

4. Economic life – Agriculture was the main occupation of the people of this civilization. Crops such as wheat, barley, peas, rice, pulses, sesame, millet etc. were produced. Evidences of ploughed fields have been found in Kalibanga. These people had trading relations with many countries in the west – Asia.

They used sea – routes for trade with other countries. These people were involved in industries also. Industries like making from metal and clay, jewellery making, tools / instruments making etc. were in developed condition. They used 16 and its multiples : 64, 160 and 320, in measurement and weight.

5. Political life – No clear information of the political system of this civilization is available. From the administrative point of view, there must have been four major centres – Harappa, Mohenjodaro, Lothal and Kalibangan.

Evidences of well planned cities, cleanliness, water conservation etc. show the skilled, controlled and good administration. Non-availability of weapons and armoury in a large number indicates that the life of the peple was peaceful.

6. Script – The people of this civilization also developed script. The script was pictorial or graphic. In this script, they used signs.

7. Art – The people of this civilization were very advanced in the field of art. The pots and stamps found in excavation are the proof of their drawings. Jewellery making, idol making, pots making, stamp making etc. reveal their love for art.

The people of Sindu – Saraswati were familiar with copper.

Life has been divided into four Ashramas 

1. Brahmacharya Ashram, 

2. Grihastha Ashrama, 

3. Vanaprastha Ashrama 

4. Sanyasa Ashrama.

Correct Answer is : (a) Great bath

Correct Answer is: (b) 57 B.C. 

Correct Answer is: (d) Sutra

The Harappans lived in cities and had a well organized trade and craft activities. They also had a script which we have been so far not able to decipher. However around 1900 BC these cities began to decline. A number of rural settlements appeared afterwards. These rural settlements show continuity of certain Harappan elements. Around the same time we find archaeological evidence of the arrival of new people known as Aryans or Indo-Aryans on the outskirts of the Harappan region. The age they owned is know in history as the age of Vedic Aryans or the Rigvedic period. In other words, we know more about the Aryan culture that effectively “re founded” Indian civilization around 1500 B.C.E. Yet unlike Indus civilization, it was not urban and left neither city ruins nor substantial artifacts beyond tools, weapons, and pottery. Virtually our only source of knowledge about ancient Aryan life is the words of the Vedas, the Aryan sacred texts—hence we know the culture as “Vedic.” Careful studies have shown that the Vedic texts reflect two stages of development in terms of literature as well as social and cultural evolution. The Rigveda which is the oldest Vedic text reflects one stage of social and cultural development whereas the other three Vedas reflect another stage. The first stage is known as the Rigvedic period or Early Vedic period and the later stage is known as the Later Vedic period. The age of the Early Vedic period corresponds with the date of the composition of the Rigvedic hymns. This date has been fixed between 1500 BC and 1000 BC.

The early Vedic Aryans lived in the area known as sapta-sindhu meaning area of seven rivers. This area largely covers the northwestern part of South Asia up to river Yamuna. The seven rivers included Sindhu, Vitasta (Jhelum), Asikni (Chenab), Parushni (Ravi), Vipash (Beas), Shutudri (Sutlej) and the Sarasvati. In this area the Rigvedic people lived, fought battles, grazed their herds of cattle and other domesticated animals. Gradually moving eastward, they came to occupy eastern U.P. (Kosala) and north Bihar (Videha) during the Later Vedic period. Here they came into contact with the people who spoke languages different from their own and were living in this area for long. The early Vedic Aryans were pastoralists. Cattle rearing were their main occupation. They reared cattle, sheep, goats, and horses for purposes of milk, meat and hides. We arrive at this conclusion after analyzing the literary evidence in the Rigveda. A large number of words are derived from the word go meaning cow. A wealthy person was known as gomat and the daughter called duhitri which means one who milks the cow. The word gaveshana literally means search for cows, but it also means battle since many battles were fought over cattle.

The cows were thought of as providers of everything. Prayers are offered for increase in the number of cattle. All the above and many more references show that cattle breeding were the most important economic activity of the Rigvedic Aryans. However, this is not to suggest that the early Vedic people had no knowledge of agriculture. The evidence for agriculture in comparison with pastoral activities in the early portions is meager and mostly late insertions. A few references show that they had knowledge of agriculture and practiced it to supplement their food requirements. They produced yava (modern jau or barley), which was rather a generic word for cereals.

Apart from cattle-rearing and small-scale cultivation, people were engaged in many other economic activities. Hunting, carpentry, tanning, weaving, chariot-making, metal smeltry etc. were some such activities. The products of these activities were exchanged through barter. However, cows were the most favoured medium of exchange. The priests received cows, horses and gold ornaments as fees for performing sacrifices. The family was the basic unit of the Rigvedic society. It was patriarchal in nature Monogamy was the usual norm of marriage but the chiefs at times practiced polygamy.

Marriages took place after attaining maturity. After marriage the wife went to her husband’s house. The family was part of a larger grouping called vis or clan. One or more than one clans made jana or tribe. The jana was the largest social unit. All the members of a clan were related to each other by blood relation. The membership of a tribe was based on birth and not on residence in a certain area. Thus the members of the Bharata tribe were known as the Bharatas. It did not imply any territory.

The Rigvedic society was a simple and largely an egalitarian society. There was no caste division. Occupation was not based on birth. Members of a family could adopt different occupations. However certain differences did exist during the period. Varna or colour was the basis of initial differentiation between the Vedic and non-Vedic people. The Vedic people were fair whereas the non-Vedic indigenous people were dark in complexion and spoke a different language. Thus the Rigveda mentions arya varna and dasa varna. Here dasa has been used in the sense of a group different from the Rigvedic people. Later, dasa came to mean a slave. Besides, certain practices during this period, such as concentration of larger share of the war booty in the hands of the chiefs and priests resulted in the creation of some inequalities within a tribe during the later part of this Vedic phase.

The warriors, priests and the ordinary people were the three sections of the Rigvedic tribe. The sudra category came into existence only towards the end of the Rigvedic period. This means that the division of society in the early Vedic period was not sharp. This is indicated by the following verse in the Rigveda: “I am a poet, my father is a physician and my mother grinds grain upon the stone. Striving for wealth, with varied plans, we follow our desires like cattle.” The women in society enjoyed respectable position. She was married at a proper age and could choose a husband of her own choice. She could take part in the proceedings of the tribal assemblies called sabha and samiti. The Rigveda is a collection of 1,028 hymns divided into 10 mandalas. They are the earliest compositions and hence depict the life of the early Vedic people in India. The Samaveda is a collection of verses mostly taken from the Rigveda but arranged in a poetic form to facilitate singing. The Yajurveda is found in two recensions, Black and White, and are full of rituals to be performed publicly or individually. The Atharvaveda is a collection of magic spells and charms to ward off the evil spirits and diseases. The religious ideas of the Vedic people are reflected in the hymns of the Rigveda. They venerated the natural forces around them (like wind, water, rain, thunder, fire etc.)  Which they could not control, and invested nature with divinity conceived in human forms, which were mostly masculine. Very few female dieties were venerated. The religion thus reflected the patriarchal society and was that of primitive animism. Indra was the god of strength, who was invoked to destroy the enemies. He was the god of thunder and was the rainmaker who was asked periodically to release the water. He could not be vanquished. Thus thunder and rain (natural phenomena) were related with strength, which was personified in a masculine form, represented in the god Indra. The concept of a tribal chief, who was a war-lord, is also found represented in the character of Indra. Agni, next in importance to Indra, was the god of fire. He was considered to be an intermediary between heaven and earth i.e., between gods and men. He dominated the domestic hearth and marriages were solemnized in his presence. Yama was the god of death and had an important place in the Early Vedic religious belief. There were many other gods e.g. Surya, Soma (also a drink), Savitri, Rudra etc., and hosts of celestial beings like Gandharvas, Apsaras, Maruts to whom prayers and hymns were addressed in the Rigveda.

In nutshell the early Vedic society was tribal and basically egalitarian. Clan and kinship relations formed the basis of the society and family was the basic social unit. Social divisions based on occupations had started but there was no caste division and their economy was mainly pastoral and cow was the most important form of wealth. Agriculture had secondary importance in the life of the Early Vedic people. The Early Vedic people personified the natural forces, e.g. wind, water, rain, etc. and worshipped them as god. They worshipped god not through any abstract philosophical concept but for material gains. There was growing importance of sacrifices or yajnas in the Vedic religion. In other worlds the period of this age laid the basis for the intellectual development of human beings. So this culture is yet to be understood in its true sense in order to seek a reasonable knowledge about this society.

D) Saptsandhava

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(d) Saptsandhava.

They were : Heiun Tsang, Fi-Hien, Sungyun, and Itsing.

The script of Ashoka’s inscriptions is Kharosthi and Brahmi. These are in the form of rock inscriptions, pillar inscriptions, and cave inscriptions. These are the great examples of art. These scripts are carved on high rocks and tall pillars on artistic and beautifully designed pillars.

From these writings, we get a lot of knowledge about the concerned rulers. These are called idol-writings. From such writings, we get knowledge about the important incidents and events which took place during the reign of those rulers.

It is situated at Mehrauli in Delhi.

In ancient India, the concept of tri-indebtedness was very important. 

These three debts were–

1. Debt to parents – By maintaining the continuity of human race through production of progeny, we can clear this debt. 

2. Debt to rishis – This debt can be cleared by enriching and developing the knowledge and the tradition that we have inherited from the rishis. 

3. Debt to gods – Our duties to the gods and goddesses which can be clear by performing the yajna and by the prayer and worship to them. Salvation is possible only when one is free from these three debts.

Vedang literature came into existance to understand the vedic literature. It has six parts.

1. Shiksha 

2. Kalpa 

3. Vyakarana 

4. Nirukta

5. Chhanda 

6. Jyotisha

Correct Answer is : (d) 18

Correct Answer is : (c) Shruti

Correct Answer is: (c) Almasoodi

Their purpose is to import knowledge about the events and incidents that took place in the past.