8 Questions
What is considered the biggest challenge to development planning in India?
Poverty
What does high poverty level mean?
Poor quality of life, deprivation, malnutrition, illiteracy, and low human resource development
What is income poverty?
Lack of basics and necessities of material wellbeing
What is human poverty?
Denial of opportunities for living a tolerable life, to lead a long, healthy and creative life, to enjoy a decent standard of living, freedom, dignity and self-respect
What is absolute poverty?
A phenomenon where a section of society is unable to get even the basic necessities of life and unable to have a minimum standard of living
What is the process of admitting a partner in a business?
The process of admitting a partner in a business involves the addition of a new member to the existing partnership. This usually requires the consent of all existing partners and may involve the negotiation of terms and conditions of the partnership agreement.
What factors should be considered when admitting a partner?
When admitting a partner, factors such as the partner's skills, expertise, financial contributions, compatibility with existing partners, and potential impact on the business should be taken into consideration.
What are the potential benefits and risks of admitting a partner?
The potential benefits of admitting a partner include increased capital, shared workload, diversified skills and knowledge, and potential business growth. However, the risks may include conflicts among partners, disagreements over decision-making, dilution of ownership, and potential financial liabilities.
Study Notes
Challenges to Development Planning in India
- Corruption and inadequate infrastructure are considered the biggest challenges to development planning in India
Poverty
- High poverty level means a significant percentage of the population lives below the poverty line
Types of Poverty
- Income Poverty: when an individual's income is insufficient to purchase basic necessities
- Human Poverty: a broader measure of poverty that includes deprivation in education, health, and living standards
- Absolute Poverty: a state where an individual lacks the minimal requirements for survival, including food, clothing, and shelter
Admitting a Partner in a Business
- The process of admitting a partner involves several steps, including:
- Evaluating the prospective partner's skills and resources
- Assessing the potential impact on the business
- Negotiating the terms of the partnership
- Drafting a partnership agreement
Factors to Consider when Admitting a Partner
- Skills and expertise: does the partner bring new skills or expertise to the business?
- Financial resources: what financial resources will the partner bring to the business?
- Shared vision and values: do the partner's goals and values align with those of the business?
Benefits and Risks of Admitting a Partner
- Benefits: increased capital, shared responsibilities, and access to new skills and networks
- Risks: potential loss of control, disagreements among partners, and increased complexity
Test your knowledge about poverty in India and its impact on development planning. Learn about different types of poverty, such as income poverty and human poverty, and understand the challenges they pose. Explore the consequences of high poverty levels, including poor quality of life, malnutrition, and low human resource development.
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