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Fundamental Concepts and Terminologies — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsFundamental Concepts and Terminologies2 Marks
Question
How many types of dynamic changes occurred in Economy? Which are they?
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Answer

  • There are four types of dynamic changes occurred in economy.
  • Irregular changes. E.g. Natural calamities.
  • This type of changes are limited to one portion of the country.
  • Seasonal changes - which comes periodically.
  • Long Run Regular change – which is in one direction and long duration.
  • Cyclical changes – which create upwards and downward trends in economy so it is called trade cycle economic changes.

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