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Structural Changes (Rise in Income) Video Lecture | Indian Economy for State PSC Exams - BPSC (Bihar)
FAQs on Structural Changes (Rise in Income) Video Lecture - Indian Economy for State PSC Exams - BPSC (Bihar)
| 1. What are the main structural changes associated with the rise in income? |  |
Ans. The main structural changes associated with the rise in income include changes in the composition of the economy, such as shifts from agriculture to industry and services, increased urbanization, technological advancements, and changes in the occupational structure.
| 2. How does the rise in income affect the composition of the economy? | |
Ans. The rise in income often leads to a shift from agriculture to industry and services. As incomes increase, people tend to demand more manufactured goods and services, leading to the expansion of these sectors. This shift can contribute to overall economic growth and development.
| 3. What role does urbanization play in the structural changes related to the rise in income? | |
Ans. Urbanization is a key driver of structural changes in the economy. As incomes rise, people migrate from rural areas to cities in search of better job opportunities and higher living standards. This migration leads to the growth of urban areas and the development of industries and services in these regions.
| 4. How do technological advancements contribute to structural changes associated with the rise in income? | |
Ans. Technological advancements play a crucial role in driving structural changes. As incomes rise, there is an increased demand for innovative products and services. Technological advancements enable the development of new industries and the automation of existing ones, leading to changes in the occupational structure and overall economic transformation.
| 5. What are the implications of structural changes related to the rise in income? | |
Ans. The implications of structural changes related to the rise in income are manifold. These changes can lead to improved living standards, increased job opportunities, and economic growth. However, they can also result in challenges such as income inequality, environmental degradation, and the need for skill upgradation to adapt to changing job requirements.
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