Economic Swat

Planning:- Deciding in advance how to do, what to do, when to do and who has to do is known as  planning. Features of Planning :- 1- Primary function 2- Focus on achieving 3- Continuous 4- Decision making 5- Mental exercise Importance of Planning :- 1- Reduce risk of uncertainty 2- Reduce wastage of resources 3- Reduce overlapping 4- Provide direction 5- Facilitates decision making Limitations of Planning :- 1- Reduce creativity 2- Involves huge cost 3- Leads to rigidity 4- Consumption of time 5- Not guaranteed success Needs of Planning :- 1- High rate of growth of population 2- Negligible industrial growth 3- Traditional attitude 4- Backward technology 5- Low literacy level Objectives of Planning :- 1- Economic growth 2- Balanced regional development 3- Reduction of economic inequality 4- Reduction of Unemployment 5- Modernization

Poverty :- It refers to a state in which na individual is unable to fulfill even the basic necessities of life. For Urban area people includes push cart venders, rag pickers, etc.  comes under poverty and for Rural area people includes labours, landless farmers, etc. comes under poverty. Characteristics of Poverty : - 1- Poor Health 2- Hunger 3- Lack of Basic Facilities 4- Bigger Families 5- Gender Inequality Causes of Poverty :- 1- Low level of Economic Development 2- Population Explosion 3- High Illiteracy 4- Inequality of Income 5- Inflation