Question

The concept of economic planning was derived from which country?
A) Russia
B) China
C) UK
D) All of these

Answer 1

Hint: The essential purpose for economic life is the fulfilment of human needs which are fundamentally limitless. All the monetary exercises of any advanced society are coordinated towards fulfilling human requirements with restricted (scant) assets.

Complete Answer:
The constraint of assets drives society to settle on decisions and designation. Financial assets are scant compared to the requests for their elective employments. The essential monetary issue is the portion of scant assets to fulfil human needs in a way that brings the greatest fulfilment.
A financial arrangement depends on the underlying assets of the nation, surmising a cautious stock of the present and future accessibility of labour and home-grown assets. It sets up plausible targets or objectives for the deadline. It sets out the practical approaches that license accomplishment of the terminal (end-period) objectives from the underlying assets considering the transitional financial assets that can be imported from abroad (through credits or endowments) and that can be delivered at home out of the underlying assets by the instrument of homegrown speculation. Economic planning is the settling on of major financial choices—by the cognizant choice of a determinate position, based on an extensive review of a nation's current and expected assets and a cautious investigation of the necessities of the individuals.
The concept of economic planning in India was taken from Russia.

Thus, option (A) is correct.

Note:
The fundamental target of arranging is to practice authority over the private area of an economy. Controls are practiced over monetary assets which are scant. At the point when the financial assets of the nation are normally organized with a foreordained reason, it is called monetary arranging. It typically alludes to arranging by the State.