Economy and polity

2. ECONOMY
 An economy or economic system
consists of the production,
distribution, or trade and
consumption of limited goods &
services by different agents in a given
geographical location.
 The economic agents can be
individuals, businesses,
organisations& governments.
POLITY
 Polity derives from AngloSaxan
political science & often used to refer
to policy/politics.
 A Polity is a state or one of its
subordinate civil authorities viz: a
province, city, country, district or
municipality.
 It is generally to mean a geographic
area with a corresponding
government.

4. • Reducing poverty and promotes social justice.
• Produces skilled and trained labour.
• Enhances the competitive power of countries in the global market.
• Develops human resources.
• Leads to sustainable and economical use of resources.
• Results in social mobility.

5. • Strengthens the democracy of a country.
• Brings transparency in governance.
• Creates participation of all as makes people aware.
• Removes corruption.
• Proper use of political power.
• Develops a quality of leadership.

6. ECONOMY
• Wastage of scarce resources.
• Untrained labour.
• Use of outdated technology in
production.
• Inconsistent economy.
• Lack of research and
development.
POLITY
• Large corruption in education
system.
• Misuse of governmental power.
• Widens the social gap.
• Lack of a set exemplified leaders.
• Political parties use education as
politics.