Economics 10

Economics NCERT Notes | Class 10
Team Shashank Sajwan
DEVELOPMENT
● Development for one may not be development for others.
● For comparing countries, their income is considered to be one of the most
important attributes.
● Average Income: Total income of the country divided by its total population. Also
called per capita income.
● Infant mortality rate: Indicates the number of children that die before the age of
one year as a proportion of 1000 live children born in that particular year.
● Literacy rate: Measures the proportion of literate population in the 7 and above age
group (literacy - the ability to read & write).
● Net attendance ratio: The total number of children of any group 14-15 years
attending school as a percentage of the total number of children in the same age
group.
● BMI (Body Mass Index): [18.5 - 25]
● Life expectancy denotes average expected length of life of a person at the time of
birth.
● PYQ:
Q. The most appropriate measure of a country’s economic growth is its:
a) Gross Domestic Product
b) Net Domestic Product
c) Net National Product
d) Per Capita Real Income
Correct answer is “d”.
SECTORS OF THE INDIAN ECONOMY

● Primary Sector: Forms the base for all other products that we subsequently make;
goods produced by exploiting natural resources.
● Secondary Sector: Natural products are changed into other forms through ways of
manufacturing that we associate with industrial activity (industrial sector).
● Tertiary Sector: Activities that help in the development of the primary & secondary
sectors (transport, storage, communication, banking, trade).
● GDP (gross domestic product): Value of all final goods & services produced within a
country during a particular year. GDP shows how big the economy is.
● Organised Sector: fixed terms & timings e.g.: govt. job.
● Unorganised Sector: without any assurance of regularity.
Shashank Sajwan | 1
MONEY & CREDIT
● Double coincidence of wants: When both parties agree to sell & buy each other’s
commodities.
● Demand Deposits: the deposits in the bank accounts can be withdrawn on demand.
● Collateral: An asset that the borrower owns (such as land, building, vehicle,
livestock) & uses this as a guarantee to a lender until the loan is repaid.
○ Absence of collateral is one of the major reasons which prevents the poor
from getting bank loans.
○ SHGs - Self Help Groups help borrowers overcome the problem of lack of
collateral.
● Terms of Credit:
○ Interest Rate
○ Collateral
○ Documentation
● Mode of Repayment
○ Loans:
■ Formal - banks, cooperatives
■ Informal - moneylenders, traders, relatives/friends
GLOBALISATION AND THE INDIAN ECONOMY

● The free movement of goods, services and people across the world in a seamless
and integrated manner. Globalisation can be thought of to be the result of the
opening up of the global economy.
● Process of rapid integration or inter-connection between countries.
● A MNC (multinational corporations) is a company that owns or controls production
in more than one nation.
○ Investment made by MNCs is called Foreign Investment.
● Foreign trade results in connecting the markets or integration of markets in different
countries.
LIBERALISATION, PRIVATIZATION AND GLOBALIZATION

● Liberalisation - The practice of making laws, systems less severe, usually eliminating
certain govt. regulations or restrictions.
● Privatisation - The transfer of ownership mgt. & control of the public sector
enterprise to the private sector.
● Globalization - Process of interaction & integration among people, companies &
government worldwide.
● PYQ
Shashank Sajwan | 2
Q. Which of the following has/have occurred in India after its liberalisation
of economic policies in 1991? [2017]
1. Share of agriculture in GDP increased enormously.
2. Share of India’s exports in world trade increased.
3. FDI inflows increased.
4. India’s foreign exchange reserves increased enormously.
Select the correct answer using the codes given below:
(a) 1 and 4
(b) 2,3 and 4
(c) 2 and 3
(d) 1, 2, 3 and 4
Correct answer is “b”.
CONSUMER RIGHTS
● In 1985 the UN adopted UN Guidelines for consumer protection.
● A major step taken in 1986 by the Indian government was the enactment of the
Consumer Protection Act, 1986, properly known as (COPRA).
○ Under COPRA, a three tier quasi- judicial machinery at the district, state &
national levels were set up for redressal of consumer disputes.
○ District level courts deal with the cases involving claims up to Rs.20 lakhs.
○ State level courts between 20 lakhs & ₹ 1 crores.
○ National level court deals with cases involving claims exceeding ₹ 1 cr. If a
case is dismissed in district level court, the consumer can appeal in state &
then in National level courts.
○ Thus, the act has enabled us as consumers to have the right to represent in
the consumer courts.
○ India has been observing 24-Dec as the national consumers day. On this day
the Indian Parliament enacted the consumer protection act (COPRA) in 1986.
● In Oct 2005, the govt. of India enacted a law, popularly known as Right to
Information (RTI) Act, which ensures its citizens all the information about the
functions of government departments.
○ Right to be informed.
○ Right to choose.
○ Right to Seek redressal against.
○ Unfair trade practices & exploitation.
● Logo for verified products/ services - ISI, AGMARK, Hallmark.
Shashank Sajwan | 3

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Economics NCERT Notes | Class 10

Team Shashank Sajwan

SECTORS OF THE INDIAN ECONOMY

GLOBALISATION AND THE INDIAN ECONOMY

LIBERALISATION, PRIVATIZATION AND GLOBALIZATION

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