LET'S CRACK IT TOGETHER, Summaries of Economics

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Development

Class 10th - Economics

Complete Revision

Que. Which of the following are developmental

goals of a prosperous farmer?

Choose the correct from the given options.

I. Better wages

II. Higher support prices for crops

III. Assured high family income

IV. More days for work

Only I and II are correct.

Only II and IV are correct.

Only II and III are correct.

Only I and IV are correct. CBSE Board Paper 2024 - Set [32/1/1]

Income and other criteria

Public facilities

● Money in your pocket cannot buy all the goods and services that you may need to live well. ● Facilities that are essential for all the people to live a quality life and provided by the government to the people are called public facilities. ● Health, education and PDS

Published by UNDP, compares countries on the basis of education, Health and Income.

● Development that meets the needs of the present without compromising the ability of future generations to met their own needs. ● Eg: Ground water and crude oil

(Comparative data on Haryana, Kerala and Bihar)

Beside income, there are important attributes to compare nations. (infant mortality rate, Literacy rate, Net attendance ratio)

Human development report

Sustainability of development

Que. Read the given data and find out children

of which state has attained maximum

elementary school education?

Haryana

Bihar

Haryana and Kerala both

Kerala Additional Practice Questions 22-

Que. Ankur, a resident from Rajasthan, decided

to install a submersible water pump in his

house, capable of extracting groundwater from

depths of 250-300 m. This practice of installing

similar pumps is becoming increasingly popular

across the state.

Which of the following will this growing

practice MOST LIKELY lead to in the near future?

decline in the groundwater quality

reduced monsoon water resources

increased number of waterborne diseases

water scarcity resulting from Additional Practice Questions 23-24 excessive utilization

(Industrial sector, natural product are changed into finished product through manufacture)

Secondary sector

(Service sector helps in the growth of primary and secondary sector)

Tertiary sector

Comparing the three sectors

Primary sector

(Agricultural sector, uses natural resources)

● Value not the number of final goods and services are summed up.

● Intermediate goods are used up in making final goods and services Ex: Biscuit production

● The sum of the value of final goods and services produced in the country during a particular year gives us GDP ( Central govt ministry ). ● GVA is calculated for different sectors (agriculture, industry, services) to see which one contributes most to the economy. The GVA measures the contribution of

Historical Change in Sectors three sectors of an economy after adjusting for taxes and subsidies

Primary Sector Secondary Sector Tertiary Sector

Que. Find the odd one out from the following options:

Tourist Guide, Barber, Tailor,

and Potter

Teacher, Doctor, Vegetable Vendor and Lawyer

Indian Railways, Jet Airways, Doordarshan and Metro

Postman, Cobbler, Soldier

and Police Constable

Competency based questions

Why Why

Essential services are required, growth of primary and secondary sector leads growth of tertiary, Rise in income leads to more service consumption, emergence of new services.

● Majority people are employed in Primary sector ● Not enough jobs were generated ● underemployment/disguised, unemployment in agriculture

(* But not all services are growing equally)

Production (Most in tertiary sector) Employment: Similar shift has not taken place in employment

● Irrigation facilities → Transportation → Cheap credit → Small scale industries. ● Exploring New sectors (Education, Health, Tourism) + MGNREGA 2005

How to create more employment?

● Law implementing right to work ● All those who are able to, and are in need of, work are guaranteed 100 days of employment in a year by the government. ● Unemployment Allowance.

Primary, Secondary and Tertiary sector in India

Mr. Y from a city in India visits a rural area and finds five people working in a small agricultural farm. More than two people are not required to work in the farm and removing the other three will not affect production. How can one solve this problem of underemployment in rural areas?

QUESTION ALERT

Over the forty years between 1973-74 and 2013-14, while production in all the three sectors has increased, it has increased the most in the tertiary sector. As a result, in the year 2013-14, the tertiary sector has emerged as the largest producing sector in India replacing the primary sector. Why do you think tertiary sector is becoming so popular in India? Substantiate your answer giving any 3 reasons.

Sectors on the basis of Working conditions

Organised Unorganised The organised sector covers those places of work where the terms of employment are regular and therefore, people have assured work

● Registered under the government and works under its supervision. ● Follow rules and regulations and laws such as the factories act, minimum wages act. ● Working hours are fixed. ● Workers get paid leaves, paid for overtime pensions on retirement.

The unorganized sector is characterized by small and scattered units. Employment is not secure.

● Largely outside the control of the government. ● Rules and regulations are not followed. ● Working hours are not fixed. ● No paid leaves, no provisions of overtime, paid leaves etc.

How to protect workers in unorganised sector?

● Rural area (Landless agriculture labourers, small and marginal farmers etc)

● Urban area (workers in small scale industries, casual workers etc)

Protection through

● Timely delivery of seeds, agricultural inputs, credits, storage facility

● Procuring of raw material and marketing output, economic and social protection

Sunil and Raman did their graduation from the same college. Sunil got employed in an unorganised sector and was unhappy whereas Raman got employed in an organised sector and was happy. Why do you think so? Write any 3 points of difference between the two sectors.

QUESTION ALERT

Sectors of Indian Economy

Public sector Private sector

● The government owns most of the

assets and provides all the services

● Eg. Railways

● Service Motive

● Ownership of assets and delivery of

services is in the hands of the private

individuals or companies.

● Eg. TISCO

● Profit motive

● Certain important services cannot be provided by private sector at a reasonable cost.

Importance of Public Sector?

● Certain activities require government support (cost bearing) E.g. PDS

● Responsibility of the government to spend on some services E.g. Health and education.