NCERT NOTES
FOR ECONOMICS
10th Standard
,CONTENTS
Development .................................................................................................................................... 1 - 2
Sectors of the Indian Economy ................................................................................................... 3 - 6
Money and Credit ......................................................................................................................... 7 - 10
Globalisation and Indian Economy ....................................................................................... 11 - 13
Consumer Rights ....................................................................................................................... 14 - 16
, 1 DEVELOPMENT
Development is a process that accounts for generating ideas/aspirations/dreams about various goals and
laying down the methods to realize them.
Development is goal oriented:
● Developmental goals vary from person to person and nation to nation.
● At times developmental goals of people may even be conflicting. For example: Industrialists may want
more dams to get electricity, but for the tribal population, it may mean destruction of their inhabited lands.
National Development:
A positive change in growth resulting into creation of tangible and intangible assets for the nation is called
national development.
Parameters for comparison of different countries and states:
● Income attributes:
⮚ While comparing countries, their income is considered to be one of the most important attributes.
Countries with higher income are considered as more developed than others with less income.
● Per Capita Income:
⮚ For comparison between countries, total income is not such a useful measure. Since, countries have
different populations, comparing total income will not tell us what an average person is likely to earn.
⮚ Hence, the countries can be compared on the basis of their average income i.e., the total income of the
country divided by its total population. The average income is also called per capita income.
● Other criteria:
⮚ Other indicators like literacy rate, Infant mortality rate, attendance ratio etc. are equally important to
assess the development of a state concerned. For example: In Haryana, the per capita income is more
than that in Kerala, however the Infant Mortality rate in Kerala is better than that of Haryana.
DEVELOPMENT
Table 1.1: Some compara ve data on Haryana, Kerala and Bihar
1
FOR ECONOMICS
10th Standard
,CONTENTS
Development .................................................................................................................................... 1 - 2
Sectors of the Indian Economy ................................................................................................... 3 - 6
Money and Credit ......................................................................................................................... 7 - 10
Globalisation and Indian Economy ....................................................................................... 11 - 13
Consumer Rights ....................................................................................................................... 14 - 16
, 1 DEVELOPMENT
Development is a process that accounts for generating ideas/aspirations/dreams about various goals and
laying down the methods to realize them.
Development is goal oriented:
● Developmental goals vary from person to person and nation to nation.
● At times developmental goals of people may even be conflicting. For example: Industrialists may want
more dams to get electricity, but for the tribal population, it may mean destruction of their inhabited lands.
National Development:
A positive change in growth resulting into creation of tangible and intangible assets for the nation is called
national development.
Parameters for comparison of different countries and states:
● Income attributes:
⮚ While comparing countries, their income is considered to be one of the most important attributes.
Countries with higher income are considered as more developed than others with less income.
● Per Capita Income:
⮚ For comparison between countries, total income is not such a useful measure. Since, countries have
different populations, comparing total income will not tell us what an average person is likely to earn.
⮚ Hence, the countries can be compared on the basis of their average income i.e., the total income of the
country divided by its total population. The average income is also called per capita income.
● Other criteria:
⮚ Other indicators like literacy rate, Infant mortality rate, attendance ratio etc. are equally important to
assess the development of a state concerned. For example: In Haryana, the per capita income is more
than that in Kerala, however the Infant Mortality rate in Kerala is better than that of Haryana.
DEVELOPMENT
Table 1.1: Some compara ve data on Haryana, Kerala and Bihar
1
