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CBSE Class 10

Social Notes
Economics

CBSE Class 10 Social Notes Economics

Table of Contents
1. Development ............................................................................................................................... 3
Technical Terms .......................................................................................................................... 3
Important Points ......................................................................................................................... 4
2. Sectors of the Indian economy ................................................................................................... 5
Technical Terms .......................................................................................................................... 5
Important Points ......................................................................................................................... 6
3. Money and credit .........................................................................................................................7
Technical Terms ...........................................................................................................................7
Important Points ......................................................................................................................... 8
4. Globalization and the Indian economy ....................................................................................... 9
Technical Terms .......................................................................................................................... 9
Important Points ........................................................................................................................10
5. Consumer rights ......................................................................................................................... 11
Technical Terms ......................................................................................................................... 11
Important Points ........................................................................................................................ 11

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CBSE Class 10 Social Notes Economics

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CBSE Class 10 Social Notes Economics

1. Development
Technical Terms
Development: Growth of economy along with the improvement in the quality of life of the
people like health, education etc.

Social Development: Growth of different section of the society in a country.


Health: State of complete physical, mental and social soundness.
Education: Awareness of the society regarding the laws of the lan.
Sex Ratio: Percentage of females population per thousand males in a country.
Economic Activity: Activities concerned with earning of income for livelihood.
Non-Economic Activity: Activities which are not concerned with earning of income.
Economy: A designated boundary area within which production, consumption and investment
activities are carried on.

Human Development Index (HDI): The measure of human capabilities such as length of life,
educational achievement, and standard of living.

Central Statistical Organization: An organisation which conducts survey and presents


statistical data of the economy like national income, proportion of population, GDP etc.

National Income: Sum of the market value of final goods and services produced in a country in
an accounting year.

Income: Money earned by an individual, or company etc.


Infrastructure: Availability of roads, bridges, power, health, education facilities etc. in an
economy.

Developed Economies: Economies which are characterized by high level of capita income and
higher standard of living. For example, USA, United Kingdom, Australia etc.

Developing Economies: Economies which are in the progress of growth and development. For
example, India, China etc.

Underdeveloped Economies: Economies which are characterized by low level of income and
standard of living. For example, Bhutan, Nepal etc.

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Important Points
Infant Mortality Rate: The rate at which children in a country die within an age of 0-1 year.
Net Attendance Ratio: Total number of children of age group 610 attending school as a
percentage of total number in the same age group.

Body Mass Index (BMI): Level of under-nourished adults in an economy.


Man-made Resources: Resources created by man like, roads, bridge, plant and machinery etc.
Nature-made Resources: The resources provided by the nature like, crude oil, land,
mountains, sunlight, etc.

Literacy Rate: The proportion of literate population in the 7 and above age group.
Developing Countries: Countries having low and medium income as per World Banks
estimation.

Factors of Production: Inputs which are required to produce goods and services known as
factors of production. Land, Labor, Capital and Enterprise are factors of production.

Accounting Period: Period of 12 months starting from 1st April and ending on 31st March of
the next year.

Census: The official enumeration of population along with certain economic and social statistics
in a given territory and carried out on a specific day.

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CBSE Class 10 Social Notes Economics

2. Sectors of the Indian economy


Technical Terms
Primary Sector: Primary sector is the sector which involves agricultural activities, mining,
forestry, poultry etc.

Secondary Sector: It is the sector which is engaged in manufacturing of goods from raw
material provided by the primary sector.

Industry: It is a combination of firms engaged in similar activity like textile industry, banking
industry, insurance industry, auto industry etc.

Public Investment: The money invested by the government in construction of roads, bridges,
dams, schools, colleges, law and order etc.

Employment: It is a situation where the able- bodied persons willing to work and are engaged
in some productive activity to earn the income.

Unemployment: It is a situation where the able- bodied persons willing to work but are not
able to get work. They are not engaged in any productive activity.

Underemployment: It is a situation where people work at a job which is below their capacity
and skill set and education.

Trade: Trade means the activity of buying and selling of finished goods in the market.
Ore: A type of natural resource which is commercially useful and contains metals and other
compounds.

Transhuman: Seasonal migration of people with their animals in search of pastures and water.
Ranch: It is a wide ideal farm set up with modern facilities where animal husbandry is carried
on with the main purpose of obtaining meat and wool.

Antism: It is a serious mental ailment present from early childhood in which one is unable to
communicate with others.

Birth Rate: The number of live births for every thousand persons.

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Important Points
Service/Tertiary Sector: Tertiary sector is a service sector which helps both primary and
secondary sectors. It includes transportation, banking, financing, insurance etc.

National Sample Survey Organisation (NSSO): It is an organisation which conducts surveys


on employment and unemployment in an economy.

Disguised Unemployment: It is a type of hidden unemployment where people seem to be


working but they do not contribute to the actual production.

Gross Domestic Product: The value of goods and services produced in an economy in a
financial year.

Organized Sector: It covers those enterprises where the terms of employment are regular and
they have assured work.

Unorganized Sector: Small and scattered units which are outside the control of the
government come under the unorganized sector.

Public Sector: Those enterprises in which government owns majority of the shareholding of the
company/enterprise.

Private Sector: Those enterprises where the ownership of assets is in the hands of private
individual/companies.

Small Scale Industry (SSI): These are the group of small units which is engaged in productive
activities for generation of employment.

Occupation: Activity carried by human beings for the purpose of supporting themselves by
earning income.

Large Scale Industry (LSI): Those groups of companies which employ large number of labor
use superior technology and need high investment.

Cottage Industry: An industry which require low investment and does not employ labor but
uses the services of the family member to produce the article of local use.

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3. Money and credit


Technical Terms
Money: It means anything chosen by common consent as a medium of exchange.
Credit: It refers to the activity of borrowing and lending money between two parties.
Financial System: A system which deals with the management of public money collected from
tax.

Banking: The activity of deposit, withdrawal of money and other related monetary activities.
Credit Money: The money whose money value is greater than the commodity value of the
material from which the money is made is known as credit money.

Standard Money: The legal money, in which the government discharges its obligations, is
known as standard money.

Barter System: The system by which one commodity is exchanged for another without use of
money.

Collateral: It is an asset that the borrower owns (such as land, building, vehicle live stocks,
deposits with banks) and uses this as a guarantee to a lender until the loan is repaid.

Cheque: It is an unconditional written instruction made by the account holder to the bank to
pay the specified amount to the drawer of the cheque or to any other person as per instruction.

Debit Card: The card issued to the Bank Account holders against their bank balance to facilitate
and simplify the payment, withdrawal and transfer of money anytime, anywhere through the
computer is known as Debit Card.

Credit Card: The card issued to selected customers to enable them to make payment of credit
bills up to specified limit any time anywhere through computer is known as Credit Card.

Bank Rate: The rate at which the Central Bank, lends funds as a lend of last resort to
commercial bank against approved securities or eligible bills of exchange is known as Bank Rate.

Saving: It is the part of the income which is over and above the consumption requirements.
Landlords: They are the. People who own farm land in villages on which poor farmers cultivate
the crops.

Chit Fund: Chit fund is a process where money is collected from specified number of persons
under an agreement for specified number of years and repaid after the expiry of agreement.

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Important Points
Bank (Commercial): An Institution which accepts deposits from public for the purpose of
lending and investment.

Indian Monetary System: The system of managing demand and supply of money by the
Reserve Bank of India is known as Indian Monetary System.

Reserve Bank of India (RBI): It is the Central Bank of India which controls the
Monetary policy of the economy. It was established on 1st April 1935 as shareholder bank.

Automated Teller Machines (ATMs): It is a free standing self-service terminal performing


60% of tellers job quickly and at lesser cost.

Crossing of the Cheque: Drawing two parallel lines on the left side on top of a cheque is called
crossing of the cheque.

Money Supply: It is the total stock of money at a particular point of time in an economy.
Deferred Payment: The payment which is to be made in the future.
Cash Reserve Ratio (CRR): It is minimum cash which a commercial bank needs to keep with
itself as per the regulation of RBI.

Formal Institutions: They are the institutions which are regulated by rules and regulations laid
down by the Government/RBI.

Informal Institutions: These institutions are self-managed and they are out of the reach of RBI
regulations due to their unorganized structure and way of working.

Local Moneylenders: They are informal institutions who lend money on the basis of nearness
of the local population.

Self-help Groups: These are groups generally formed in villages where the money is collected
from the members and given as loan to the member at a nominal rate of interest.

Private Finance Companies: These are the private owned finance companies which extend
loans to a particular class of borrowers like government employees, multinational companies
employee etc.

Travellers Cheque: It is legal tender money which is issued to travellers moving from one
country to another country where they can make their purchases by the use of traveller cheque.

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4. Globalization and the Indian economy


Technical Terms
Globalization: It means opening up the economy to facilitate its integration with the world
economy.

Liberalization: It refers to liberal and easy policy for carrying business or profession within or
outside the country and it also seeks to make licensing policy easy.

Privatization: Privatization means removing strict control over private sector and making them
free to take necessary decisions. Outsourcing: It is the process of giving some internal functions
of the business to some outside vendor, who will take care of that particular process to help the
overall business objective.

Foreign Trade: It is a process of buying and selling goods and services from one country to
another.

Foreign Companies: These are the companies w7hich work in a country but they were
originally incorporated or registered outside the country.

Foreign Investment: This refers to the setting up of a foreign companys office in a country or
investing money in some infrastructure project like, roads, rail, bridge, electricity power etc.

Fiscal Deficit: The excess of all estimated government expenditure during the year over the
anticipated government receipts of the year both on revenue and capital account except
borrowings is termed as fiscal deficit.

Revenue Deficit: It refers to the excess of government revenue expenditure over the revenue
receipts.

Call Centre: It is a part of BPO which specially deals in taking customers calls in case of
inbound and making calls to customers in case of outbound.

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CBSE Class 10 Social Notes Economics

Important Points
Economic Reforms: Economic reform is the process of liberalization, globalization and
privatization of the industrial sector of the economy to bring competitiveness and market driven
functioning of the economy.

Multinational Companies (MNCs): A multinational company is a company that owns or


controls production in more than one nation.

Business Process Outsourcing (BPO): A BPO is an organisation which works on different


processes of different companies to help them in reducing cost of operation and providing
standard and high quality service delivery.

MRTP Act: Monopoly and restricted trade practices act was established in 1970 to regulate the
competitive environment among companies.

International Monetary Fund (IMF): IMF is an international financial institution that helps
member nations to overcome the scarcity of foreign exchange.

World Bank: An International financial institution established to extend financial assistance to


member-nations for development purpose.

WTO: It stands for World Trade Organisation. The aim of this organisation is to conduct the
international trade among member countries.

Multi-lateral Agreements: The agreements entered by group of countries are known as multilateral agreements.

Mixed Economy: It is a system in which private and public sector work together.
IT Sector: Information Technology Sector provides hardware, software and other related
services to companies based within or outside the country.

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CBSE Class 10 Social Notes Economics

5. Consumer rights
Technical Terms
Consumer: The person who uses goods and services for his self-consumption.
Customer: The person who buys goods and avails services from the market is called customer.
Adulteration: It is the practice of mixing bad substances in a good substance which is sold in
the market.

Agmark: It is implemented under the Agricultural Produce Act 1937. It was amended in the
year 1986 and it covers products like Honey, species etc.

Market Place: It is a place where buyers and sellers come together to exchange goods and
services.

COPRA: Consumer Protection Act.


Consumer Awareness: Consumers conscious-ness towards their rights and the social and legal
obligations of the business and the government towards consumers are known as consumers
awareness.

Important Points
Consumer Protection: Consumer protection means protection of consumers from the
mishappening due to technical or manufacturing fault of commodities.

Consumer Rights: The rights which help the consumer in protecting himself from being
exploited are known as consumer rights.

World Consumer Day: World consumer day is observed every year on 15th March.
Right to Information Act 2005: This act gives rights to the citizen of the country to have
information about the government departments, their policies, practices and procedures.

Consumer Movement: Ralph Nadar was the father of the Consumer Movement.
Maximum Retail Price (MRP): It is a maximum retail price printed on packaged goods. The
seller cannot charge a price more than MRP.

National Consumer Day: It is celebrated on 24th December of every year.

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CBSE Class 10 Social Notes Economics

Public Distribution System: PDS is also known as ration shop. The aim of PDS is to prevent
hoarding, black marketing etc.

Consumer Courts: These are the courts dealing in consumers cases only.
Codex Alimentarious Commission: It was created in 1963 by Food and Agriculture
Organisation (FAO) and World Health Organisation. Its head office is in Rome.

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