Our Revision Notes for GSEB Class 10 Social Science Notes Chapter 15 Economic Development summarises the key points of a chapter and useful resource to prepare effectively for the upcoming board exams.
Economic Development Class 10 GSEB Notes Social Science Chapter 15
Economic Development Class 10 GSEB Notes
→ Economic development means constant increase in national income of a country, increase in per capita income of a country, change in lifestyle of the people or change in living standard of the people.
→ National Income means total income of the country.
→ Per capita income means dividing the total income of the country with total population of the country. Living standard includes the facilities like obtaining food, clothes, education, health services, transportation services as well as shelter.
→ The above mentioned requirements are fulfilled easily and in a better way as compared to the past. So we can say that economic development is taking place in India.
→ Economic development is qualitative while economic progress is quantitative.
→ Increase in production due to new research in hybrid seeds, in agricultural sector is economic development while increase in agriculture production because of increase in yield is called economic progress.
→ Increase in national income of developed countries is called economic progress, while increase in national income of developing countries is called economic development.
Features of the developing economy are as follows:
- Less per capita income
- Population growth .
- Dependence on agriculture
- Unequal distribution of income
- Dual economy
- Insufficient infrastructure facilities
- Form of International trade.
→ Economic activities means earning or spending money for the exchange of commodities or services while non-economic activates are not aimed at obtaining income or reciprocate something indirectly.
→ Various occupations and economic activates are classified in three sections – Primary sector, Secondary sector and service sector.
→ Normally, the primary sector dominates in developing countries.
Factors of production are
→ Human needs are unlimited but resources are limited. Hence, we should think about alternative uses of all the factors of production.
There are two kinds of system of allocation of resources.
- Market system
- Socialist system
→ Market system is also called capitalist system.
→ Primary sector is the dominant sector in the developing economies. In this, the process of resource allocation is done on the basis of profit scope.
→ There are various features of market mechanism system.
→ Economic freedom of individual is protected in market system.
→ Market mechanism system is beneficial for the people.
→ Inspite of having many benefits, there are many disadvantages and limitations in market system.
→ Socialist system originated due to limitations and failures of market system.
→ There are various features in socialist system.
→ Socialist system is also beneficial for the people. It came into existence for equal distribution among people and social welfare, but it has too certain limitations.
→ Mixed economy refers to a kind of economic system in which public and private co-exist and both sectors do not work as competitors rather they work as complementary to each other.
→ Demerits are also witnessed in mixed economy.
Economic Development Class 10 GSEB Notes Important Terms
• Land: It is a natural factor of production.
• Capital: It is man-made currency essential for production.
• Labour: It is physical or mental work that contributes to production.
• Entrepreneurship: It is coordination of land, capital and labour and to undertake production activity.
• Unemployment: No work
• Poverty: When people are unable to satisfy their basic needs of food, clothing, shelter, education and health.
• Dual economy: Backward village economy and traditional society exist side by side with the modern urban economy.
• Primary sector: It consists of agriculture and related activities.
• Secondary sector: It consists of industrial activities.
• Service sector: It consists of trade, transport, communication, health, education, banking and insurance activities.