Economics is one of the pivotal subjects in social sciences. It encompasses the study of optimum utilization resources as well as the distribution, production as well as consumption of goods and services. Moreover, Economics also forms an integral part of the syllabus for civil service exams and government exams. It is comprised under the Class 10 Social Science syllabus and explores the basics of economics such as development, Indian economy, consumer rights, etc. In this blog, we will take you through NCERT notes and solutions of Economics class 10.
Also Read: Types of Economy
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Economics Class 10: Chapter-wise notes
The NCERT based Economics class 10 contains 5 basic chapters. The following tables elucidate upon each chapter and its constituents:
Chapter 1: Development
|What are the development promises:
Concept of PPP; Perspectives on development;
Common indicators and methods of assessing development
|Sustainability of Development||Income|
|Calculation of Per Capita Income||National Development||How to Compare Different Countries or States?|
Chapter 2: Sectors of the Indian Economy
|Sectors of Economic Activities||How to create more employment?|
|Primary sectors||Division of sectors as organized and unorganized|
|Secondary sectors||How to protect workers in the unorganized sector|
|Territory sectors||Sectors in terms of ownership: Public and Private Sectors|
|Responsibilities of Government||–|
Chapter 3: Money and Credit
|Money as a Medium of Exchange||The modern form of Money: Currency; Deposits in Banks|
|Loan Activities of Banks||Two Different Credit Situations: Festive Season; Swapna’s Problem, etc.|
|Terms of Credit: Collateral; Terms of credit||Formal Sector Credit in India: Formal sector loans; Informal sector loans|
|Self-help groups for the poor||Advantages of self-help group (SHG)|
Chapter 4: Globalisation and the Indian Economy
|Production across countries||Interlinking production across countries|
|Foreign trade and integration of markets||What is Globalisation?|
|Factors that have enabled Globalisation
The liberalization of Foreign Trade and
Foreign Investment Policy
|World Trade Organisation|
|Impact of Globalisation in India||Struggles for fair globalization|
Chapter 5: Consumer Rights
|The Consumer in the Market Place: As producers and as consumers||Consumer Movement|
|Safety is Everyone’s Right||Information about Goods and Services
Ingredients used; Price; Batch number; Date of manufacture; Expiry date; The address of the manufacturer
|RTI (Right to Information) Act.||Where Should consumers go to get Justice? – COPRA; District Forum; State Commission; National Commission|
|Learning to become well Informed consumers||Taking the consumer movement forward|
While going through the Economics Class 10 syllabus, you must also take a look at Economics Project for Class 12!
Economics Class 10: Important Questions
Now that you are familiar with the basic subjects of Economics class 10, let’s go through some chapter wise questions you must practice:
1. How is the country’s development generally determined?
|A. Country’s per capita income||B. Its average level of literacy|
|C. Overall health status of the public||D. All the above|
Ans: D. All the above
2. In terms of better performance in human development, which neighboring country to India is doing a great job?
|A. Sri Lanka||B. Nepal|
|C. Bangladesh||D. Pakistan|
Ans: A. Sri Lanka
3. Write about some major examples of environmental degradation?
Ans: There are many examples that lead to environmental degradation.
- Vehicles and the excess use of fuel
- Industrial waste discarded into water bodies
4. What is the GDP of the total value of _________ which is produced during a particular year?
|A. All goods and services||B. All final goods and services|
|C. All intermediate goods and services||D. All intermediate and final goods and services|
Ans: B. All final goods and services
5. Where did the tertiary sector perform in terms of GDP in 2013-14 is between _________%.
|A. 20 to 30||B. 30 to 40|
|C. 50 to 60||D. 60 to 70|
Ans: C. 50 to 60
Exploring important questions for Economics Class 10? Check out Economics for UPSC!
6. What is the production of a commodity mostly through the natural process? This activity is mainly involved in which sector?
|A. Primary||B. Secondary|
|C. Tertiary||D. Information Technology|
Ans: A. Primary
Also Read: BA Economics Jobs
Here are some of the practice questions designed as per the Economics class 10 syllabus. You must practice these commonly asked questions in school examinations as well as competitive exams?
- Explain the statement written on the top of the 10-rupee note.
- What is the formal source of credit in India?
- Explain what SHGs represents for the poor indicates.
- What do you understand by the use of credit for development?
- What are the major causes of the exploitation of the consumer?
- Describe the important consumer movements of India?
- What is COPRA law?
- Elaborate upon the impact of globalization in the contemporary world.
Also Read: Class 12 Economics
There are five chapters in the NCERT Solutions for Class 10 Economics – Understanding Economic Development. 1. Development, 2. Indian Economy Sectors, 3. Money and Credit, 4. Globalization and the Indian Economy, and 5. In these chapters, the subjects of consumer rights are discussed. After reading these chapters, students will be able to comprehend the economic life around them as well as understand what economic progress means for individuals in a country.
The NCERT Solutions for Class 10 Economics contain only five chapters, each of which is equally crucial in terms of test preparation. As a result, neglecting any of these might result in a low board test score. Students can use online study tools, which are available for free, to quickly clear up any ambiguities. Furthermore, BYJU’S answers assist students in gaining a firm grasp on all of the chapters that are based on the CBSE test pattern.
The NCERT Solutions for Class 10 Economics give detailed answers to all of the textbook’s problems. Referring to these answers is sufficient for gaining a thorough understanding of any chapter and dispelling any remaining questions. Students should also consult additional study resources to gain shortcuts, tips, and tactics for answering tough problems quickly. Finally, by using this material, students will have a clear image of the themes that are significant from an exam standpoint.
Thus, we hope that this blog provided you with Economics Class 10 syllabus and important questions. Unsure about which stream to take after the 10th? Reach out to our experts at Leverage Edu and we will guide you in choosing the right stream that fits your interests, preferences, and career goals.