Economics Class 10

Economics Class 10

Economics is one of the pivotal subjects in social sciences. It encompasses the study of optimum utilisation 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 organised and unorganised
Secondary sectors  How to protect workers in the unorganised sector
Territory sectors  Sectors in term 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 liberalisation of Foreign Trade and
Foreign Investment Policy
World Trade Organisation
Impact of Globalisation in India Struggles for fair globalisation

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 neighbouring 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
  • Deforestation
  • Mining

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

Practice Questions 

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

Thus, we hope that this blog provided you with Economics Class 10 syllabus and important questions. Unsure about which stream to take after 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.

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