CBSE Class 10

On this page, you will find NCERT Class 10 Economics Chapter 4 Notes Pdf free download. CBSE Class 10 Social Science Notes Economics Chapter 4 SST Globalization and the Indian Economy will seemingly, help them to revise the important concepts in less time.

Globalisation and the Indian Economy Class 10 Notes Social Science Economics Chapter 4

CBSE Class 10 Economics Chapter 4 Notes Understanding the Lesson

1. Globalization is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.

2. MNCs are playing a major role in the globalization process. More and more MNCs are setting up offices and factories for production in regions where they can get cheap labour and other resources. As a result, production is being organized in complex ways.

3. Technology, particularly Information Technology (IT), has played a major role in organizing production across countries. In addition, liberalization of trade and investment has facilitated globalization by removing barriers to trade and investment.

4. At the international level, World Trade Organisation or WTO has put pressure on developing countries to liberalise trade and investment.

5. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.

6. In India, barriers on foreign trade and foreign investment were removed to a large extent in the year 1991. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices in the country.

7. In the last twenty years, globalization of the Indian economy has come a long way. While globalization has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.

8. Several of the small manufacturing units have shut down rendering many workers jobless. Thus, everyone has not benefited from globalization.

9. There is a need to make globalization fair. Fair globalization would create opportunities for all, and also ensure that the benefits of globalization are shared better.

10. The government can play a major role in making this possible. Its policies must protect the interests, not only of the rich and the powerful, but all the people in the country.

11. The government can ensure that labour laws are properly implemented and the workers get their rights. If necessary, the government can use trade and investment barriers. It can negotiate at the WTO for fairer rules.

Globalisation and the Indian Economy Class 10 CBSE Notes Important Terms

MNC: A multinational corporation or MNC is company that owns or controls production in more than one nation.

Investment: The money that is spent to buy assets such as land, building, machines and other equipment is called investment.

Foreign investment: Investment made by MNCs is called foreign investment.

Globalization: It is the process of rapid integration or interconnection between countries.

Trade barrier: It is a measure that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services.

Liberalization: Removing barriers or restrictions set by the government is called liberalization.

WTO: World Trade Organisation or WTO is an organization that aims to liberalise international trade. It is located in the USA.

Fair globalisation: Creating opportunities for all and ensuring that the benefits of globalisation are shared better.

On this page, you will find NCERT Class 10 Economics Chapter 3 Notes Pdf free download. CBSE Class 10 Social Science Notes Economics Chapter 3 SST Money and Credit will seemingly, help them to revise the important concepts in less time.

Money and Credit Class 10 Notes Social Science Economics Chapter 3

CBSE Class 10 Economics Chapter 3 Notes Understanding the Lesson

1. Money is used as a medium of exchange in transactions. A person holding money can easily exchange it for any commodity or service that he or she might want.

2. Everyone prefers to receive payments in money and then exchange the money for things that they want.

3. In a barter system where goods are directly exchanged without the use of money, double coincidence of wants is an essential feature.

4. In an economy where money is in use, money by providing the crucial intermediate step eliminates the need for double coincidence of wants.

5. Before the introduction of coins, a variety of objects such as grains and cattle were used as money, Thereafter came the use of metallic coins such as gold, silver, copper coins, etc.

6. Modern forms of money include currency of paper notes and coins. Although modern currency is without any use of its own, it is accepted as a medium of exchange because the currency is authorized by the government of the country.

7. In India, the Reserve Bank of India issues currency notes on behalf of the central government. Here the rupee is widely accepted as a medium of exchange.

8. Modern forms of money are linked with the banking system. On one side, there are the depositors who keep their money in the banks while on the other side, there are the borrowers who take loans j from these banks.

9. Banks charge a higher interest rate on loans than what they offer on deposits. The difference between what is charged from borrowers and what is paid to depositors is their main source of income.

10. A large number of transactions in our day-to-day activities involve credit in some form or the other. Credit has a positive impact but in certain circumstances, it makes the borrower worse off.

11. Credit is available from a variety of sources. These can be either formal or informal sources. Terms of credit vary substantially between formal and informal lenders.

12. Among the formal sector, people can obtain loans from banks and cooperatives. The informal lenders include moneylenders, traders, employers, relatives and friends, etc.

13. The Reserve Bank of India supervises the functioning of formal sources of loans. But there is no organization which supervises the credit activities of lenders in the informal sector. They can lend at whatever interest rate they choose.

14. Compared to the formal lenders, most of the informal lenders charge a much higher interest on loans. Thus, the cost of the borrower of informal loans is much higher.

15. At present, it is the richer households who receive credit from formal sources whereas the poor have to depend on the informal sources.

16. It is necessary that banks and cooperatives increase their lending particularly in the rural areas, so that the dependence on informal sources of credit reduces.

17. The poor should get a much greater share of formal loans from banks, cooperative societies, etc. Both these steps are important for development.

18. The reason for dependence of poor households on informal sources of credit is that banks are not present everywhere in rural India. Even when they are present, getting a loan from a bank is much more difficult than taking a loan from informal sources.

19. Absence of collateral is one of the main reasons which prevents the poor from getting bank loans. Informal lenders know the borrowers personally and therefore, they have no problem in giving a loan without collateral.

20. The Self Help Groups or SHGs help borrowers overcome the problem of lack of collateral. They can get timely loans for a variety of purposes and at a reasonable interest rate. The SHGs are also building blocks of organisation of the rural pour.

Money and Credit Class 10 CBSE Notes Important Terms

Transaction: An instance of buying or selling something.

Currency: The system or type of money that a particular country uses.

Cheque: A paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been issued.

Credit: An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

Collateral: An asset that the borrower owns such as land, building, vehicle, livestock, deposits with banks and uses this as a guarantee to a lender until the loan is repaid.

Money: The means of paying for something or buying something.

On this page, you will find NCERT Class 10 Economics Chapter 2 Notes Pdf free download. CBSE Class 10 Social Science Notes Economics Chapter 2 SST Sectors of Indian Economy will seemingly, help them to revise the important concepts in less time.

Sectors of Indian Economy Class 10 Notes Social Science Economics Chapter 2

CBSE Class 10 Economics Chapter 2 Notes Understanding the Lesson

1. People are engaged in various economic activities to produce goods and services. We can understand these activities by grouping or classifying these activities using some important criterion. These groups are called sectors.

2. activities are related to the primary, secondary or tertiary sectors. When we produce a good by exploiting natural resources, it is an activity of the primary sector, also known as agriculture and related sector.

3. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is also called industrial sector.

4. The third category of activities falls under tertiary sector and is different from the previous two. These are activities that help in the development of the primary and secondary sectors. It is also called the service sector.

5. The various production activities in the three sectors produce a large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services.

6. Histories of many countries show that at initial stages of development primary sector was the most important sector of economic activity and most people were employed in this sector.

7. With the expansion of factories, those people who had earlier worked on farms now began to work in these factories in large numbers. Secondary sector thus gradually became the most important in total production and employment.

8. In the past 100 years, there has been a further shift from secondary to tertiary sector in developed countries. The service sector has become the most important in terms of total production.

9. The data for India, for the last forty years shows that while goods and services produced in the tertiary sector contribute the most to GDP, the employment remains in the primary sector mainly in agriculture.

10. It is a fact that more than half of the workers in India are working in the primary sector, but they are producing only a quarter of the GDP. In contrast to this, the secondary and tertiary sectors produce three-fourth of the produce whereas they employ less than half the people.

11. There are more people engaged in agriculture than is needed. It means workers in agricultural sector are underemployed. Even if some of them are kept out, production will not be affected.

12. Underemployment can also happen in other sectors. The casual workers in the service sector in urban areas such as painters, plumbers, etc. face the problem of underemployment. There are also people who are not employed at all.

13. In order to increase employment opportunities in the country, several measures can be taken. Industries and services can be promoted in semi-rural areas where a large number of people may be employed.

14. Tourism, regional craft industry, new services like IT can also be given due importance to generate employment opportunities.

15. The above suggestions would take a long time to implement. For a short-term, we need some quick measures. Recognizing this, the central government in India made a law implementing the ‘Right to Work’ in 200 districts of India and then extended to an additional 130 districts. The remaining districts in rural areas were brought under the act with effect from 1 April, 2008. It is called National Rural Employment Guarantee Act 2005 or NREGA 2005.

16. Another classification of economic activities is to consider whether people are working in organised or unorganised sectors.

17. Workers in the organised sector enjoy security of employment. They are expected to work only a fixed number of hours. They also get several other benefits from the employers such as paid leave, provident fund, etc.

18. Employment in the unorganised sector is not secure. People can be asked to leave without any reason. Most people are working in this sector and protection is necessary for them.

19. Economic activities can also be classified into public and private sectors. Activities in the private sector are guided by the motive to earn profits but the purpose of the public sector is not just to earn profits.

20. There are a large number of activities which are the primary responsibility of the government and the government must spend on these. For example, providing health and education facilities for all.

Sectors of Indian Economy Class 10 CBSE Notes Important Terms

Primary sector: A sector that involves agricultural activities, fishing, forestry, dairy, etc.

Secondary sector: A sector that covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity.

Tertiary sector: A sector that involves activities that help in the development of the primary and secondary sectors.

Gross Domestic Product or GDP: The sum of production in the three sectors gives what is called the Gross Domestic Product of a country.

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

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

Unemployment: A situation where the able-bodied people are willing to work but are not able to get work and earn money.

Public sector: A sector in which the government owns most of the assets and provides all the services.

Private sector: A sector in which private individuals or companies own the assets and deliver services.

Organized sector: A sector where the terms of employment are regular and people have assured work.

Unorganized sector: A sector where employment is not secure.

On this page, you will find NCERT Class 10 Economics Chapter 1 Notes Pdf free download. CBSE Class 10 Social Science Notes Economics Chapter 1 SST Development will seemingly, help them to revise the important concepts in less time.

Development Class 10 Notes Social Science Economics Chapter 1

CBSE Class 10 Economics Chapter 1 Notes Understanding the Lesson

1. Development has many aspects. People have different perspectives on development and there are ways by which we can arrive at common indicators for development.

2. Different persons have different notions of development. They seek different things. They seek things that are most important for them. What may be development for one may not be development for the other.

3. One common thing about developmental goals of different persons is more income. Besides seeking more income, one or the other, people also seek equal treatment, freedom, security and respect of others. They never like discrimination. All these are important goals.

4. Our life depends on money or material things as well as non-material things. If we need money, we also need freedom and security in the same intensity. So, for development, people look at a mix of goals. Along with better wages, they also wish for other important things in life.

5. Different persons could have different as well as conflicting notions of a country’s development. National development means thinking about questions like – Can all the ideas of national development be considered equally important? Or, if there are conflicts how does one decide? etc.

6. All countries are not equally developed. Some are developed while others are underdeveloped. For comparing countries, their income is considered to be one of the most important attributes.

7. Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need.

8. Countries with per capita income of US $ 12616 per annum and above in 2012, are called rich countries and those with per capita income of US $ 1035 or less are called low-income countries.

9. India comes in the category of low middle income countries because its per capita income in 2012 was just US $ 1530 per annum.

10. Besides average income, other equally important attributes to the development of a country or a region are – gross national income, life expectancy at birth, literacy rate and HDI (Human Development Index) rank in the world.

11. The per capita income of Maharashtra is higher than Bihar. It means Maharashtra is more developed than Bihar. In terms of Infant Mortality Rate, Kerala shows nice record but Maharashtra does not. In Kerala, out of 1000 children born, 12 died before completing one year of age but in Maharashtra the proportion of children dying within one year of birth is 25. But the per capita income of this state is more than that of Kerala.

12. Income by itself is not a completely adequate indicator of material goods and services that citizens are able to use. For example, money cannot buy one a pollution-free environment.

13. Important things like unadulterated medicines, protection from infectious diseases, etc. should be provided collectively because it would be the cheapest way also.

14. Sri Lanka, a small country, is much ahead of India, in respect of GNI (Gross National Income), life expectancy at birth, literacy rates, etc. Nepal has less than half the per capita income of India, yet j it is not far behind India in life expectancy and literacy levels.

15. It is people, their health, their well-being, that is most important in measuring human development.

16. We should also think of sustainable development. It is not wise to overuse our natural resources. It can pose problems before us as well as our future generations.

Development Class 10 CBSE Notes Important Terms

Development: A comprehensive term that includes increase in per capita income, reduction of poverty, increase in literacy rate, etc.

Economic development: A term that refers to all round development of a country. A country has a developed economy if its people earn higher income and able to satisfy most of their desires.

Per capita income: Total income of a country divided by its total population. It is also called average income.

Human development: Development of an individual as per his/her mental and physical abilities.

National income: The total value of all the goods and services produced within a country plus the net income from abroad during a year.

Developed country: A country that possesses the characteristics of higher standard of living of the people, fuller utilization of resources and a modern technology.

Renewable resources: Resources that are replenished by nature.

Non-renewable resources: Resources that are not replenished by nature and get exhausted after years of use.

Sustainability: The regular process without harming the productivity of future generations and satisfy the need of present generation.

On this page, you will find NCERT Class 10 Civics Chapter 8 Notes Pdf free download. CBSE Class 10 Social Science Notes Civics Chapter 8 SST Challenges to Democracy will seemingly, help them to revise the important concepts in less time.

Challenges to Democracy Class 10 Notes Social Science Civics Chapter 8

CBSE Class 10 Civics Chapter 8 Notes Understanding the Lesson

1. Democracy is a dominant form of government in the contemporary world. But the promise of democracy is far from realised anywhere in the world.

2. Although democracy does not have a challenger, that does not mean that it does not face any challenges. Different countries face different kinds of challenges.

3. The countries not under democratic government face the foundational challenge of making the transition to democracy and then instituting democratic government.

4. Most of the established democracies face the challenge of expansion. This involves applying the basic principle of democratic government across all the regions, different social groups and various institutions.

5. The third challenge of deepening of democracy is faced by every democracy in one form or another. This involves strengthening of the institutions and practics of democracy.

6. Each of the above challenges is linked to the possibility of reforms. Since all the countries do not have the same challenges, so they cannot follow the same recipe of political reforms.

7. When we talk in the context of our country, we can develop some proposals for reforms at the national level. But the real challenge of reforms may not lie at the national level. Some of the crucial questions need to be thought at the state or local level.

8. While devising ways and means for political reforms in India, some broad guidelines should be kept in mind; for example, legal ways of reforming politics. Carefully devised changes in law can help to discourage wrong political practices and encourage good ones. But legal constitutional changes by themselves cannot overcome challenges to democracy. In fact, democratic reforms are to be carried out mainly by political activists, parties, movements and politically conscious citizens.

9. Those laws are good which empower people to carry out democratic reforms. The Right to Information Act empowers the people to find out what is happening in government and act as watchdogs of democracy.

10. Democratic reforms are to be brought about principally through political practice. Therefore, the main focus of political reforms should be on ways to strengthen democratic practice.

11. Any proposal for political reforms should think not only about what is a good solution but also about who will implement it and how.

Challenges to Democracy Class 10 CBSE Notes Important Terms

Challenge: A difficulty that carries within it an opportunity for progress.

Foundational: Denoting an underlying basis or principle.

Guideline: A general rule, principle, or piece of advice.

Watchdog: A person or group of persons that acts as a protector or guardian against inefficiency, illegal practices, etc.

Reform: The action or process of reforming an institution or practice.