NCERT Solutions for Class 10 Economics

NCERT Solutions for Class 10 Economics textbook 'Understanding Economic Development' will help you resolve all the doubts you find in exercise questions. NCERT Class 10 Economics textbook has been entitled by CBSE as a guide to the basic concepts of the subject. The subject deals with topics such as Globalization, Indian Economy, Money and Credit as well as sectors of the Indian Economy. Therefore, understanding all these concepts in detail becomes important for scoring good marks in the exam. 

Further, a wide range of questions is asked in the NCERT Economics textbook which sometimes becomes tricky for the students to solve. Take a look at all the NCERT Solutions for different chapters of Social Science Economics for Class 10th.

NCERT Solutions are prepared by the expert and well-qualified team of teachers who have mastered the different techniques of teaching. The solutions are prepared in accordance with the latest official syllabus approved by the CBSE. You can access the NCERT Solutions by Goprep at the official website without incurring any cost. 

Understanding Economic Development

Chapter 1: Development 

Summary: The chapter 1 ‘Development’ of CBSE class 10 Economics discusses the important topic of Development. An important chapter of the Economics syllabus, as it explores the different perspectives on development and common indicators of development.

The definition of development differs from person to person, as different people have different developmental goals and needs. The needs of the people are based upon their real-life situations, their living standard and the place of their living.

Further, in this chapter, you will get to learn about important topics like Methods of Development along with the Concept of Purchasing Power Parity.

Important Topics of the Chapter 

• What Development Promises – Different People and Different Goals
• Income and Other Goals
• National Development
• Income and Other Criteria
• Public Facilities
• Sustainability of Development

Type of Questions:  Short answer type questions, long answer type questions, and multiple-choice questions.

Chapter 2: Sectors of the Indian Society

Summary: The Economy of any nation or society can be best explained or understood by learning about its different economic sectors. These sectors are mainly divided into three categories, i.e. Primary Sector, Secondary Sector and Tertiary Sector.

The primary sector includes all the economic activities in the field of agriculture, whereas, the secondary sector involves all the manufacturing activities. Lastly, the Tertiary sector comprises of all the intangible goods in the form of services.

Moreover, the diverse production activities that take place in all three results in the production of goods and services in large numbers.

Important Topics of the Chapter

• Sectors of the Indian Economy – Primary, Secondary and Tertiary
• Gross Domestic Production
• Interdependence of Sectors
• National Rural Employment Guarantee Act of 2005
• Different between Organized and Unorganized Sector
• Government Funded Schemes to Fight Unemployment

Type of Questions: To learn important topics of NCERT class 10 chapter, 'Sectors of the Indian Society', you can get answers of short answer type questions, long answer type and MCQs.

Chapter 3: Money and Credit 

Summary: Money acts as a medium of exchange in the process of buying goods and services. In an economy, the goods and services are bought and sold by using money. Credit, on the other hand, refers to the activity where two parties engage in the process of lending and borrowing money.

In the chapter, Money and Credit, you will also learn about different concepts related to Money and Credit. These include Double Coincidence of Wants, Demand Deposits in Bank, Formal and Informal Sector.

Besides, the chapter also covers some relevant terms such as Currency, Cheque, Collateral, Terms of Credit, as well as Self-Help Groups.

Important Topics of the Chapter

• Money as a Medium of Exchange
• Modern Forms of Money
• Loan Activities of Bank
• Terms of Credit
• Formal Sector Credit in India
• Self Help Groups for the Poor

Type of Questions: Short answer type questions, long answer type and multiple-choice type questions.

Chapter 4: Globalization and the Indian Economy

Summary: Globalization and the Indian Economy is one of the most important chapters of the Economics syllabus of CBSE class 10. Globalization simply refers to the process of integration of a country’s economy to that of the world economy through trade.

Globalization seeks to promote the growth of foreign trade of a particular country and give a significant boost to foreign investment. Globalization is primarily the result of two factors. First is the rapid advancement in technology, and second, being the evolution of the ideas and products among nations.

To enhance the growth of the economy, the government of India lifted all the restrictions on foreign trade and allowed for liberalization. As a result, Globalization in India led to the arrival of many multi-national corporations which paved the way for more jobs and improved the economy significantly. 

Important Topics of the Chapter

• Foreign Trade and Integration of Markets
• Trade Barriers and its importance
• Special Economic Zones
• Causes of Globalization
• Impact of Globalization in India

Chapter 5: Consumer Rights

Summary: A consumer is referred to as a person who engages in the activity of buying a product. However, many a time when consumers are exploited, it becomes important for them to be aware of their rights, i.e., consumer rights.

So, the rules and regulations that were formulated under the Consumer Protection Act came to be known as Consumer Rights. Under Consumer Protection Act, 1986, the consumers have a number of rights such as, Right to Information, Right to Choose, Right to Safety and Right to Consumer Education among others.

Hence, when consumers are aware of their rights while purchasing a product or service, they will find it easier to make an informed choice.

Important Topics of the Chapter: 

• The Consumer in the Market Place
• Issue of Consumer Rights
• Consumer Protection Act
• Consumer Protection Councils
• Consumer organizations and Consumer Courts
• Demerits of Consumer Redressal Process
• Factors causing exploitation of Consumers

Type of Questions: To prepare the NCERT Economics chapter ‘Consumer Rights’, you can get the solutions of short answer type questions, long answer type questions and MCQs.

Benefits of using NCERT Solutions for Class 10 Social Science Economics

Preparing for the different subjects of the exams is tough, especially when you lack proper guidance and the right resources for the same. For students requiring assistance in the subjects, we are providing one of the best education platforms in India. Some of the crucial benefits of using our NCERT Solutions are as follows:

• NCERT Solutions are prepared by an experienced team of subject mentors who hold huge experience in the domain.
• All the solutions provided by us for NCERT textbooks are error-free.
• Prepared in accordance with the official latest syllabus of the CBSE, NCERT Solutions will surely help you in preparing for the exams.
• You can access the solutions online and at free of cost.
• Getting well-versed with the concepts of the subject, you will find all the answers to the questions asked in the NCERT textbooks in a well-structured format.