CLASS 10 NCERT ECONOMIC SHORT NOTES IN ENGLISH

What is development? What is development in economics? What is meant by economics?What is the importance of economics? How to understand economics?What is the difference between producer and consumer?Who is considered the father of economics?What is the difference between economics and economics? What is called a mixed economy?

Economics :- It is the branch of social science under which the production, distribution, exchange and consumption of goods and services is studied.

'EconomicsThe word is derived from the union of the Sanskrit words artha (wealth) and shastra, which literally means 'study of wealth'.

There are two types of economics Individual and macro (There is two types of economics). Individual or micro i.e. micro. As can be understood from its name itself. Economics studies the behavior of an individual or a firm.

Economics analyzes the economic activities of society. It tells us that the needs of the society are infinite and the means to fulfill them are limited. Therefore, how should these resources be used in a balanced manner so that man can get maximum satisfaction and there is economic progress and welfare of the society.

Adam Smith (5 June 1723 17 July 1790) was a British strategist, philosopher and political economist. He is also called the father of economics. The name of Adam Smith (June 5, 1723 July 17, 1790) comes first among the creators of modern economics.

What is the difference between economics and economics?

Economics talks about the principles of market, employment etc. whereas economy is the real picture after adopting the principles in specific areas. It can also be understood in this form Economy is the economics of a particular entity.

Mixed economy

India is called a mixed economy because India is neither completely socialist nor completely capitalist. We can take the example of America and Cuba. But in India we can see both types of enterprises, hence India is called a mixed economy.

Economy :- A framework within which the economic activities of people are studied.

Economic Development: is a process by which the real 'per capita income' of an economy increases over the long term.

What is development?

There are many aspects of development. There are different concepts of development and there are measures by which we can know the collective indices of development. And economic growth can be measured.

People may have different development goals.

What is development for one may not be development for another.

It can even be destructive for others.

Different people may have different development needs. The circumstances of any person's life decide what kind of development is required for him.

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