CBSE Class 10 Social Economics Understanding Economic Development Notes

♦ Development : It is a comprehensive term which includes increase in real per capita income, improvement in living standard of people, reduction in poverty, etc.

♦ National development : National development is a comprehensive term which includes improvement in living standard of the people, increase in per capita income, providing social amenities like education, medical care, social services, etc. to the citizens of the country.

♦ Developed economies : These are those economies which are characterised by high level of Per Capita Income of US $ 12276 per annum or more and high standard of living. Examples : USA, Japan, Germany, UK, Singapore, etc.

♦ Developing economies : Those economies which are passing through the stages of growth and development. In such economies, significance of agriculture tends to decline whereas the industrial sector grows sharply. Example : India, Indonesia, Malaysia, etc.

♦ Economy : It is a sum total of all the economic activities like production, consumption, distribution, exchange, etc.

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

♦ Production : When an activity results in a valuable and useful thing, it is called as production.

♦ Per capita income : Per capita income is the average income of the people of a country in a definite period.

♦ Underdeveloped economies : Underdeveloped economies are the economies which are characterised by low level of per capita income and miserable standard of living. Such economies are not able to exploit their natural resources.
Examples : Nepal, Burma, etc.

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