Here are some important Class 10 Economics Chapter 2 Sectors of The Indian Economy. In the field of economics, a country's economy comprises various sectors, each representing different ways through which people earn money. These sectors can be categorised and analysed to understand their functioning and impact on the overall economy. Class 10 Economics "The Sectors of Indian Economy" chapter specifically explores the sectors of the Indian economy, delving into their composition, performance, and evaluating their strengths and weaknesses.
CBSE Class 10 Economics Chapter 2, "Sectors of the The Indian Economy," important questions that encompass primary, secondary, tertiary sectors, organised, unorganised, and public/private sectors are an excellent resource for students preparing for their board exams. These questions are thoughtfully designed to cover critical concepts and are formulated after meticulous research, including the analysis of sample papers, previous year papers, textbooks, and other reference materials. By practising these CBSE Class 10 Economics important questions, students can prepare most effectively for the exams by focusing on question types that are likely to be repeated.
The service sector, also known as the tertiary sector, is the third tier in the three-sector economy. Instead of product production, this sector produces services maintenance and repairs, training, or consulting. The primary activities comprise those occupations that seem to be closely associated with the man's natural environment. Agriculture,gathering, animal rearing, pastoral, farming, fishing and hunting are significant examples of primary activities.
After primary and secondary, there is a third category of activities that falls under the tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors.
Gross Domestic Product (GDP) is the market value of the final goods and services produced during a year within the domestic territory of a country. While calculating GDP, final goods and services are counted to avoid the problem of double counting.
For e.g. a farmer sold wheat to a flour mill for ₹10 per kg. The mill grinds the wheat and sells the flour to a biscuit company for ₹12 per kg. The biscuit company uses the flour, sugar and butter to make 5 biscuit packets. It sells the biscuit to the consumer at ₹15 per biscuit packet. Here biscuits are the final goods that are purchased by the consumer. Wheat and wheat flour are the intermediate goods used in the production of final good. The value of ₹15 already includes the value of flour ₹12. Hence, only the value of final goods and services are included in GDP.
The organised sector preferred by the employees because of following reason :
(i) It will provide job security for all employees and even a certain amount of money is kept apart from the salary every year to pay the lump-sum amount to the employees after retirement.
(ii) It covers those enterprises or places of work where the terms of employment are regular and therefore, people have assured work.
(iii) They are registered by the government and have to follow its rules and regulations which are given in various laws such as the Factories Act, the Minimum Wages Act, the Payment of Gratuity Act, Shops Act, etc.
It has been observed from the histories of many developed countries, that at their initial stages of development, the primary sector was the most important sector of economic activity in terms of production as well as employment. As the methods of farming improved and the agriculture sector began to prosper, it started producing much more food than before which is called surplus. This helped many people to think of and take up activities other than agriculture. Hence, an increasing number of craft-persons and traders began to emerge. Trading activities increased by leaps and bounds. These other activities were manufacturing and service. So for a long time, due to the prominence of the primary sector in production, it used to be the main sector of employment. But as the activities in the secondary sector started expanding, new production units were set up in this sector. Hence, the people who had earlier worked in the primary sector now started to work in factories in large numbers. Secondary sector gradually started becoming the most important sector in terms of total production and employment. Hence, over time, a shift had taken place, i.e., the importance of the sectors had changed their places. Thereafter, a further shift from secondary to tertiary sector began to take place in developed countries. The service sector includes the services. Most of the people are now employed in the service sector. Though this is the general pattern observed in developed countries, yet developing countries like India have also followed the similar pattern.
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Ans: The classification of economic activities into primary, secondary, and tertiary sectors is valuable because it provides information about employment patterns, GDP contributions, and per capita income. This classification helps identify trends, such as a rapid growth in the tertiary sector, which can indicate issues in the primary sector like agriculture. Recognizing the sector to which agriculture belongs is crucial for addressing its challenges. Therefore, categorising economic activities into these three sectors is essential for effective economic administration and development.
Ans: The tertiary sector is different from the other sectors because it does not manufacture or produce anything. For this reason, it is also known as the service sector. It aids the primary and secondary sectors in development. The tertiary sector involves services like transport, storage of goods, communications, banking and administrative work.
Ans: Disguised unemployment is a form of underemployment where one has a job but the work is divided. It is not apparent as compared to someone without a job who is clearly unemployed. In rural areas, this can be seen in the farming community where all members of a family might be working on a farm even though so many hands are not required.
Ans: Your statement highlights some of the challenges and issues associated with the unorganised sector, and your agreement with this view is well-founded. Here are the key points:
Exploitation: Workers in the unorganised sector often face exploitation. This can include low wages, long working hours, and poor working conditions. Without the protection of labour laws and regulations, they are vulnerable to exploitation by employers.
Job Insecurity: The unorganised sector typically does not provide job security. Workers often lack formal employment contracts or benefits, making their livelihoods precarious. This lack of stability can lead to financial insecurity for workers and their families.
Fear of Retaliation: Workers in the unorganised sector may be hesitant to protest or demand better treatment due to the fear of losing their jobs. Employers can easily terminate their employment without legal repercussions, making it challenging for workers to voice their concerns.
Ans: A few examples of public sector activities are provision of water, electricity and some modes of transport. The government has taken these up because water and power are needed by everyone. If the work of providing electricity and water is left to private enterprises, the latter might exploit this opportunity and sell these at rates which the masses cannot afford. Hence, to ensure that basic amenities like water and power are available for all, the government supplies these at low and affordable rates.