Sectors of the Indian Economy CBSE Class 10 Economics Extra Questions With Solutions

Sectors of the Indian Economy CBSE Class 10 Economics Extra Questions With Solutions

Sectors of the Indian Economy CBSE Class 10 Economics Extra Questions With Solutions.

Question-1
Why is the primary sector called as such?
Solution:
The primary sector is called as such because it produces goods exploiting natural recourses. Some of the activities of this sector are agriculture , dairy, fishing and forestry.

Question-2
Mention a few activities under the secondary and tertiary sectors.
Solution:
Some of the activities of the secondary sector are textile factories , sugar mills, brick kilns, industries manufacturing automobiles, electronics and electrical goods, and construction companies. Since this sector is associated with different kinds of industries it is also called the industrial sector.
Some activities of the tertiary sector are transport, storage, communication, banking, and trade .Since these activities generate services rather than goods, the tertiary sector is also called the service sector.
Question-3
What is called the ‘final goods’?
Solution:
The goods that reaches the consumer is called the final goods. For example the value of the biscuits at Rs. 20/- per packet includes the price of wheat, grinding charges, manufacturing charges, transportation, storage charges and selling charges. So only the value of the final goods (biscuits) should be taken into account for evaluation.
Question-4
Expand the following:
(i) GDP
(ii) NREGA 2005.
Solution:
(i) GDP stands for GROSS DOMESTIC PRODUCT.
(ii) NREGA 2005 stands for National Rural Employment Guarantee Act 2005.
Question-5
What is GDP?
Solution:
The value of final goods and services produced in each sector during a particular year provides the total production of that sector for that year. The sum production in all the 3 sectors gives what is called the GROSS DOMESTIC PRODUCT (GDP) of a country. The GDP only determines the economic strength of a country.
Question-6
Mention some of the Acts that Companies in the Organised sector have to follow.
Solution:
Some of the Acts that Companies in the Organised sector have to follow are :-
(i) Factories Act,
(ii) Minimum Wages Act,
(iii) Payment of Gratuity Act,
(iv) Shops and Establishments Act.
Question-7
Differentiate between the Public and Private sectors.
Solution:
In the public sector, the government owns most of the assets and provides all the services. In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies.
Question-8
Write a short note on the Planning commission.
Solution:
The Planning Commission is a body set up by the Central government , that chalks out programmes to tackle unemployment and related problems in addition to its major task of planning the economy of the nation.
The following are some of the findings of the Planning Commission.
1. 20 lakh jobs can be created in the education sector alone, by starting more schools and colleges in rural and semi-rural areas. This in turn will educate a multitude of children, who will eventually become employable.
2. 35 lakh people could find employment if the tourism industry was developed in every state.
3. Rural craft industry could be boosted along with the tourism industry giving employment to thousands of rural unemployed citizens.
4. Development of the IT services could generate lakhs of jobs for the urban unemployed.
Question-9
The rising importance of the tertiary sector in production in the present times. Discuss.
Solution:
Over the past 30 years, while production has increased in all the 3 sectors , it has increased the most in the tertiary sector.
The reasons for the fast development of the tertiary sector in India are as follows:-
1. The necessity for ‘basic services’ like hospitals, educational institutions, post and telegraph services, police stations, courts, administrative offices, defense, transport and banking services have increased with the increase in population.
2. The development in the Agricultural and Industrial sectors has increased the need for services such as transportation, storage and trade.
3. As the income of the people increased the demand for services in tourism, retailing, catering and elite education also increased.
4. With higher income people have started traveling long distances for work and education, resulting in the need for increased services in the transport and communication sector.
Question-10
How do we create more employment in the agricultural sector?
Solution:
More employment can be created in the Agricultural sector if the government takes the following steps.
1. Loans could be given to farmers to dig wells to irrigate their land.
2. Seeds and fertilizers could be subsidized.
3. Dams can be built to irrigate dry areas.
4. Transport facilities could be increased.
5. Storage facilities could be provided.
6. Industries and other service related companies could be relocated in rural areas so that the underemployed people of the agricultural sector could find work.
7. More schools could be started to educate the rural population to help them become employable, as underemployment is prevalent among farmers.
Question-11
What can be done to protect the interest of the workers in the unorganised sector?
Solution:
The unorganized sector comprises mainly of workers in small scale industries, casual workers in the construction trade and transport sectors and those who work as street vendors, head-load workers, garment makers and rag pickers. Protection and support for the unorganised sector workers is very necessary for both economic and social development. The government laws protecting these workers should be strictly implemented and those who exploit these workers should be punished severely.
Question-12
Discuss the historical changes in the three economic sectors.
Solution:
As we look through the pages of history we can see that a few hundred years ago the Primary sector (Agricultural sector) was most predominant in the world.
Slowly as methods of farming improved and surplus food was produced man channelized his energy towards manufacturing of goods. Industries flourished and soon the Secondary sector gained prominence. The Agricultural sector also flourished due to the invention and manufacture of modern agricultural tools.
In this present era with the rising world population and rising income, the Tertiary sector (Service Sector) is gaining prominence. This is already evident in the developed nations and the change will soon be seen in the developing nations also.