NCERT Solutions Class 10 Social Science Understanding Economic Development Chapter 2

NCERT Solutions For Class 10 Economics Chapter 2

In Class 10 Economics Chapter 2- Sectors in the Indian Economy, students will learn about the three main economic Classifications: primary/secondary/tertiary, organised/unorganised, and public/private. The explanations by Extramarks experts help students understand the core concepts and also relate to their surroundings and develop a clear idea of these concepts. 

Extramarks presents CBSE Class 10 Economics Chapter 2 Solutions helps the students answer all questions precisely and effectively. These CBSE Economics Class 10 NCERT Solutions are prepared by Economics experts having years of experience. 

 In addition to Class 10 Economics Chapter 2, students can use to their advantage various study materials available at Extramarks’ website for all Classes. Material such as NCERT books, CBSE revision notes, CBSE sample papers, CBSE past years’ question papers, and many more are readily available at the Extramarks’ website.

Key Topics Covered In NCERT Solutions For Class 10 Economics Chapter 2

The following key topics are covered in NCERT Solutions For Class 10 Economics Chapter 2– Sectors in the Indian Economy:

Let us take a look at Extramarks in-depth information on each subtopic in NCERT Solutions For Class 10 Economics Chapter 2– Sectors in the Indian Economy.

 Different Sectors of The Indian Economy

A sector is a broad economic segment in which enterprises sell the same or similar products or services. Extramarks NCERT Solutions For Class 10 Economics Chapter 2 explains the three sectors as follows:

• Primary Sector: In  the primary sector we extract and collect natural resources to create a product. A few examples are farming, forestry, hunting, fishing, and mining.
• Secondary Sector: Secondary sector consists of activities that transform natural products into new forms via various industrial processes. Just as secondary school is essential after the primary, similarly some manufacturing procedures are necessary after the primary. For example, sugar or gur is made using sugarcane as the basic product.
• Tertiary Sector: The tertiary sector includes activities that support the growth of the primary and secondary sectors. They help or assist in the production process. A few examples are teachers, physicians, washerwomen, barbers, cobblers, attorneys, call centres, and software companies.

 Differentiating between the three Sectors

During the day to day performance of various Economic activities, all three sectors, primary, secondary, and tertiary, are interdependent and interrelated. It is nearly impossible to keep track of all the actions that go into generating the final goods or services.

Gross Domestic Product

The total production for a given year is determined by the value of final products and services produced in that year. The Gross Domestic Product  or the GDP of a country is thus calculated by adding the output of the three sectors. GDP measures the total worth of all final products and services produced in a nation during a given year. It shows the size of the economy. A national government ministry in India is in charge of calculating GDP.

Mentioned above is the concept of Gross Domestic Product as explained in Extramarks NCERT Solutions For Class 10 Economics Chapter 2. These solutions are prepared in a comprehensive manner for the students.

Historical changes in the Sectors 

Mentioned below are some historical changes that occurred and are highlighted in our Extramarks NCERT Solutions For Class 10 Economics Chapter 2:

• During a country’s early stages of development, the primary sector was the most important source of economic activity.
• As a result of technological advancements in procedures of farming, the agriculture industry began to produce more food than before.
• People started to work in factories. Some people got involved with the transportation business as well.
• The secondary sector progressively became the most significant in terms of the economy and jobs.
• Different industries such as food processing, equipment manufacturing, and textile manufacturing businesses are all covered.
• As a result, services including banking, health care, and education were established.
• The service industry has surpassed manufacturing as the most important sector in terms of overall output, and it employs a very large number of  people.

 Where are People Mostly Employed?

In 2013-14, the tertiary sector surpassed the primary sector as India’s largest producing sector. Extramarks NCERT Solutions For Class 10 Economics Chapter 2 elucidates further why India’s tertiary sector has grown in importance:

• Everyone relies on hospitals, educational institutions, post and telegraph services, police stations, courts, village administration offices, municipal corporations, defense, transportation, banks, insurance companies, and other services.
• The rise of agriculture and industry leads to expanding services, including transportation, trade, and storage.
• People demand greater luxury as their salaries grow, such as dining out, tourism, shopping, private hospitals, private schools, professional training, etc.
• Various new information and communication technology-based services have grown increasingly crucial and indispensable in the last decade.

 Disguised Unemployment

The only element of the economy that does not influence overall production is unemployment. This occurs when productivity is low and too many individuals for very few jobs. For more on this, please refer to Extramarks NCERT solutions Class 10 economics Chapter 2 which explains all these core concepts in an easy-to-understand and recollect form.

 How to create more Employment?

Employment can be generated by identifying, promoting, and locating industries and services in semi-rural regions. Every state or region has the ability to boost its people’s income and employment opportunities. Regional craft industries, tourism, and emerging services like IT can all be of great help. According to a study conducted by the Planning Commission (known as NITI Aayog), the education sector alone can generate nearly 20 lakh jobs.

 MGNREGA

The Central Government has recently come up with a new law that implements the right to work in at least 625 districts of our nation. It is known as Mahatma Gandhi National Rural Employment Guarantee Act (2005). Mentioned bellowed are its features as stated by Extramarks NCERT Solutions For Class 10 Economics Chapter 2:

• It is primarily used by rural residents who are capable and eager to work. The MGNREGA provides at least 100 days of labour to rural households that volunteer to do unskilled labor each year.
• Any Indian citizen who is over the age of 18 and lives in a rural region is eligible for the MGNREGA scheme.
• Another purpose of the MGNREGA act is to provide long-term assets to rural communities, including roads, wells, and ponds.
• People shall be forced to rely on unemployment benefits if the government fails to create work.
• In gram panchayats, it is performed without the involvement of contractors or agents.

 Different Sectors: In terms of Organised and Unorganised

Organized Sector:

• Organized sectors offer their employees stable and secure employment and work for a certain period of time depending on their motivation and skills.
• These businesses follow the government’s rules and regulations.
• Employees in the organized industry have guaranteed jobs.

 Unorganized Sector:

• The government appears to have little control over the unorganized sector.
• Unorganized sector workers do not have the same level of job security as organized sector workers.
• Working overtime is not paid in any manner.

 Some brief differences between the organized and the unorganized sector have been discussed above. To gain a more profound knowledge of each of them, students can register on Extramarks’ website and access NCERT Solutions For Class 10 Economics Chapter 2.

 How to Protect Workers in Unorganised Sectors?

Workers in the unorganized sector require protection and support. Listed below are a few pointers by Extramarks NCERT Solutions For Class 10 Economics Chapter 2 to get started:

• The government has the power to determine minimum wages and working hours.
• The government offers low-interest loans to self-employed people.
• Third, the government may provide these employees with necessities like education, health care, and food at a minimal cost.
• Fourth, the government can create a new law that, among other things, provides for overtime, paid leave, and sick leave.

 Different Sectors: In terms of Public and Private

Public Sector:

• The government controls most assets and provides all services in the public sector.
• The public sector examples include railways and post offices.
• The public sector does not function to make money. Instead, its main objective is to benefit the general people.

 Private Sector:

• Both asset ownership and well-service delivery are in the hands of private individuals or companies in the private sector.
• Privately owned enterprises include Tata Iron and Steel Company Limited (TISCO) and Reliance Industries Limited (RIL).
• The private sector’s activities are directed by the desire to make money.

 Sometimes students might face some difficulty just by reading the bullet points. Hence, we recommend students go through Extramarks NCERT Solutions For Class 10 Economics Chapter 2 to comprehend all concepts better.

 Responsibilities of Government

A significant number of activities are under the government’s primary responsibility. Extramarks NCERT Solutions For Class 10 Economics Chapter 2 have highlighted a handful of them below:

• To cover the costs of its services, the government raises money through taxes and other means.
• Governments spend money on building roads, bridges, trains, and harbours, producing energy, and supplying irrigation through dams. It must also guarantee that these amenities are accessible to everybody.
• The government must support some activities for the private sector to continue producing or doing business.
• In India, the government buys wheat and rice from farmers at a “fair price” and sells them to consumers at a lesser price through ration stores. So it benefits both farmers and consumers in this way.
• The government’s responsibilities include maintaining good schools, delivering excellent education, and providing health and education services to all citizens.
• The government must also pay attention to human development issues, such as the availability of safe drinking water, low-cost housing, and food and nutrition, as well as the country’s poorest and most neglected regions.

NCERT Solutions For Class 10 Economics Chapter 2, Sectors in The Indian Economy, NCERT Solutions

Extramarks NCERT Solutions For Class 10 Economics Chapter 2, and other chapter solutions consist of detailed answers of essential topics covered in Class 10 Economics. Students are advised to revise the chapter a few times to understand it thoroughly and for a higher recall.

 Click on the below links to view NCERT Solutions for Class 10 Economics Chapter 2: 

Class 10 Economics Chapter 2: Very Short Answer Type Questions

Class 10 Economics Chapter 2: Short Answer Type Questions

Class 10 Economics Chapter 2: Long Answer Type Questions

Students may access NCERT Solutions for Class 10 Economics Chapter 2 and other Chapters by clicking here. In addition, students can also explore NCERT Solutions for other Classes below.

 By getting access to Extramarks NCERT Solutions for Class 10 Economics Chapter 2, students can easily understand the answers to textbook questions given in The Sectors in the Indian Economy.

Key Features of NCERT Solutions For Class 10 Economics Chapter 2

To excel in Class tenth board examinations, students must precisely go through all the topics. Going through NCERT Solutions is one of the easiest ways to grasp all the concepts. Hence, Extramarks has created the NCERT Solutions for Class 10 Economics Chapter 2 to help students learn better. These solutions allow students to pass with flying colors. Here are some reasons why you should choose Extramarks:

• After going through these solutions, students experience higher confidence levels after being able to answer textbook questions precisely
• Based on the NCERT guidelines, our experienced teachers and Extramarks experts have put together the most crucial information on this topic. 
• These solutions have been prepared such that it becomes easier for students to grasp the ideas.