NCERT Solutions Class 10 Social Science Understanding Economic Development Chapter 4

NCERT Solutions For Class 10 Economics Chapter 4

Economics is the study of fine balance between humans’ boundless needs and living in a world with limited resources. As a result, economists place a premium on the ideas of efficiency and productivity. They suggest that increased production and resource efficiency might lead to a greater level of life.

Globalisation is the primary focus of NCERT Class 10th Economics Chapter 4 – Globalisation and The Indian Economy. The students will learn about country integration through international trade and multinational business investments (MNCs). They will also learn about the function of multinational corporations in Globalisation. The influence of globalisation and the extent to which Globalisation contributed to the development process are discussed in the chapter’s concluding part.

Extramarks NCERT Solutions Class 10 Economics Chapter 4 assists students in a better comprehension of the chapter. Class 10 Economics Chapter 4 Solutions makes it easier for the students to grasp all the concepts. After thorough research, subject experts prepare these Class 10 Economics Chapter 4 Question/ Answers by Extramarks.

Not just NCERT Solutions for Class 10 Economics Chapter 4, but many other study materials are present on the Extramarks’ website. Material such as NCERT books, CBSE revision notes, CBSE sample papers, CBSE past years’ question papers, and more is readily available at the Extramarks’ website. Students are recommended to refer to Extramarks study resources for scoring well in exams.

Key Topics Covered in NCERT Solutions for Class 10 Economics Chapter 4

The following key topics are covered in NCERT Solutions for Class 10 Economics Chapter 4 – Globalisation and the Indian Economy:

Now let us look at Extramarks’ in-depth information on each subtopic in NCERT Solutions for Class 10 Economics Chapter 4- Globalisation and the Indian Economy.

Production across Countries

Trade was the primary form of communication between distant countries. Multinational Companies (MNCs) play a vital role in commerce.

• A multinational corporation (MNC) is a company that owns or controls manufacturing in many countries.
• MNCs establish their production headquarters and factories in low-cost labour and resource locations. This is done to keep production costs low and allow multinational corporations to profit more.
• MNCs place manufacturing near markets, where low-cost skilled and unskilled labour is widely accessible, and other production aspects are readily available.
• MNCs may also seek government intervention to defend their interests.

As mentioned above, the bulletin briefly describes what an MNC is. To get a clear picture, refer to Extramarks NCERT Solutions for Class 10 Economics Chapter 4.

Interlinking production across Countries

Investment refers to money spent on assets such as land, buildings, machinery, and other equipment. Foreign investment refers to investments made by multinational corporations. MNCs have a significant impact on output in these far-flung locations. As a result, manufacturing in these widely separated places is becoming closely connected.

MNCs are extending their production and connecting with local producers in numerous nations throughout the world in a variety of methods as listed below in Extramarks NCERT Solutions for Class 10 Economics Chapter 4:

• By forming alliances with local businesses
• Purchasing goods from local businesses
• By directly competing with or buying local businesses

MNCs collaborate with local businesses to set up manufacturing, which benefits local businesses in the following ways:

• First, MNCs can give funds for extra expenditures, such as purchasing new machinery to increase production speed.
• Second, MNCs may bring cutting-edge manufacturing technologies to them.Foreign Trade and Integration of Markets

Extramarks NCERT Solutions for Class 10 Economics Chapter 4 explains Foreign trade and Integration of Markets as follows:

• Through international commerce, producers can expand their reach beyond their local markets, i.e., markets inside their nations.
• Producers can sell their goods in their own country and international markets.
• Importing things made in another nation is another method for buyers to expand their selections beyond what is available domestically.

As a result of international commerce, markets in different nations are connected or integrated.

Globalisation 

The process of merging a country’s economy with the global economy is called “globalisation.”  It is the culmination of various projects aimed at making the globe a more linked and integrated place.

It comprises networks and initiatives intended to bridge social, economic, and geographic gaps. Globalisation strives to connect people and places such that events in India can be impacted by happenings thousands of kilometres away. To put it in other words, Globalisation is the interaction and unification of people, companies, and governments, worldwide.

Factors enabling Globalisation

As per Extramarks NCERT Solutions For Class 10 Economics Chapter 4, some factors that Globalisation enables are as listed below:

Technology 

• Rapid technical improvement is one of the major elements that has accelerated Globalisation. This has resulted in a speedier and more cost-effective distribution of goods over long distances.
• Because of information and communication technology developments, information is now readily available.
• These developments paved the way for India’s IT revolution by allowing people to operate from different parts of the country while remaining connected in a virtual workplace.
• Advanced computing facilities have enabled automation and precision control of manufacturing and uniformity.

Trade Liberalisation

• Trade barriers are government-imposed trade restrictions. The government can use trade barriers to limit or boost international commerce and select what kinds of commodities to import and how much of each. A trade barrier is something like import duties.
• Liberalization is the removal of government-imposed trade barriers or restrictions. When the government imposes fewer limitations than before, it is considered more liberal.
• Trade restrictions in a developing nation can help boost development and productivity. However, beyond a certain degree of growth, it might be damaging.
• In 1991, India liberalized its commerce, allowing enterprises to freely import and export commodities and materials. Organizations like the World Bank-backed this up.

Foreign Investment Policy

• Foreign direct investments are significant investments made by a firm in a foreign company (FDI).
• The money may be used to buy a raw material source, extend a company’s region, or build a global presence.

World Trade Organisation

Extramarks NCERT Solutions for Class 10 Economics Chapter 4 details the World Trade Organisation.

• The World Trade Organisation (WTO) was formed in 1947 because of the General Agreement on Tariffs and Trade (GATT) (GATT).
• The World Trade Organisation (WTO) is a worldwide organisation that controls international trade regulations and has 164 member nations.
• The main aim of the World Trade Organisation is to ensure that trade flows as smoothly and reliably as possible.
• The World Trade Organisation (WTO) attempts to resolve trade disputes.

Impacts of Globalisation in India

To begin with, multinational corporations have increased their investments in India during the previous two decades, demonstrating that investing in India has shown to be successful.

• Urban sectors such as cell phones, automobiles, electronics, soft drinks, fast food, and banking have attracted MNCs’ attention.
• Many wealthy people purchase these items. In these businesses and services, new jobs have been generated. In addition, local firms that provide raw materials and other essentials to these industries have also flourished.

Second, increasing competition has helped several prominent Indian corporations.

• They have raised their production standards by investing in modern technology and procedures.
• Some have profited from successful connections with multinational businesses.

Extramarks NCERT Solutions explain the impacts of Globalisation in India for Class 10 Economics Chapter 4. Register on the Extramarks’ website and get access to detailed notes.

The struggle for a Fair Globalisation

Fair Globalisation aims to provide possibilities for everyone while also ensuring that the advantages of Globalisation are distributed more evenly among all. The government has a notable role to play in making this happen.

Extramarks NCERT Solutions for Class 10 Economics Chapter 4 explains the steps taken by the government:

• It can guarantee that labour rules are followed and workers’ rights are protected.
• It can help small producers magnify their output.
• The government can build trade and investment barriers if required.
• It can negotiate ‘fairer regulations’ at the WTO.
• It can also join other developing nations with similar objectives to resist the WTO’s developed-country dominance.

NCERT Solutions for Class 10 Economics Chapter 4 Globalisation and The Indian Economy NCERT Solutions 

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Class 10 History Chapter 4: Very Short Answer Type Questions

Class 10 History Chapter 4: Short Answer Type Questions

Class 10 History Chapter 4: Long Answer Type Questions

Students may access NCERT Solutions for Class 10 Economics Chapter 4 and other chapters by clicking here. In addition, students can also explore NCERT Solutions for other classes below.

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Key Features of NCERT Solutions for Class 10 Economics Chapter 4

Class 10 students are highly recommended to go through NCERT Solution by the end of each chapter to get good results in their forthcoming examinations. Extramarks bring forward NCERT Solutions for Class 10 Economics Chapter 4 to make the concepts easier for students. Mentioned below are some primary reasons why you should choose Extramarks:

• These solutions have been prepared in a detailed yet straightforward manner for the students to grasp quickly.
• These solutions have been made to make it easy for students to learn the ideas.
• Extramarks have put together the most crucial information on this topic based on the NCERT guidelines.