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Economics Chapter 1 NOTES

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Bhavana Surana 7E
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Economics Chapter 1 NOTES

Uploaded by

Bhavana Surana 7E
Copyright
© © All Rights Reserved
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CLASS 10

Social
Economics
Chapter 1
Resources and Development
WHAT DEVELOPMENT PROMISES – DIFFERENT PEOPLE,
DIFFERENT GOAL
Different people can have different developmental goals. What may be
development for one may not be development for the other person. It may even be
destructive for the other.

INCOME AND OTHER GOALS


People want more income. Money, or material things that one can buy with it, is one
factor on which our life depends. However, the quality of our life also depends on
non-material things such as equal treatment, freedom, security, and respect for
others. For development, people look at a mix of goals. The developmental goals are
not only about better income but also about other important things in life.

NATIONAL DEVELOPMENT
Different people could have different as well as conflicting notions of a country's
development.

HOW TO COMPARE DIFFERENT COUNTRIES OR STATES?


To compare countries, their income is considered to be one of the most important
attributes. Countries with higher income are more developed than others with less
income. As different countries have different populations, comparing total income
will not tell us what an average person earns. So, we compare the average income of
countries.
Average income is the total income of the country divided by its total population.
It is also called per capita income.
𝑇𝑜𝑡𝑎𝑙 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑓 𝐶𝑜𝑢𝑛𝑡𝑟𝑦
Average Income =
𝑇𝑜𝑡𝑎𝑙 𝑃𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝐶𝑜𝑢𝑛𝑡𝑟𝑦

In World Development Reports, per capita income is used in classifying countries.

Countries with per capita income of US$ 49,300 per annum and above in 2019, are
called rich countries.
Countries with per capita income of US$ 2500 or less are called low-income
countries. Example: India.

INCOME AND OTHER CRITERIA


When we think of a nation or a region, besides average income, public facilities are
equally significant attributes.
Public Facilities: These are the services provided by the government to its citizens.
Some of the important public facilities include infrastructure, sanitation, public
transport, health care, water, etc.

SUSTAINABILITY OF DEVELOPMENT
Sustainable development is defined as development that meets the needs of the
present, without compromising the ability of future generations. Scientists have
been warning that the present type and levels of development are not sustainable.
Some of the examples are:
→ Overuse of ground water
→ Exhaustion of natural resources

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