Points to Remember -Class 10 – Social Science -Economics-Chapter 2 : SECTORS OF THE INDIAN ECONOMY

Points to Remember -Class 10 – Social Science -Economics-Chapter 2 : SECTORS OF THE INDIAN ECONOMY

Points to Remember:

• Primary Sector: Producing a good by exploiting natural resources is an activity of primary sector. Such as: Agriculture, Dairy fishing forestry and so on.

• Secondary Sector: covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activities. Such as using cotton fibre from plant.

• Tertiary Sector: These activities by themselves do not produce a good but they are an aid or a support for the production process. This sector is known as Service sector also. Such as transport services, insurance services and so on.

• Private sector part of a country’s economic system runs by individuals and companies, rather than the government.

• Public sector usually comprised of organization that are owned and operated by the government and exist to provide services for its citizens.

• Organized sector is a sector where the employment terms are fixed and regular, and the employees get assured work.

• Unorganized Sector is a sector where the employment terms are not fixed and regular, as well as the enterprises, are not registered with the government.

• Gross Domestic product is a monetary measure of the market value of all final goods and services produced in a period i.e. Sum of Primary sector+ secondary sector + Tertiary sector.

• When more people are working that is needed and even if some people are removed from work, does not affect the total production. This situation is called disguised unemployment. It is also known as Hidden unemployment.

• Mahatma Gandhi National Rural Employment Guarantee Act was enacted in 2005 which aims to provide employment of 100 days in a year. If it fails to do so, government will provide unemployment allowances to the people.

1. Primary or agriculture sector. Example-Agriculture, Dairy, Fishing, Forestry etc.

2. Secondary of Industrial Sector. Example-Manufacturing and industrial activities etc.

3. Tertiary or Service Sector. Example – Trade, Transport, Banking, Tourism etc.