Unit 4: Understanding Economic Development 

Themes

Learning Objectives

1. Development:

• What Development Promises - Different people different goals
• Income and other goals
• National Development
• How to compare different countries or states?
• Income and other criteria
• Public Facilities
• Sustainability of development

2. Sectors of the Indian Economy:

• Sectors of Economic Activities
• Comparing the three sectors
• Primary, Secondary and Tertiary Sectors in India
• Division of sectors as organized and unorganized
• Sectors in terms of ownership: Public and Private Sectors

3. Money and Credit:

• Money as a medium of exchange
• Modern forms of money
• Loan activities of Banks
• Two different credit situations
• Terms of credit
• Formal sector credit in India
• Self Help Groups for the Poor

4. Globalization and the Indian Economy:

• Production across countries
• Interlinking production across countries
• Foreign Trade and the integration of markets
• What is globalization?
• Factors that have enabled Globalisation
• World Trade Organisation
• Impact of Globalization on India
• The Struggle for a Fair Globalisation

5. Consumer Rights:

Note: Chapter 5 ‘Consumer Rights’ to be done as Project Work.

• Familiarize with concepts of macroeconomics.
• Understand the rationale for overall human development in our country, which includes the rise of income, improvements in health, and education rather than income.
• Understand the importance of quality of life and sustainable development.

• Identify major employment generating sectors.
• Reason out the government investment in different sectors of the economy.

• Understand money as an economic concept.
• Understand the role of financial institutions from the point of view of day-to-day life.

• Explain the working of the Global Economic phenomenon.

• Gets familiarized with the rights and duties as a consumer, and legal measures available to protect from being exploited in markets.