Basic Economics NCERT

NCERT Basic Economics
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Class IX
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● Factors for production of goods & services _ Land (Limited & Fixed), Labour (Salary & Wages), Capital (fixed & working), Human Capital (Management, Technological Knowledge)

● Economic activities (Market oriented & non-market / home based activities meant for self consumption) are carried out in 3 sectors _ Primary Sector (Agriculture, Horticulture, Fishery, Diary, Animal Husbandry, Poultry farming, Forestry, Mining & quarrying etc.), Secondary Sector (Manufacturing), Tertiary Sector (Trade, Transport, Communication, Banking, Education, Health, Tourism, Services, Insurance, Outsourcing, IT, Hotel & Hospitality etc.)

● illiterate & unhealthy population leads to the liability for the economic growth of any country and vice versa.

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