Class 10 Social Science Economics Chapter 2 Economic Development

Class 10 Social Science Economics Chapter 2 Economic Development The answer to each chapter is provided in the list so that you can easily browse throughout different chapters Assam Board Class 10 Social Science Economics Chapter 2 Economic Development and select needs one.

Class 10 Social Science Economics Chapter 2 Economic Development

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Also, you can read the SCERT book online in these sections Solutions by Expert Teachers as per SCERT (CBSE) Book guidelines. These solutions are part of SCERT All Subject Solutions. Here we have given Assam Board SEBA Class 10 Social Science Economics Chapter 2 Economic Development Solutions for All Subject, You can practice these here…

Economic Development

Chapter: 2



Q 1. Economic growth.

Ans: Economic growth is an increase in the production of economic goods and services in one period of time compared with a previous period. It can be measured in nominal or real (adjusted to remove inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP).

Q 2. Economic development.

Ans: Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community.

Economic development means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.

Q 3. Human development.

Ans: Human development is defined as the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live.

Q 4. Economic planning.

Ans: Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.

Q 5. Democratic planning.

Ans: Democratic planning is a planning in which there is active participation of people in different stages of plan making.

Q 6. Liberation.

Ans: The term “liberalisation” refers to the “removal of controls” in order to promote economic development. Economic liberalisation is the reduction of government regulations and restrictions in an economy in exchange for increased private sector participation.

Q 7. Privatisation.

Ans: The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business.

The process in which a publicly-traded company is taken over by a few people is also called privatization. The stock of the company is no longer traded in the stock market and the general public is barred from holding stake in such a company.

Q 8. Globalisation.

Ans: Globalisation refers to the integration of global economics, industries, markets, culture and policies making around the world free from socio-political control and reduces distances between regions/countries through a global network of trade, communication, immigration, and transportation.


Q 1. Mention two important points of difference between economy growth and economy development.

Ans: The different between economic growth and economic development are: 

Economic Growth:

(i) Economic Growth is the positive change in the indicators of economy.

(ii) Economic Growth refers to the increment in amount of goods and services produced by an economy.

Economic Development:

(ii) Economic development is the quantitative and qualitative change in an economy.

(ii) Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

Q 2. What are three indica of human development?

Ans: The Three development are:

(i) Life expectancy.

(ii) Literacy The levels of literacy include adult literacy and the gross enrolment ratio of primary and secondary education and other branches.

(iii) Standard of living (basically accessibility to sanitation and pure drinking water).

Q 3. What is meant by expansion of collective choice? 

Ans: Human development means the expansion of collective choice of the people. The three indicators of human development such as life expectancy, literacy and standard of living influence collective choice. The choice of the people constitute the core of human development, the technical formula or the concepts are but of secondary importance. The concept of economic growth represents only one choice the level of income. Human development on the other hand covers economic, social, cultural and political choices of the people.

The focus of human development is an experiment of the lives of the people, it is not merely the rise in the amount of output produced in the country.

Q 4. Mention four important objectives of India’s five Year pension:

Ans: The four important objective of India’s Five year plans are:

(a) To remove poverty.

(b) To remove socioeconomic inequalities.

(c) To expand employment opportunities.

(d) To raise the growth rate of the economy.

Q 5. Who are the members of NITI Aayog?

Ans: The National Institution for Transforming India is abbreviated as NITI.

The members of NITI Aayog are:

(a) Full time members: Three experts.

(b) Part time members: Two numbers.

(c) Ex official members: Maximum four cabinet Ministers.


Q 6. Explain one of the main points of difference between the first phase of planning in India (1951-52 to 1990-91) and the second phase (1991-1992 to the present day).

Ans: The difference between the first phase of planning in India (1951-52 to the present day) was:

In the first period of planning (1951-52 to 1990-91), the public sector was the leading sector in the economy. The role of the private sector was secondary.

Other hand, the second phase of planning in India covers the period 1991-92 to the present day. In this period, the important liberalisation, privatisation and globalisation has increased and the importance of the public sector, to that extent, has declined.

Q 7. Briefly explain the three main causes of the introduction of economic reform measures in India.

Ans: The Three main cause of the introduction of economic reform measures in India are:

(i) The aggregate public expenditure exceeded the aggregate public revenue which resulted in a huge fiscal deficit. The amount of public expenditure in the public sector was rising over the years but the vast majority of public sector undertakings incurred heavy lesses and hence, the return to public expenditure were low.

(ii) Fiscal deficit: Fiscal deficit is an economic phenomenon in which the aggregate public expenditure surpasses the aggregate public revenue. Indian economy had to face a huge huge fiscal deficit during the first phase of planning.

(iii) Inflation: Indian economy was deeply affected by Inflation in the pre-economic reform period.

Q 8. Mention three benefits of economic reforms in India.

Ans: Three benefits of economic reforms in India are:

(i) Foreign exchange reserves increased due to increase in foreign investment.

(ii) Economic growth was observed.

(iii) There was a reduction in the wholesale prices but increase in retail prices.

Q 9. Briefly explain two problems of economic reforms in India.

Ans: The problems of economic reforms in India are: 

(i) The agriculture sector was neglected and the public investment in this sector was reduced and hence the infrastructure areas were affected.

(ii) Excessive consumerism may lend to the erosion of social values where money power will be all pervading.excessive consumerism may lend to the erosion of social values where money power will be all pervading.

Q 10. Mention five important objectives of Assam’s Twelfths Five Year plan.

Ans: The important objectives Of Assam’s Twelfths Five Year plan are:

(i) to rise the rate of growth of the Assam economy to 10 per cent in the next two to three decades in order to remove the gap between Assam economy and the economy of the development states in India.

(ii) to adopt various schemes for poverty removal.

(iii) to tackle the problem of flood and erosion with the latest technology and scientific management.

(iv) to raise the annual rate of growth of agriculture from 6 percent to 8 percent.

(v) to achieve self-sufficiency in power generation and to apply modern technology in power supply and distribution. 

(vi) to raise the value of Assam’s human development index and accordingly increase the amount of investment in health and education.

(vii) to lay emphasis on skill formation in order to expand opportunities for self employment and promote the growth of micro, small and medium industries including the traditional cottage industries.

(viii) to preserve bio-diversity and to tackle the problem of climate change and

(x) to take up measures to ensure good governance in the state and the local bodies (Panchayat. Municipalities and so on).

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