NCERT Economics Class 10 | Sectors in Terms of Ownership: Public and Private Sectors Notes
Topic & sub-topics covered: Sectors in Terms of Ownership: Public and Private Sectors Notes: Sectors of The Indian Economy (All single detail notes are exam-oriented).
We have discussed in-depth and exam-oriented pointers that can be asked in the board exam of class 10th about “Sectors in Terms of Ownership: Public and Private Sectors” which is taken from the NCERT Economics notes for class 10th chapter no. 2 “Sectors of The Indian Economy“.
Download NCERT Economics Chapter 2 Class 10th Notes PDF for “Sectors of The Indian Economy”
NCERT Economics Class 10th Chapter 2 Sectors of Indian Economy Class 10 pdf
Embark on a journey to understand the intricate dynamics of economic development with NCERT Economics notes Chapter 2 Class 10th Notes. Delving into the essence of “Sectors of The Indian Economy,” these notes offer a comprehensive overview of key concepts, theories, and real-world examples.
Available in PDF format, these notes provide a convenient and accessible resource for Class 10th students to enhance their understanding, facilitate revision, and excel in their studies. Download NCERT Economics Notes Chapter 2 Class 10th Notes PDF now and unlock the keys to comprehending context.
Sectors in Terms of Ownership: Public and Private Sectors
1. Classification Based on Ownership:
- Economic activities can be classified into public sector and private sector based on ownership and service delivery responsibilities.
2. Public Sector Examples:
- Examples of the public sector include government-owned entities like railways and post offices.
3. Private Sector Examples:
- The private sector comprises privately owned entities like Tata Iron and Steel Company Limited (TISCO) and Reliance Industries Limited (RIL).
4. Profit Motive in Private Sector:
- Private sector activities are primarily driven by the motive to earn profits, and consumers pay for services rendered by private individuals or companies.
5. Purpose of Public Sector:
- The primary purpose of the public sector is not profit-making; instead, governments raise funds through taxes to finance services and infrastructure development.
6. Public Sector Responsibilities:
- Governments undertake heavy spending on activities like constructing roads, bridges, railways, generating electricity, and providing irrigation through dams.
7. Government Support for Industries:
- Government intervention is necessary to support industries, such as providing affordable electricity, purchasing agricultural produce at fair prices, and selling essential commodities at subsidized rates.
8. Role in Education and Healthcare:
- The government is responsible for providing essential services like education and healthcare to all citizens, particularly focusing on elementary education and improving health indicators.
9. Addressing Social Issues:
- Government initiatives are crucial for addressing social issues like malnutrition, and infant mortality, and ensuring access to safe drinking water, housing, and nutrition.
10. Focus on Human Development:
- It is the government’s duty to prioritize human development by allocating resources to improve living standards and address inequalities, especially in the poorest regions of the country.
Next & Previous Topics of NCERT/CBSE Economics Class 10 Chapter 2: Sectors of The Indian Economy
FAQ
Q1. What is the significance of distinguishing between public and private sectors in economics?
Answer: Differentiating between public and private sectors helps understand the ownership and control of economic activities. It provides insights into how resources are allocated and managed, and the role of government in the economy.
Q2. Can you provide examples of public sector entities?
Answer: Certainly! Public sector entities include government-owned organizations such as public schools, hospitals, defence agencies, and state-owned enterprises like national railways or postal services.
Q3. What are the advantages of public sector enterprises?
Answer: Public sector enterprises often prioritize public welfare over profits, leading to the provision of essential services to citizens at affordable rates. Additionally, they can stimulate economic growth and provide employment opportunities.