Economics Applications Notes Class 9

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Basic Problems of an Economy

Professor Lionel Robbins provided the following reasons for the emergence of economic problems: Human wants are unlimited because there is no end to human wants.

Main Sectors of Indian Economy: Agriculture

The economic activities of the Indian economy are classified into three broad sectors—the primary sector, the secondary sector, and the tertiary sector.

Other Sectors of the Indian Economy

the Industrial Policy Resolution of 1948. These policy resolutions divided the economy into public and private sectors. It was based on the assumption that large-scale investment in the public sector, a high level of public investments, and public sector investment would encourage the growth and profitability of many private enterprises.

Consumer Awareness

Consumers’ consciousness of their rights and duties is known as consumer awareness. Consumers should be aware of their rights to ensure proper standards of goods and services they purchase.

Meaning and Definition of Economics

Economics studies the economic behaviour of individuals and organizations in society. It also studies individuals and organizations engaged in economic activities concerned with the production, distribution, and consumption of goods and services. Hence, Economics is regarded as the queen of all social sciences.


Industrialization is a process that involves the substitution of machine power with manpower. It refers to the growing mechanization in the production process in the industrial sector.

Meaning and types of Economy

In this article, you are going to read about different types of economies. An economy is a system that provides people with goods and services and directly or indirectly satisfies their wants.

Social Infrastructure

Social infrastructure refers to the main elements of social change which serve as a base for the process of social development of a country. It contributes to economic processes indirectly and from outside the system of production and distribution.


Globalization is the integration of the economy of a country with the world economy. It aims to encourage foreign trade and private and institutional foreign investment.

Basic Economic Entities in an Economy

An institutional unit that can perform economic activities independently is called an economic entity. Consumers, households, firms, and the government are the four basic entities of an economy because they perform the basic economic activities of production and consumption in an economy.

Main sectors of the Indian economy

The main sectors of the Indian economy are the Services. In the last few decades, the development of the primary and secondary sectors has resulted in the rise of several services which are required for the smooth functioning of these sectors such as banking, transport, and insurance.

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