Grade 9

Basic Concepts of Economics

(i) Meaning and definition of Economics; Economic entities: Consumer, Producer, Households, Government. Importance of these economic entities. Meaning of an economy and the role of economic entities.
(ii) Three major problems of an economy: What to produce? How to produce? For whom to produce? Efficient use of resources; the basic understanding of the terms: economic growth and economic development.
(iii) The nature and classification of an economy: developed, underdeveloped and developing economy; Capitalistic, Socialistic, Mixed economies: main features.

An Overview of Economy

The nature of economy: the main sectors of economy - Agriculture, Industry and Services. Role of these sectors in economy and their interrelationship. The sectors according to ownership - private and public; the sectors according to type of economy- rural and urban sectors.

Infrastructure of the Economy

Economic and social infrastructure of economy. Social infrastructure - education, health and family welfare, housing; Economic infrastructure - transport, power, irrigation, banking and financial institutions.

Population

Size and growth rate, causes of the rapid growth of population; problem of over-population; remedies for population explosion; population policy of the government; age, sex, composition and occupational distribution of population

Foreign Trade

The role of foreign trade in economy; the main items of exports and imports; the direction of foreign trade - trading partners.