Page 29 - Understanding Economics for Class 10

means more of all things that human beings need. Whatever people like and should
have, they will be able to get with greater income.
(ii) Apart from income, one needs peaceful and safe working atmosphere. Without it, one
cannot work well which will neither be in favour of oneself nor the company.
Goyal Brothers Prakashan
(iii) Job security is another important factor. A job may give you less pay but may offer
regular employment that enhances your sense of security. Such a job can be accepted
by many.
(iv) One also wants medical and other facilities for oneself and one’s family. In case of
illnesses, there should be a provision of paid leaves. Provident fund, gratuity are another
factors that are taken into consideration before accepting a job.
(v) One also wants opportunity to learn during job period. It will be in favour of the
individual as well as the employer. Thus, we can infer that for a job seeker not only
material or money is important but several non-material things are equally important.

3. Distinguish between developed and developing countries.
Ans. The following differences can be observed between developed and developing countries:
Developed Countries Developing Countries
(i) Developed countries have more average (i) Developing countries have low average
income, higher per capita income and income, less per capita income and low
better standard of life. standard of life.
(ii) People of developed countries enjoy public (ii) People of developing countries lack
facilities without any discrimination. public facilities.
(iii) Developed countries invest in human (iii) Developing countries are not in position
resources especially in the field of to invest much in human resources. As a
education and health. These people result, they become liability to their country.
become asset and contribute in the further Also, they lag behind from those living in
development of their country. developed countries in several ways.
(iv) Literacy rate is quite high in developed (iv) Literacy rate is usually low in developing
countries. Needless to say that educated countries because a bulk of population
people are highly productive and is deprived of education.
play important role in their country’s
development.
(v) More people are engaged in non- (v) People are mostly engaged in agricultural
agricultural sector. They earn good sector. They earn low income and live
income and live a quality life. This raises a tough life. Hence, the rate of life
the life expectancy rate in these countries. expectancy in these countries is low.
(vi) Example; America, United Kingdom, (vi) Example; India, China, etc.
France, etc.

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E-20 Economics Class X