Globalization and the Indian economy, class 10 economic notes, important terms, digieducation

 

Globalization and the Indian economy

Class 10 economic notes

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Important Terms

✿ Globalisation: It means opening up the economy to facilitate its integration with the world economy.

✿ Liberalisation: It refers to liberal and easy policy for carrying business or profession within or outside the country and it also seeks to make licensing policy easy.

✿ Privatisation: Privatisation means removing strict control over private sector and making them free to take necessary decisions.

✿ Outsourcing: It is the process of giving some internal functions of the business to some outside vendor, who will take care of that particular process to help the overall business objective.

✿ Foreign Trade: It is a process of buying and selling goods and services from one country to another.

Points to Remember

✿   Economic reform is the process of liberalisation, globalisation and privatisation of the industrial sector of the economy to bring competitiveness and market driven functioning of the economy.

 ✿   A multinational company is a company that owns or controls production in more than one nation.

  ✿  A BPO is an organisation which works on different processes of different companies to help them in reducing cost of operation and providing standard and high quality service delivery.

✿An international financial institution established to extend financial assistance to member-nations for development purpose know as World bank

✿WTO stands for world trade organisation. The aim of this organisation is to conduct the international trade among member countries.

✿Mixed economy is a system in which private and public sector work together.

✿Information technology sector provides hardware, software and other related services to companies based within or outside the country.

Class 10 economic notes

Quick revision notes for students

Cbse, state board and other...

Digieducation..

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