Category: Samacheer Kalvi Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 5 Market Structure and Pricing Notes

→ “Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value”. – Philip Kotler

→ Meaning of market : In the ordinary sense, the word ‘market’ refers to a physical place, where commodities and services are bought and sold.

→ In Economics, the term ‘market’ refers to a system of exchange between the buyers and the sellers of a commodity.

→ On the basis of Time: Alfred Marshall classifies market on the basis of time.

→ Firm and Industry:
A firm refers to a single production unit in an industry, producing a large or a small quantum of a commodity or service, and selling it at a price in the market.
An industry refers to a group of firms producing the same product of service in an economy.
→ Perfect Competition : According to Joan Robinson, “Perfect competition prevails when the demand for the output of each producer is perfectly elastic”.

→ Imperfect Competition: Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario.

→ Monopoly:
Meaning: The word monopoly has been derived from the combination of two words, i. e., ‘Mono’ and ‘Poly’. Mono refers to a single and “Poly” to seller.
Definition: Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market. .

→ Dumping: Dumping refers to practice of the monopolist charging higher price for his product in the local market and lower price in the foreign market

→ Monopolistic Competition: Monopolistic competition refers to a market situation where there are many firms selling a differentiated product.

→ Monopsony: Monopsony is a market structure in which there is only one buyer of a good or service.

→ Bilateral Monopoly: Bilateral monopoly refers to a market situation in which a single producer (monopolist) of a product faces a single buyer (monopsonist) of that product.

→ Oligopoly: Oligopoly is a market situation in which there are a few firms selling homogeneous or differentiated products.

Equilibrium : A situation or a state at which a firm seeks to rest.

Equilibrium Price: The price at which the quantity demanded of a good equals quantity supplied.

Firm: A single organization which employs factors of production to produce goods and sells.

Long run: The period of time during which all factors of production are variable.

Marginal cost: Addition made to total costs already incurred by producing one more unit of the commodity.

Marginal revenue: Addition made to total revenue already incurred by selling one more unit of the commodity.

Monopolist: A single-seller who controls entire or major part of output, which has no close substitutes.

Price-maker: The power in the firm to set the price for goods in the market.

Price-taker: The feature of a firm to accept the price fixed in the industry.

Samacheer Kalvi 11th Economics Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 4 Cost and Revenue Analysis Notes

→ “The big hurdle is going out and raising the revenue” – Tyler Cowen

→ Cost and revenue analysis refers to examining the cost of production and sales revenue of a production unit or firm under various conditions.

→ Cost Analysis : Cost refers to the total expenses incurred in the production of a commodity.

→ Money Cost: Production cost expressed in money terms is called as money cost.

→ Real Cost: Real cost refers to the payment made to compensate the efforts and sacrifices of all factor owners for their services in production.

→ Explicit Cost: Payment made to others for the purchase of factors of production is known as Explicit Costs.

→ Implicit Cost: Payment made to the use of resources that the firm already owns, is known as Implicit Cost.

→ Sunk Cost: A cost incurred in the past and cannot be recovered in future is called as Sunk Cost.

→ Floating Cost: Floating cost refers to all expenses that are directly associated with business activities but not with asset creation.

→ Total Cost Curves : Total Cost means the sum total of all payments made in the production.

→ Average Fixed Cost (AFC): Average fixed cost refers to the fixed cost per unit of output. It is obtained by dividing the total fixed cost by the quantity of output.

→ Revenue Analysis : The amount of money that a producer receives in exchange for the sale of good is known as revenue.

→ Revenue Concepts: The three basic revence concepts are:
Average Revenue: Average Revenue is the revenue per unit of the Commodity sold.
Total Revenue: Total revenue is the amount of income received by the firm from the sale of its products.
Marginal Revenue : Marginal revenue (MR) is the addition to the total revenue by the sale of an additional unit of a commodity.

→ TR, AR, MR and Elasticity of Demand : The relationship between the AR curve and MR curve depends upon the elasticity of AR curve (AR = DD = Price.)

→ Cost: It refers to expenses incurred on production

→ Revenue: It refers to sales revenue

→ Explicit Cost: It refers to out of pocket expenses of money cost or accounting costs. They are the payments made to others.

→ Implicit Cost: The cost imputed for the resources provided by the owner.

→ Fixed Costs: The costs that remain constant at all levels of output. They do not vary with output.

→ Variable Cost: The cost that varies with the level of output.

→ Total Costs: The sum of total fixed cost and total variable costs.

→ Marginal Cost: The additional cost incurred for producing one more unit of output.

→ Average Cost: Cost per unit of output produced. It is obtained by dividing total cost by output.

→ Average Variable Cost: Variable Cost per unit of output, obtained by dividing total variable cost by output.

→ Average Fixed Cost: Fixed cost per unit of output, obtained by dividing total fixed cost by output.

→ Average Revenue: Average revenue refers to revenue per unit of output sold. It is obtained by dividing the total revenue by quantity sold.

→ Marginal Revenue: The additional revenue obtained by selling one more unit of output.

Samacheer Kalvi 11th Economics Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 3 Production Analysis Notes

→ “Production is any activity diverted to the satisfaction of other people’s wants through exchange” -J R Hicks.

→ Production is a process of using various material and immaterial inputs in order to make output for consumption.

→ Features of the Factors of Production: Factors of production means resources used in the process of production of commodities.

→ Land: In ordinary sense ‘land’ refers to the soil or the surface of the earth or ground.

→ Financial Capital means the assets needed by the firm to provide goods and services measured in term of money value.

→ An entrepreneur is a person who combines land, labour and capital in the production process to earn a profit.

→ Production Function: Production function refers to the relationship among units of the factors of production (inputs) and the resultant quantity of a good produced (output).

→ Economies of Scale: “Scale of production’ refers to the ratio of factors of production.

→ External Economies of Scale: External Economies of scale refer to changes in any factor outside the firm causing an improvement in the production process.

→ External Dis economies of scale : The term “External dis economies of scale” refers to the threat or disturbance to a firm or an industry from factor lying outside it.

→ Definition of Iso-quant : According to Ferguson, An iso-quant is a curve showing all possible combinations of inputs physically capable of producing a given level of output”.

→ Properties of Iso-quant curve:
The iso-quant curve has negative slope: If more of one factor is used, less of the other factor is needed for producing the same level of output. In the diagram combination A refers to more of capital K₅and less of labour L₂ As the producer moves to B, C, and D, more labour and less capital are used.

Convex to the origin: This explains the concept of diminishing Marginal Rate of Technical Substitution (MRTSLK). For example, the capital substituted by 1 unit of labour goes on decreasing when moved from top to bottom. If so, it is called diminishing MRTS. Constant MRTS (straight line ) and increasing MRTS (concave) are also possible. It depends on the nature of iso-quant curve.

→ Producer’s Equilibrium: Producer equilibrium implies the situation where producer maximizes his output. It is also known as optimum combination of the factors of production.

→ Elasticity of Supply: Elasticity of supply may be defined as the degree of responsiveness of change in supply to change in price on the part of sellers.

→ Production: An activity that transforms input into output.

→ Factors of Production: Four factors are Land, Labour, Capital and Organisation. Factor services are used in the process of production.

→ Land: All gifts of Nature.

→ Labour: Physical or mental effort of human being in the process of production.

→ Capital: Man-made material source of production.

→ Organisation: which takes decisions and bears risk.

→ Production function: Technological relationship between inputs and output.

→ Supply: The quantity of output which producers are willing and able to offer to the market at various prices.

→Elasticity of Supply: Responsiveness of the quantity supplied of a good to a change in its price.

→ Iso-quant: All the combination of two inputs which are capable of producing same level of output.

→ Iso-cost: All combination of two inputs shows that a firm can purchase with the same amount of money.

→ Short-run Production Function: Relationship between inputs and output, when there is at least one fixed factor in the production process.

→ Long-run Production Function: Relationship between inputs and output when all factors are variable.

→ Economies of Scale: A proportionate saving in costs gained by an increased level of production.

Samacheer Kalvi 11th Economics Notes

Tamilnadu Samacheer Kalvi 12th Computer Science Notes Chapter 13 Python and CSV Files Notes

CSV file:
A CSV file is a human readable text file where each line has a number of fields, separated by commas or some other delimiter

Two ways to read a CSV file:
The two ways to read a CSV file are using csv.reader() function and using DictReader class.

Python File Modes:

• The default mode of csv file in reading and writing is text mode
• Binary mode can be used when dealing with non-text files like image or exe files.

Garbage collector:
Python has a garbage collector to clean up unreferenced objects

Skip initial space:
“skip initial space” is used for removing whitespaces after the delimiter

CSV library:
The ŒV library contains objects and other code to read, write, and process data from and to CSV files.

csv.reader, csv.writer,csv.ÐictReader, csv.DictWriter:

• csv.reader and csv.writer work with list/tuple.
• csv.DictReader and csv.Dict Writer work with dictionary.
• csv.DictReader and csv.Dict Writer take additional arguments fieldnames that are used as dictionary keyš.
• The csv.writer() method returns a writet object which converts the user’s data into delimited strings.
• DictReader() class of csv module creates an object which maps data to a dictionary.

operator.itemgetter():
operator.itemgetter can be used to sort by more than one column operator.itemgetter()

itemgetter():
itemgetter() with multiple indices is used to sort by more than one column.

writerow() Vs Writerows():
The writerowQ method writes one row at a time. WriterowsQ method is used to write all the data at once.

csv.register_dialect():
CSV file having custom delimiter is read with the help of csv.register_dialect().

close() method:
close() method will free up the resources that were tied with the file

Line Terminator:
A Line Terminator is a string used to terminate lines produced by writer.

Dialect:
A dialect is a class of csv module which helps to define parameters for reading and writing CSV.

Ordered Diet:
An Ordered Diet is a dictionary subclass which saves the order in which its contents are added.

Samacheer Kalvi 12th Computer Science Notes

Tamilnadu Samacheer Kalvi 12th Computer Science Notes Chapter 14 Importing C++ Programs in Python Notes

Scripting language Vs Other programming language:
A scripting language requires an interpreter while a programming language requires a compiler.

Compiler Vs Interpreter:

Python Vs C++

Applications of Scripting Language :

• To automate certain tasks in a program
• Extracting information from a data set
• Less code intensive as compared to traditional programming language.
• can bring new functions to applications and glue complex systems together

Module:
Modules refer to a file containing Python statements and definitions.

Modular programming:

• Modular programming is a software design technique to split your code into separate parts.
• These parts are called modules. The focus for this separation should have modules with no or just few dependencies upon other modules.

Wrapping:
Importing C++ program in a Python program is called wrapping up of C++ in Python.

Importing C++ Files in Python:

• Importing C++ program in a Python program is called wrapping up of C++ in Python.
• Wrapping or creating Python interfaces for C++ programs are done in many ways.

The commonly used interfaces are

• Python-C-API (API-Application Programming Interface for interfacing with C programs)
• Ctypes (for interfacing with c programs)
• SWIG (Simplified Wrapper Interface Generator- Both C and C++)
• Cython (Cython is both a Python-like language for writing C-extensions)
• Boost. Python (a framework for interfacing Python and C++)
• MinGW (Minimalist GNU for Windows)

g++:
g++ is a program that calls GCC (GNU C Compiler) and automatically links the required C++ library files to the object code.

MinGW Interface:
MinGW refers to a set of runtime header files, used in compiling and linking the code of C, C++ and FORTRAN to be run on Windows Operating System.

Importing modules in Python:

Python’s sys Module:
sys module provides access to some variables used by the interpreter and to functions that interact strongly with the interpreter.

Python’s OS Module:

• The OS module in Python provides a way of using operating system dependent functionality.
• The functions that the OS module allows you to interface with the Windows operating system where Python is running on.

Python getopt module:

• The getopt module of Python helps you to parse (split) command-line options and arguments.
• This module provides two functions to enable command-line argument parsing.

_name_ :
name is one such special variable which by default stores the name of the file

Samacheer Kalvi 12th Computer Science Notes

Tamilnadu Samacheer Kalvi 12th Computer Science Notes Chapter 15 Data Manipulation Through SQL Notes

Database:

• A database is an organized collection of data.
• Users of database can be human users, other programs or applications

SQLite:
SQLite is a simple relational database system, which saves its data in regular data files.

Cursor:
Cursor is a control structure used to traverse and fetch the records of the database. All the SQL commands will be executed using cursor object only.

SELECT Statement in SQL:

•  “Select” is the most commonly used statement in SQL
• The SELECT Statement in SQL is used to retrieve or fetch data from a table in a database

Clauses in SQL:

• SQL provides various clauses that can be used in the SELECT statements. ,
• These clauses can be called through python script.
• Almost all clauses will work with SQLite.

The various clause are:

• DISTINCT
• WHERE
• GROUP BY
• ORDER BY.
• HAVING

i) SQL DISTINCT Clause :

• The distinct clause is helpful when there is need of avoiding the duplicate values present in any specific columns/ table.
• When we use distinct keyword only the unique values are fetched.

ii) SQL WHERE Clause :

• The WHERE clause is used to extract only those records that fulfill a specified condition.
• Where clause cannot be used along with ‘Group by’ clause.
• The WHERE clause can be combined with AND, OR, and NOT operators.

iii) SQL GROUP BY Clause :

• The SELECT statement can be used along with GROUP BY clause.
• The GROUP BY clause groups records into summary rows. ’
• It returns one records for each group.
• It is often used with aggregate functions (COUNT, MAX, MIN, SUM, AVG) to group the result-set by one or more columns.

iv) SQL ORDER BY Clause :

• The ORDER BY Clause can be used along with the SELECT statement to sort the data of specific fields in an ordered way.
• It is used to sort the result-set in ascending or descending order.

v) SQL HAVING Clause:

• Having clause is used to filter data based on the group functions.
• Having clause is similar to WHERE condition but can be used only with group functions.
• Group functions cannot be used in WHERE Clause but can be used in HAVING clause.

Role of ‘AND’ and ‘OR’ operators:
The ‘AND’ and ‘OR’ operators are used to filter records based on more than one condition

Aggregate functions:

• Aggregate functions are used to do operations from the values of the column and a single value is returned.
• COUNT() function returns the number of rows in a table.
• AVG() function retrieves the average of a selected column of rows in a table.
• SUM() function retrieves the sum of a selected column of rows in a table.
• MAX() function returns the largest value of the selected column.
• MIN() function returns the smallest value of the selected column

Sqlite_master:
sqlite_master is the master table which holds the key information about your database tables.

Path:
The path of a file can be either represented as ‘/’ or using ‘\\’ in Python. For example the path can be specified either as ‘c:/pyprg/sql.csv’, or c:\\pvprg\\sql.csv’.

Samacheer Kalvi 12th Computer Science Notes

Tamilnadu Samacheer Kalvi 12th Computer Science Notes Chapter 16 Data Visualization Using Pyplot: Line Chart, Pie Chart and Bar Chart Notes

Data Visualization:

•  Data Visualization is the graphical representation of information and data.
• The objective of Data Visualization is to communicate information visually to users.
• Data visualization uses statistical graphics.
• Numerical data may be encoded using dots, lines, or bars, to visually communicate a quantitative message.

General types of Data Visualization:

• Charts
• Tables
• Graphs
• Maps
• Infographics
• Dashboards

Uses of Data Visualization:

• Data Visualization help users to analyze and interpret the data easily.
• Data Visualization makes complex data understandable and usable.
• Various Charts in Data Visualization helps to show relationship in the data for one or more variables.

Types of Visualizations in Matplotlib:
There are many types of Visualizations under Matplotlib.

Some of them are:

• Line plot
• Scatter plot
• Histogram
• Box plot
• Bar chart and
• Pie chart

Infographics:
An infographic (information graphic) is the representation of information in a graphic format.

Dashboard:

• A dashboard is a collection of resources assembled to create a single unified visual display.
• Data visualizations and dashboards translate complex ideas and concepts into a simple visual format.
• Patterns and relationships that are undetectable in text are detectable at a glance using dashboard.

Matplotlib:
Matplotlib is the most popular data visualization library in Python. It allows to create charts in few lines of code.

Box plot:
The box plot is a standardized way of displaying the distribution of data based on the five number summary: minimum, first quartile, median, third quartile, and maximum.

Types of pyplots using Matplotlib.
Matplotlib allows us to create different kinds of plots ranging from histograms and scatter plots to bar graphs and bar charts.

Line Chart:

• A Line Chart or Line Graph is a type of chart which displays information as a series of , data points called ‘markers’ connected by straight line segments.
• A Line Chart is often used to visualize a trend in data over intervals of time – a time series – thus the line is often drawn chronologically.

Bar Chart:

• A BarPlot (or Bar Chart) is one of. the most common type of plot.
• It shows the relationship between a numerical variable and a categorical variable.
• Bar chart represents categorical data with rectangular bars.
• Each bar has a height corresponds to the value it represents.
• The bars can be plotted vertically or horizontally.
• It’s useful when we want to compare a given numeric value on different categories.
• To make a bar chart with Matplotlib, we can use the plt.bar() function.

Pie Chart:

• Pie Chart is probably one of the most common type of chart.
• It is a circular graphic which is divided into slices to illustrate numerical proportion.
• The point of a pie chart is to show the relationship of parts out of a whole.
• To make a Pie Chart with Matplotlib, we can use the pit.pie () function.
• The autopct parameter allows us to display the percentage value using the Python string formatting.

Various buttons in a matplotlib window:
Home Button:
The Home Button will help one to begun navigating the chart. If we ever want to return back to the original view, we can click on this.

Forward/Back buttons :
Forward/Back buttons can be used like the Forward and Back buttons in browser. Click these to move back to the previous point vou were at, or forward again.

Pan Axis:
This cross-looking button allows us to click it, and then click and drag graph around

Zoom:

• The Zoom button lets you click on it, then click and drag a square would like to zoom into specifically.
• Zooming in will require a left click and drag. Zoom out with a right click and drag.

Configure Subplots:
Configure Subplots button allows us to configure various spacing options with figure and plot.

Save Figure :
Save Figure button will allow you to save figure in various forms.

Samacheer Kalvi 12th Computer Science Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 2 Consumption Analysis Notes

→ “Consumption is the sole end and object of economic activity” – J M Keynes.

→ Consumption is the beginning of economic science.

→ Wants are unlimited: Human wants are countless, in number and various in kinds.

→ Wants become habits: Wants become habits; for example, when a man starts reading newspaper in the morning, it becomes a habit. Same is the case with drinking tea or chewing pans.

→ Wants are Satiable: Though we cannot satisfy all our wants, at the same time we can satisfy particular wants at a given time.

→ Wants are Alternative: There are alternative ways to satisfy a particular want eg. Idly, dosa or chappathi.

→ Wants are Competitive: All our wants are not equally important. So, there is competition among wants. Hence, we have to choose more urgent wants than less urgent wants.

→ Wants are Complementary: Sometimes, satisfaction of a particular want requires the use of more than one commodity. Example: Car and Petrol, Ink and Pen.

→ Wants are Recurring: Some wants occur again and again. For example, if we feel hungry, we take food and satisfy our want. But after sometime, we again feel hungry and want food.

→ H H Gossen, an Austrian Economist was the first to formulate this law in Economics in 1854. Therefore, Jevons called this law as “Gossen’s First Law of Consumption”. But credit goes to Marshall, because he perfected this law on the basis of Cardinal Analysis. This law is based on the characteristics of human wants, i.e., wants are satible.

→ Definition: Marshall states the law as, “the additional benefit which a person derives from a given increase of his stock of a thing, diminishes with every increase in the stock that he already has”.

→ Consumer’s Surplus: The concept of consumer surplus was originally introduced by classical economists and later modified by Jevons and Jule Dupuit, the French Engineer Economist in 1844.

→ “Demand in economics means desire backed up by enough money to pay for the good demanded” -Stonier And Hague

→ Definitions: The Law of Demand says as “the quantity demanded increases with a fall in price and diminishes with a rise in price” – Marshall
“The Law of Demand states that people will buy more at lower price and buy less at higher prices, other things remaining the same”. – Samuelson

→ Levels or Degrees of Price Elasticity of Demand: The Price Elasticity of Demand is commonly known as the elasticity of demand, which refers to the degree of responsiveness of demand to the change in the price of the commodity.

→ The theory of indifference curve was given by J R Hicks and RJD Allen, ‘A reconsideration of the theory of value,’ Economics in 1934.

→ Marginal Rate of substitution: According to Leftwich “The Marginal rate of substitution of.x for y (MRS_xy ) is defined as the maximum amount of y the consumer is willing to give up for getting an additional unit of x and still remaining on the same indifference curve”.

→ Conclusion: An understanding of consumer behaviour is an important part of comprehending the allocation resources by individuals.

→ Consumption: The use of goods and services for satisfying one’s wants.

→ Demand: Demand is desire backed by sufficient purchasing power and willingness to spend on it.

→ Needs: It is defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care.

→ Utility: Utility is the capacity of a commodity to satisfy human wants.

→ Marginal Utility: Marginal utility is the utility derived from the last or Marginal unit of consumption.

→ Elasticity of Demand: The Elasticity of Demand refers to the rate of change in demand due to a given change in price.

→ Consumer’s Surplus : The difference between the potential price and actual price.

→ Indifference Curves: ICs means all those combinations of any two goods which give equal satisfaction to the consumer.

→ Indifference Map: A set of indifference curves upper ICs denoting higher and lower ICs lesser level of satisfaction.

→ Price line or Budget lines: The line joining various combination of the two goods which the consumer can buy at given prices and income.

Samacheer Kalvi 11th Economics Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 1 Introduction To Micro-Economics Notes

→ Economics is everywhere and understanding economics can help you make better decisions and lead a happier life. – Tyler Cowen.

→ The term or word ‘Economics’ comes from the Ancient Greek oikonomikos (oikos means “households”; and, nomos means “management”, “custom” or “law”).

→ Adam Smith (1723-1790), in his book “An Inquiry into Nature and Causes of Wealth of Nations” (1776) defines “Economics as the science of wealth”.

→ The publication of Adam Smith’s “The Wealth of Nations” in 1776, has been described as “the effective birth of economics as a separate discipline”.

→ The scope of the subject of Economics refers to on the subject-matter of Economics.

→ Economics focuses on the behaviour and interactions among economic agents, individuals and groups belonging to an economic system.

→ Economics studies the ways in which people use the available resources to satisfy their multiplicity of wants.

→ Art is the practical application of knowledge for achieving particular goals.

→ ‘Utility’ means ‘usefulness’. In Economics, utility is the want-satisfying power of a commodity or a service.

→ Prof. Stigler states that “equilibrium is a position from which there is no net tendency to move”.

→ According to Engel’s Law “The proportion of total expenditure incurred on food items declines as total expenditure [which is proxy for income] goes on increasing.”

→ Alfred Marshall has rightly remarked: “Inductive and Deductive methods are both needed for scientific thought, as the right and left foot are both needed for walking”.

→ Micro economics is the study of the economic actions of individual units say households, firms or industries.

→ Macro economics is the obverse of micro economics. It is concerned with the economy as a whole. It is the study of aggregates such as national output, inflation, unemployment and taxes.

→ The terms ‘micro economics’ and ‘macro economics’ were first used in economics by Norwegian economist Ragner Frisch in 1933.

→ The problem of choice between relatively scarce commodities due to limited productive resources with the society can be illustrated with the help of a geometric device, is known as production possibility curve.

→ Scarcity: The gap between what people want and what people can get

→ Production: Creation of utility

→ Distribution: Share of the national income reaching the four factors of production

→ Services: Services, like goods, are economic entities; and are inseparable from their owners and are intangible, perishable in nature

→ Value: Power of a commodity to command other commodities in an exchange

→ Price: Value of a commodity expressed in terms of money

→ Income: The amount of monetary or other returns, either earned or unearned, accruing over a period of time

→ Deductive Method: Deduction is a process in logic facilitating or arriving at an inference, moving from general to particular

→ Inductive Method: Induction is a process in logic facilitative or arriving at an inference, moving from particular to general

Samacheer Kalvi 11th Economics Notes

Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 8 Indian Economy Before and After Independence Notes

→ Freedom is never dear at any price. It is the breath of life. What would a man not pay for living? -Tyler Cowen

→ Indian’s sea route trade to Europe started only after the arrival of Vasco da Gama in Calicut, India on May 20, 1498.

→ The period of Industrial capital was from 1813 to 1858.

→ India is the Asia’s third largest economy.

→ Economic development of a country particularly depends on the process of industrialisation.

→ The term Green Revolution refers to the technological breakthrough in of agricultural practices.

→ The major achievement of the new strategy was to boost the production of major cereals viz., wheat and rice.

→ The Government of India had implemented ‘Second Green revolution’ to achieve higher agricultural growth.

→ The term “Large scale industries” refers to those industries which require huge infrastructure, man-power and have a influx of capital assets.

→ Jute industry is an important industry for a country like India, because not only it earns
foreign exchange but also provides substantial employment opportunities in agriculture and industrial sectors.

→ Sugar industry is the second largest industry among agriculture-based industries in India.

→ India is the third largest producer of nitrogenous fertilisers in the world.

→ The first mechanised paper mill was set up in 1812 at Serampur in West Bengal.

→ India is the second-largest (first being China) country in the world in producing natural silk.

→ First successful Oil well was dug in India in 1889 at Digboi, Assam.

→ Small scale industries play an important role for the development of Indian economy in many ways.

→ Public sector bank is a bank in which the government holds a major portion of the shares.

→ The main objective of nationalization was to attain social welfare.

→ Economic planning is the process in which the limited natural resources are used skillfully so as to achieve the desired goals.

→ The Planning Commission has been replaced by the NITI Aayog on 1st January, 2015.

→ HDI was developed by the Pakistani Economist Mahbub ul Haq and the Indian Economist Amartya Kumar Sen in 1990 and was published by the United Nations Development Programme (UNDP).

→ Zamindari: The owner of the land who pays the land revenue to the Government.

→ Mahalwari: The collective body usually the villagers which serve as a unit of management.

→ Ryotwari: The ownership rights of use and control of land were held by the tiller himself.

→ Green Revolution: The renovation of agricultural practices through modem technology.

→ Public Sector Banks: A bank in which the government holds a major portion of the shares.

→ Private Sector Banks: Most of the equity is owned by private bodies, corporations, institutions and individuals rather than government.

→ Nationalisation: The process of transforming private assets ownership into government ownership.

→ Human Development Index: It is a composite statistic of life expectancy, education and per capita income indicators.

→ Physical Quality of Life Index: It is a measure to calculate the quality of life (well being of a country).

Samacheer Kalvi 11th Economics Notes