Globalisation is an economic system associated with the free movement of goods, technology, ideas and people across the globe.
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• Modern nationalism was associated with the formation of nation-states.
• In India like many other colonies, the growth of modern nationalism is connected to the anti-colonial movement.
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French Revolution of 1789 was the first clear expression of nationalism.
• Steps taken by French Revolutionaries to create a sense of collective identity amongst the French people:
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People participate in the market both as producers and consumers. As a producer they sell their goods and provide services to the needy people.
Producers provide service in the sector like, agriculture sector or primary sector, secondary sector or manufacturing sector and service sector or tertiary sector.
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In the present world, we as consumers have access to all the latest products, technology, clothes, etc., from all the leading manufacturers worldwide. This was not the scenario in the past, and it has changed completely today. We have innumerable choices of goods and services in the Indian market. This chapter will learn how this transformation occurred, what its factors were, and how it has affected our lives.
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Money is an item which is used as a medium of exchange. In modern economy, money is work as an intermediary. It is used as a medium of exchange for goods and services. It is also used for payment of debts.
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Those activities which generate some income are known as economic activities.
→ For example, a computer engineer creating software for profit is making money from his work.
• Division of Economic Activities:
→ Primary sectors: related to farming activities.
→ Secondary sectors: related to manufacturing.
→ Tertiary sector: provide support to other two sectors.
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Development promises a real growth by enhancing total income and standard of living of a person.
→ Different people have different development goals. The development goals are varying from people to people.
→ For example, a girl from a rich urban family gets as much freedom as her brother and is able to decide what she wants to do in life. She is able to pursue her studies abroad.
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Who are Pastoralists?
The goats, sheep or cattle farmers are known as Pastoralists.
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