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Economy of a Country

Last updated date: 16th May 2024
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What are the Things to Know About the Economy of a Country?

The economy of a country shows up its overall financial condition and denotes the country itself as an economic unit. There are various elements on which a country’s economy depends upon. Some of them are demography, infrastructure and natural resources, and the average lifestyle of the people This is the reason why geography is prominently related to a country’s economy. If you are at the school level, you have to know the economy of your country. The best way to know about the economy of the country is by going through the chapters and understanding the sources of finances. You can visit the Vedantu site to get in-depth knowledge. 

Lifelines of National Economy

There are several factors on which the economy of a country can depend. Here is a shortlist with some details about the economical lifelines of any developing country in the world. 

1. Demography: 

The primary lifeline of a nation’s economy is demography. If the ratio of the working-class population and the scopes of jobs are in balance, you can expect the economy of a country is well balanced. 

2. Natural Resources: 

Several businesses depend on the abundance of some natural resources. A country with several natural resources might not have a weak economy. 

3. Population: 

Population is one of the lifelines of a country’s economy but an instance of overpopulation can be harmful in the same way. The economy can never be in equilibrium in an overpopulated country as the per head finances will never be constant. Overpopulation leads to unemployment which is one of the prominent curses for the economy. 

4. Infrastructure: 

Infrastructure plays a crucial role in maintaining a balance in the economy of a country. A country must have the proper infrastructure in the field of industries, agriculture,  transport, health, social service, defense, and entertainment to ensure that the economy remains at a satisfactory stage. 

5. Government Rules: 

In many leading countries, the ruling government plays a vital role as a determinant of the economic condition of the country. If the government of the country follows an administrative blueprint that is constructive, it can be the most secured economic lifeline for a country. In the same way, if the government is reluctant towards properly running the country, the economy of the country can crash. 

In a condition, the cash flow in the country can get hampered. Moreover, corruption can destroy the financial sector of the country.

Lifeline of Indian Economy: Details

Lifeline of the Indian economy is a chapter of CBSE class 10 Geography that contains the details of the main sector that helps the nation to gain finances. It is transportation. India has a huge landmass and the transport network in the country is excellent. The other factor that helps boost up the economy of India is communication.

Here are the Details that you Need to Learn in the Chapter:

Importance of Transport in India

Transport is important in India as both goods and people frequently move from one place to another. As the importance of finished products is high in the case of saving the economy of a country, the transport sector in the Indian landmass has high importance. 

Roadways in India: The roadways in India and their importance is high. At present, the total road network in the country is 2.3 million. Roadways are important for transporting such goods that cannot be taken by rail. Moreover, it helps people to move from one city or state to another comfortably. 

Railways: Railways in India is fully government property. India has an enriched railway network o0n which both frights and passengers move from one point of the country to another. It is surely one of the prominent economic lifelines of India.

Airways: Airways in India is another way the Indian administration can earn finances. This improves the economy of the country and the country can make an effort to enhance the economical equilibrium. 

Importance of Communication In India

Communication in a huge country like India can also be a prominent economic lifeline. You can learn about the best ways of communication like the post, media, telecom, and internet and their details in the chapter. Even the film industry of India falls under the communication lifeline in the country. 

Solved Examples 

Q1. Are Underdeveloped Economies Generally Cursed with Unemployment?

Answer: Yes, the underdeveloped economies generally are cursed with unemployment. The main reason being the lack of scopes for employment. Some examples of such countries are Afghanistan, Madagascar, etc. 

Q2.  Which is the Main Occupation of People in India?

Answer: Agriculture is the main occupation of the people in India. This is another lifeline of the country in terms of economy. However, a huge chunk of youth is shifting towards urban-based jobs right now. 

FAQs on Economy of a Country

Q1. What is the Easiest Way to Learn about the Economy of a Country?

Answer. The easiest way to learn about a country’s economy is to go through the financial resources they have. Moreover, you have to be clear about the number of natural resources present in the country. The best you can do is check the GDP of the country and if the lifelines are well active in the country. On having any problem understanding the economic setup of India, you can visit the Vedantu site. There are a lot of experienced educators present here who can help you study the economics chapters in the right approach. The best you can do is take classes regularly. 

Q2. What is the Right Way to Prepare Geography Chapters?

Answer: The right way to prepare geography chapters is to go through the primary points at first. Secondly, you can jot down the main points of the chapter in a copy and approach the chapter concept-wise. Thirdly, check if there is any diagram in the chapter. You need to practice the diagrams with proper labeling as they frequently come in the examination. In case of any problem, you can visit the Vedantu website and take online classes. The educators at Vedantu are keen to inspire you wi9th studies and teach you in a way that a concept remains in your mind forever.