The Story of Village Palampur Class -IX Prepared by - Bijaya Sankar Sahu & BHUBANESWAR y 7 ie ee eee a iIntroduction to Economics........ ‘Economics’ is derived from two greek words — -> ‘Oikos’ - A household ->‘Nemein’ - to manage + Economics means managing a household with limited resources available . * It teaches us how to distribute the limited resources Taare lale Mela aie Mile MOR Ua-L (Ree MLL) satisfaction. economics : Father of Economics : Adam Smith a ne a =) Adam smithy IS a sy IY Ing things of value . It is usually divided into goods (physical things) and services (things done by people). aero To eee 71 ee eee Nome MTN GNR Cru the production , distribution , exchange and consumption of goods and services . llThe Story of Village Palampur + Itis a hypothetical(imaginary) village . Purpose/Objective : To learn about- ->the basic concepts relating to production and ->the various factors of production that combine together to produce the desire goods and services in ane le fomOCCUPATION : -> Farming is the main activity in Palampur . ->several other non-farming activities such as small scale manufacturing, dairy , poultry 7 transport , Shop-keeping etc. are carried out on a limited scale. *% Raising Crops ** Production Activities other than raising * Only goods are produced crop * Landless labourer and small *» Both goods and services are produced farmers supply labour ** Both skilled and unskilled labours are + Nature of employment is used. seasonal . “+ Nature of employment is more or less * Requires more land to permanent undertake farm activity # Requires little land to undertake non- «+ Example: production of paddy, farm activity. wheat , Sugarcane , vegetable, «+ Example: small scale manufacturing, ete. dairy, poultry , transport sshop-keeping etc.