Wealth and the World – Class 10, SCERT

1. Wealth: Wealth refers to the resources, money, land, and goods owned by individuals or nations.
2. Economic Activities: Activities related to production, distribution, and consumption of goods and services.
3. Agriculture as a Source of Wealth: In early societies, agriculture was the main source of wealth and livelihood.
4. Surplus Production: Extra production beyond basic needs enabled trade and wealth accumulation.
5. Barter System: Early method of exchange where goods were traded for goods without money.
6. Development of Trade: Trade expanded when surplus goods were exchanged across regions.
7. Local Trade: Trade carried out within villages and nearby regions.
8. Long-distance Trade: Trade between distant regions helped connect different parts of the world.
9. Merchant Class: A new class that emerged through trade and accumulated wealth.
10. Urban Centres: Cities grew as centres of trade, markets, and economic activities.
11. Market Economy: An economy where prices and production are determined by demand and supply.
12. Money Economy: Replacement of barter with coins and currency simplified trade.
13. Capital: Wealth used to produce more wealth, such as money invested in business.
14. Capitalism: An economic system based on private ownership and profit-making.
15. Banking System: Banks helped in saving, lending, and investing money.
16. Credit System: Traders and entrepreneurs borrowed money to expand businesses.
17. Colonial Expansion: European powers established colonies to control resources and trade.
18. Colonies: Territories controlled by powerful nations for economic benefit.
19. Exploitation of Colonies: Colonies supplied raw materials and cheap labour to colonising countries.
20. Raw Materials: Natural resources used for manufacturing goods.
21. Industrial Revolution: Shift from manual production to machine-based production.
22. Factories: Large-scale production units that increased output and profits.
23. Industrial Capitalists: Owners of factories who controlled production and wealth.
24. Working Class: Labourers who worked in factories for wages.
25. Wage Labour: System where workers sell their labour for wages.
26. Urbanisation: Growth of cities due to industrial and economic development.
27. Global Trade Network: Worldwide system connecting producers and consumers.
28. Trade Routes: Sea and land routes that enabled international trade.
29. Commercial Crops: Crops grown for sale, not for personal consumption.
30. Plantation Economy: Large farms producing crops like tea, coffee, and sugar.
31. Slave Labour: Forced labour used especially in plantations and colonies.
32. Profit Motive: Desire to earn maximum profit drives economic activities.
33. Economic Inequality: Unequal distribution of wealth among people and nations.
34. Rich and Poor Nations: Industrialised countries became rich, while colonies remained poor.
35. Monopoly: Control of trade or production by a single group or country.
36. Mercantilism: Economic policy focusing on increasing national wealth through trade surplus.
37. Export: Goods sold to other countries.
38. Import: Goods bought from other countries.
39. Trade Imbalance: Situation where imports exceed exports or vice versa.
40. Infrastructure Development: Roads, ports, and railways developed mainly for trade.
41. Technological Advancement: New inventions increased production and efficiency.
42. Transportation Revolution: Steamships and railways improved trade speed.
43. Communication Systems: Telegraph and postal systems helped trade coordination.
44. Consumer Markets: Colonies served as markets for finished goods.
45. Wealth Concentration: Wealth accumulated in the hands of a few individuals or nations.
46. Economic Power: Control over wealth gave political and global influence.
47. Modern World Economy: Result of centuries of trade, capitalism, and industrialisation.
48. Interdependence of Nations: Countries depend on each other for goods and resources.
49. Social Impact of Wealth: Economic changes altered social structures and lifestyles.
50. Significance of the Chapter: Helps understand how economic forces shaped the modern world.

Short Questions and Answers

1. What is meant by wealth?
   Wealth refers to the resources, money, land, and goods owned by individuals or nations.
2. Name one early source of wealth.
   Agriculture was one of the earliest and most important sources of wealth.
3. What is surplus production?
   Surplus production is the production of goods beyond basic needs.
4. What was the barter system?
   It was a system of exchange where goods were exchanged directly without money.
5. How did trade help in wealth creation?
   Trade enabled the exchange of surplus goods, leading to profit and wealth accumulation.
6. Who were merchants?
   Merchants were traders who bought and sold goods and accumulated wealth.
7. What is meant by a market economy?
   An economy where production and prices depend on demand and supply.
8. What is capital?
   Capital is wealth used to produce more wealth.
9. Define capitalism.
   Capitalism is an economic system based on private ownership and profit.
10. What role did banks play in trade?
    Banks provided credit, loans, and safe storage of money.
11. What is colonialism?
    Colonialism is the control of one country over another for economic benefits.
12. Why were colonies important to European nations?
    Colonies provided raw materials, labour, and markets.
13. What is meant by raw materials?
    Raw materials are natural resources used to manufacture goods.
14. What was the Industrial Revolution?
    It was the shift from manual production to machine-based production.
15. What is a factory system?
    A system of large-scale production using machines and labour.
16. Who were industrial capitalists?
    Owners of factories and industries who controlled production.
17. Who formed the working class?
    Factory workers who worked for wages.
18. What is wage labour?
    A system where workers are paid wages for their work.
19. What is economic inequality?
    Unequal distribution of wealth among people or nations.
20. Why is this chapter important?
    It explains how economic changes shaped the modern world.

Medium Questions and Answers

1. Explain the meaning of wealth and its importance in human society.
   Wealth includes money, land, goods, and resources owned by individuals or nations. It determines living standards, economic power, and social status.
2. How did agriculture contribute to the growth of wealth?
   Agriculture produced food surpluses, supported population growth, enabled trade, and became the base of early economies.
3. Describe the transition from barter system to money economy.
   The barter system had limitations. The introduction of money simplified exchange, expanded trade, and promoted economic growth.
4. Explain the role of trade in wealth creation.
   Trade enabled exchange of surplus goods, promoted specialisation, and helped merchants accumulate wealth.
5. How did the merchant class emerge?
   Expansion of trade led to the rise of merchants who controlled commerce and accumulated capital.
6. What is meant by capitalism? Explain its features.
   Capitalism is based on private ownership, profit motive, wage labour, and market competition.
7. Explain the role of banks in economic development.
   Banks provided credit, encouraged investment, supported trade, and ensured safe money transactions.
8. How did colonialism help European countries accumulate wealth?
   Colonies supplied raw materials, labour, and markets, increasing profits for European nations.
9. Explain the exploitation of colonies.
   Colonies were forced to supply cheap raw materials and labour, while profits flowed to colonisers.
10. Describe the Industrial Revolution and its economic impact.
    Industrial Revolution introduced machines, factories, mass production, and increased wealth.
11. How did industrialisation change production methods?
    Production shifted from small-scale manual work to large-scale machine-based factory systems.
12. Explain the growth of the working class.
    Factories required labour, leading to migration to cities and growth of wage workers.
13. What were the effects of industrialisation on cities?
    Cities expanded rapidly, leading to urbanisation and new economic opportunities.
14. Explain global trade networks.
    Countries became connected through trade routes exchanging raw materials and finished goods.
15. What is meant by commercial agriculture?
    Farming done mainly for sale and profit rather than self-consumption.
16. Describe plantation economy.
    Large estates produced crops like tea and sugar using cheap labour for export.
17. How did transportation improvements support trade?
    Railways and steamships reduced time and cost of transport, boosting trade.
18. Explain economic inequality created by wealth accumulation.
    Wealth concentrated among a few nations and individuals, widening the rich-poor gap.
19. How did economic power influence political power?
    Wealth enabled nations to control territories, resources, and global politics.
20. Why is the study of wealth important in history?
    It explains economic forces behind social change and global dominance.