Explain the concept of Changing economic life in detail.
Answers
Economic life can be referred to the monetary or financial value of objects or persons after they have undergone certain circumstances.
In simpler words it can be termed as the life being lived by people or objects in terms of economic value.
With advent of time, economic life has witnessed many changes as agriculture was taken over by industrialization.
The bridge between the various classes widened with severe disparities in their income.
(1) In earlier times, villages were economically self - sufficient.
(2) A majority of the villagers undertook farming.
(3) Farm produce were given to the village artisans in lieu of service rendered.
(4) Now rural areas are engaged in agriculture and allied activities; whereas industrial sector and service sectors have emerged in the urban areas.