ANSWER THE FOLLOWING QUESTIONS
1.WHAT ARE THE IMPORTANCE OF INDUSTRIES ?
2. MENTION THE TYPES OF INDUSTRIES.
3. DEFINE GROSS DOMESTIC PRODUCT (GDP)
Answers
Answer:
1) The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs. It also eliminates our dependence on other countries for the supply of essential goods.
2)There are four types of industry. These are primary, secondary, tertiary and quaternary. Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel.
3)Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country's economic health.