explain GDP and explain how it includes 3 sectors of production??
Answers
Historically, India has classified and tracked its economy and GDP in three sectors: agriculture , industry and animal husbandry, aquaculture ,fishing, sericulture, aviculture, forestry and related activities
Gross domestic product is the best way to measure a country's economy. GDP is the total value of everything produced by all the people and companies in the country. It doesn't matter if they are citizens or foreign-owned companies. If they are located within the country's boundaries, the government counts their production as GDP. The only exception is the shadow or black economy
Primary
Activity
(Sector)
The primary sector of the economy extracts or harvests
products from the earth. The primary sector includes the
production of raw material and basic foods. Activities
associated with the primary sector include agriculture (both
subsistence and commercial), mining, forestry, farming,
grazing, hunting and gathering, fishing, and quarrying. The
packaging and processing of the raw material associated with
this sector is also considered to be part of this sector.
Secondary
Activity
(Sector)
The secondary sector of the economy manufactures finished
goods. All of manufacturing, processing, and construction lies
within the secondary sector. Activities associated with the
secondary sector include metal working and smelting,
automobile production, textile production, chemical and
engineering industries, aerospace manufacturing, energy
utilities, engineering, breweries and bottlers, construction, and
shipbuilding.
Tertiary
Activity
(Sector)
The tertiary sector of the economy is the service industry. This
sector provides services to the general population and to
businesses. Activities associated with this sector include retail
and wholesale sales, transportation and distribution,
entertainment (movies, television, radio, music, theater, etc.),
restaurants, clerical services, media, tourism, insurance,
banking, healthcare, and law.