For each of the sectors that we came across the chapter why should one focus on employment and GDP.Could there be other issues which should be examined.Discuss
Answers
For each of the sectors mentioned we should focus on employment and GDP. This is because growth in GDP and full employment are common goals of Five Year Plans and they also determine the size of a country’s economy, A focus on employment and GDP helps us to calculate and monitor important factors like per capita income, productivity, changes in employment rate and contribution to GDP by the three sectors of economy and thus, take necessary steps required for the improvement of the country’s economy as a whole. Yes, the other issues which should be examined are
1. Balanced regional development.
2. Equality in income and wealth among the people of the country.
3. How to eradicate poverty.
4. Modernization of technology.
5. Self-reliance of the country.
6. How to achieve surplus food production in the country.
Answer:
For each of the sectors that we came across in this chapter, one should focus on employment and GDP because these determine the size of a country’s economy. A focus on employment and GDP helps determine two important things—per capita income and productivity. Hence, in each of the three sectors, employment rate and status as well as its contribution to the GDP help us understand how that particular sector is functioning and what needs to be done to initiate further growth in it