Goods and services play an important role in an economy. Explain.
Answers
Answer:
Services, with their rising importance in the global economy alongside manufacturing, are becoming more vital in many countries’ economic growth.
Services, with their rising importance in the global economy alongside manufacturing, are becoming more vital in many countries’ economic growth.IT took centuries for the world’s economies to shift from agriculture to manufacturing, but the rise of the services sector is occurring more quickly. The world is in the midst of a radical shift, with the share of total output—world GDP—accounted for by services experiencing a sharp increase in almost all countries.1 Indeed, a few countries, such as India and Sri Lanka, have broken the historical convention by heading straight to services without developing a significant manufacturing sector at all.2 This growth in services has likely transformed not only the composition of the world’s economic production and employment, but potentially global trading patterns over the past few decades.
Answer:
yes it is very true that goods and services play an important role in the economy
Explanation:
understand the scenerao - when goods and services are exchanged in the economy there is an exchange of money also .. as a result the monetary transaction increase for which the human resource try to increase their efforts for more production of goods and services so that they can export the goods and sey to foreign countries and again this leads to monetary exchange . Thus the exchange of goods and services leads to rise in the economy as well as fall in the economy . Hence goods and services play an important role in the economy