Q1. Read the given lines and answer the questions that follow.
There is one precaution one has to take while calculating GDP. Nor every good that is produced needs to be
counted. It makes sense if only final goods are included.
1. Why only final goods are included in GDP?
2. What will happen if we also include the intermediate goods in the GDP?
3. Who calculates GDP in India?
4. What is the difference between Intermediate and final goods? Explain by taking the example of cake.
Q2. Why is the primary sector also known as the agriculture and related sector, secondary sector also known as the industrial sector and tertiary sector known as the service sector
Answers
Answer:
The Central Statistics Office (CSO) calculates India's GDP. It comes under the Ministry of Statistics and Program Implementation.Jun 29, 2018
3-
1) a.) because the goods used in making the final good are included in the final good, so it would be counted twice, otherwise.
b.) the value of the intermediate good is included in the value of the final good.
c.) Central Statistics Office
d.) Intermediate goods refer to those goods which are used either for resale or for further production in the same year. Final goods refer to those goods which used either for consumption or for investment.For example, milk purchased by household for consumption.
2) The primary sector is that sector of the economic concerned with or related to the primary sector. It is also called agriculture sector because agriculture is the main activity of this sector. The tertiary sector of activities includes those activities which gains profit by servicing the needs of the people.
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