Question

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Answer 1

1) Role of tertiary sector in development of a country is as follows :

• Basic services like education, health care, residences, transports, etc. are provided to all citizens.
• Development of agricultural industry leads to development in transport, communications and trade services.
• Tertiary sector gives rise to the per capita income of a country.
• Globalisation and modernisation helps the country gain new and advanced information and technology.
• Tertiary sector has resulted in an increase in employment by 22% in 2003.

• Share of tertiary sector in the national GDP is growing from 50 to 60 % in 2003.

2) The problem of double counting is the problem of estimating the value of goods and services more than once. Value of intermediate goods is not included in the estimation of gross domestic product because value of intermediate goods is reflected in the value of final goods. For e.g. a farmer sold wheat to flour mill for Rs 10 per kg. The mill grinds the wheat and sold the flour to a biscuit company for Rs 12 per kg. The biscuit company uses the flour, sugar and butter to make 5 biscuit packets. These biscuits are sold to consumer at Rs 15 per biscuit packet (Rs 75). Here biscuits are the final goods which are purchased by the consumer. Wheat and wheat flour are the intermediate goods used in the production of final good. The value of biscuit, Rs 15 includes the value of flour, Rs 12. Hence, only the value of final goods and services are taken into consideration.  

3)Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate.

GDP = private consumption + gross investment + government investment + government spending + (exports – imports).

4) The history of developed countries reveals a general pattern of development in their economic structure.

First, Primary sectors predominandy contributed to GDP and held most of the employment. Then when agricultural activities increased, there was need for industrialisation and gradually industrial sectors dominated the economy. .

Much of the workers shifted to industrial sector, but Primary productivity did not hamper as industrial sector produced much sophisticated instruments and inputs that increased the productivity and filled the gap of loss of workforce. After a hundred years, service sector groomed up and most of the workers shifted to service sector and now, service sector contributes maximum to the share of economy.

The service sector has now become the most important sector in terms of total production and employment generation without disturbing the production and productivity of other two sectors.

So, it is seen that central tendency of economic structure had been shifting from Primary to Secondary and finally to Tertiary sector in developed countries. Similarly, almost all the developing countries are following the same path but may be in a different pace.

5) More than half of the workers in the country are working in the primary sector, mainly in agriculture, producing only a quarter of the GDP. There are more people in agriculture than is necessary. So, even if we move a few people out, production will not be affected. In other words, workers in agricultural sector are underemployed.

There are thousands of casual workers in the service sector in urban areas who search for daily employment. They are employed as painters, plumbers, repair persons and others doing odd jobs. Many of them don’t find work everyday. Similarly, we see other people of the service sector on the street pushing a cart or selling something where they may spend the whole day but earn very little.

6) National Rural Employment Guarantee Act 2005 was launched by the government to provide job opportunities so that people might be able to earn their livelihood. It guarantees at least 100 days work for one member of each family. This program fulfills one of the fundamental rights as per the Constitution and the right is 'Right to work'. Every citizen of a country has the right to work and if government is unable to provide more and more job opportunities then it will have to pay daily wages especially to those sections of society who are impoverished. This is why this programme is called 'Right to Work'.

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Answer 2

Answer:

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The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector