Question

The value of final goods and services produced in each sector during a particular year provides the total production of the sector of the sector of that year. Give reason?

Answer 1

The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country.

Answer 2

it provides the total production of the sector due to the concept of GDP.

• The term GDP stands for Gross Domestic Product.
• In a country, it is reasonably calculated by adding the economic output of the three economic sectors.
• The three economic sectors work together to typically generate a vast quantity of valuable commodities.
• The economic position of a country is determined by the number of items produced and the number of people employed in each industry.