Ex

  Economics (NTSE/Olympiad)  

2. Sectors of the Indian Economy

Comparing the three sectors

Comparing the three sectors
1. Intermediate Goods :
Those goods which are sold by one firm to another either for resale or for further processing. e.g. paper sold by a paper mill to a publisher is intermediate goods.
In other words these goods which are with in the boundary line of production. The value of these goods is not included in the national income of a country. Their value is reflected in the value of final goods.
2. Final Goods :
Those goods which are used either for final consumption or for capital formation. These are not resold.
In other words final goods have crossed the boundary line of production and are ready for use by the final users.
3. Double counting :
The counting of the value of a product more than once is called double counting.
Gross Domestic Product : The market value of the final goods and services produced with in the domestic territory of a country during one year.

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