Economics (NTSE/Olympiad)  

2. Sectors of the Indian Economy

Glossary (Sectors of the Indian Economy)

1. Primary Activity : Those occupation which are closely related to man’s natural environment e.g. gathering hunting, fishing, agriculture etc.
2. Secondary activity : The occupations which produce finished goods by using the products of primary activities as raw material. e.g. sugar from sugarcane, manufacturing of cloth from cotton etc.
3. Tertiary activity : This activity consists of all service occupations. e.g. transport & communication trade, health, education and administration etc.
4. Intermediate goods : Those goods which are sold by one firm to another for resale or for further processing.
5. Final goods : They have crossed the boundary line of production and are ready for use by the final users. e.g. cloth, coolers, T.V. etc.
6. Double counting : The counting of the value of a product more than once is called double counting.
7. Gross Domestic Product : It is the market value of the final goods and services produced within the domestic territory of a country during one year.
8. Disguised Unemployment : It is the situation in which more workers are working in an activity than required.
9. Public sector : It is the sector which is controlled, managed and owned by the government.
10. Private sector : It is owned, controlled and managed by an individual or by a group of individuals.

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