Define GDP and secondary sector.
Dear Student,
GDP:
a.The value of final goods and services produced in each sector in a year provides for total production in that sector.
b. The sum of production in all three sectors thus gives us Gross Domestic Product,
c. This GDP is calculated by the Central government , which collects information data from various government departments to get the final value of goods and services and then to calculate GDP.
Seconadry sector:
a. This sector involves use of natural goods and transform them into something more valuable by the process of manufacturing. Around 22% of the total workforce is employed in the secondary sector. It contributes 26% of the GDP
b. This sector makes use of land, labour, capital, machinery, entrepreneurship and transform raw material into a more valuable product.
c. This sector may include industries like iron and steel, textile industry etc.It indeed is the next step after primary, as it involves use of natural resources extracted in the primary sector and producing something more valuable, hence is referred as secondary.
Regards
GDP:
a.The value of final goods and services produced in each sector in a year provides for total production in that sector.
b. The sum of production in all three sectors thus gives us Gross Domestic Product,
c. This GDP is calculated by the Central government , which collects information data from various government departments to get the final value of goods and services and then to calculate GDP.
Seconadry sector:
a. This sector involves use of natural goods and transform them into something more valuable by the process of manufacturing. Around 22% of the total workforce is employed in the secondary sector. It contributes 26% of the GDP
b. This sector makes use of land, labour, capital, machinery, entrepreneurship and transform raw material into a more valuable product.
c. This sector may include industries like iron and steel, textile industry etc.It indeed is the next step after primary, as it involves use of natural resources extracted in the primary sector and producing something more valuable, hence is referred as secondary.
Regards