Sponsor Area
Non-Competitive Markets
Question
Sectors of an Economy
Solution
For preparing estimates of national income, all producing units of an economy are classified into three industrial sectors: primary, secondary and tertiary sectors on the basis of nature and source of inputs. For example, (i) primary sector exploits natural resources, (ii) secondary sector transforms one type of commodity into other, and (iii) tertiary sector renders services.
Some More Questions From Non-Competitive Markets Chapter
Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.
Consumption Goods and Capital Goods
Flow and Stock Concepts
Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.
(i) Losses (ii) Capital (iii) Production (iv) Wealth.
Gross Investment and Net Investment
Domestic (Economic) Territory
National Income at Current and Constant Prices (Nominal and Real NI)
Consumption of Fixed Capital (Depreciation)
Factor Cost vs. Market Price (or Net Indirect Taxes)
Net Factor Income from Abroad (NFIA)
Sponsor Area
Mock Test Series
Mock Test Series