Question
Download Solution PDFThe Gross Domestic Product of a country is derived from the different sectors of the economy, namely ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- The Gross Domestic Product (GDP) of a country is derived from the agricultural sector, the industrial sector, and the service sector.
- These sectors collectively contribute to the overall economic output of the country.
- The agricultural sector includes farming, forestry, and fishing activities.
- The industrial sector encompasses manufacturing, mining, and construction activities.
- The service sector comprises various services such as retail, entertainment, financial services, healthcare, and education.
Additional Information
- The GDP is a crucial indicator of a country's economic health and growth.
- It helps in assessing the overall economic performance and the standard of living of the population.
- Governments and policymakers use GDP data to formulate economic policies and make informed decisions.
- Comparing GDP across different countries can provide insights into the relative economic strengths and areas of improvement.
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