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Class 10 Exam  >  Class 10 Questions  >  The value of all final goods and services pro... Start Learning for Free
The value of all final goods and services produced within a country during a particular year is called as:
  • a)
    Gross Domestic Product
  • b)
    Net Domestic Product
  • c)
    National Product
  • d)
    Production of Tertiary Sector
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
The value of all final goods and services produced within a country du...
Yes in short it is called " GDP " ! and GDP of any country tells how rich or how is it's economy! Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.
Community Answer
The value of all final goods and services produced within a country du...
Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the total value of all final goods and services produced within a country's borders during a particular year. It is one of the most important indicators of the economic health of a country.

Final goods and services

Final goods and services are those that are consumed by the end user, rather than being used as inputs in the production of other goods and services. For example, a car that is sold to a consumer is a final good, while the steel and other materials used to produce the car are not.

Importance of GDP

GDP is an important measure of a country's economic performance because it provides an indication of the size of the economy and its growth rate. It is also used to compare the economic performance of different countries.

Limitations of GDP

However, GDP has some limitations as an economic indicator. For example, it does not take into account the distribution of income within a country or the environmental impact of economic activity. It also does not measure non-market activities, such as household production or volunteer work.

Conclusion

In conclusion, Gross Domestic Product (GDP) is the total value of all final goods and services produced within a country during a particular year. It is an important measure of a country's economic performance, but it has some limitations as an economic indicator.
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Read the extract given below and answer the questions that follows:There are many activities that are undertaken by directly using natural resources. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. The various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services. The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.Q. Which of the following statement is not true?

Read the extract given below and answer the questions that follows:There are many activities that are undertaken by directly using natural resources. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. The various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services. The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.Q. Production of a commodity, mostly through ways of manufacturing is an activity of which sector?

Read the extract given below and answer the questions that follows:There are many activities that are undertaken by directly using natural resources. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. The various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services. The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.Q. Match the following list of occupations with their sectors

Read the extract given below and answer the questions that follows:There are many activities that are undertaken by directly using natural resources. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. The various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services. The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.Q. Which of the following is an example of tertiary activities?

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The value of all final goods and services produced within a country during a particular year is called as:a)Gross Domestic Productb)Net Domestic Productc)National Productd)Production of Tertiary SectorCorrect answer is option 'A'. Can you explain this answer?
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