Class 10 Exam  >  Class 10 Questions  >  Assertion the value of final goods already in... Start Learning for Free
Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector?
Most Upvoted Answer
Assertion the value of final goods already include the value of all in...
Assertion is correct, Reason is correct but reason is not the correct explanation of assertion.
Community Answer
Assertion the value of final goods already include the value of all in...
Introduction:
The value of final goods and services produced in each sector during a particular year provides the net production of the sector. This is because the value of final goods includes the value of all intermediate goods that are used in making the final good. In this response, we will discuss why the value of final goods already includes the value of all intermediate goods and how the value of final goods and services produced in each sector represents the net production of the sector.

Explanation:
1. Value of Final Goods:
The value of final goods refers to the market price at which the goods and services are sold to the end consumers. It represents the total value of goods and services produced by a sector during a particular year. This value already includes the value of all intermediate goods that are used in the production process.

2. Intermediate Goods:
Intermediate goods are goods that are used as inputs in the production process to create final goods. These goods are not sold directly to consumers but are used in the production of other goods. Examples of intermediate goods include raw materials, components, and semi-finished products.

3. Value Addition:
When calculating the value of final goods, the value of intermediate goods is not counted separately. This is because the value of intermediate goods is already included in the final price of the finished goods. Each stage of production adds value to the intermediate goods, and this value is reflected in the final price of the goods.

4. Net Production:
The value of final goods and services produced in each sector during a particular year represents the net production of the sector. This is because it reflects the value added by the sector to the intermediate goods used in the production process. The net production is calculated by subtracting the value of intermediate goods from the value of final goods.

5. Example:
Let's consider the example of a car manufacturing industry. The value of the final car includes the value of all the intermediate goods used in its production, such as steel, tires, and electronics. The car manufacturing industry adds value to these intermediate goods by assembling them into a finished car. The value of the final car represents the net production of the car manufacturing industry.

Conclusion:
In conclusion, the value of final goods already includes the value of all intermediate goods that are used in making the final good. The value of final goods and services produced in each sector during a particular year represents the net production of the sector as it reflects the value added by the sector to the intermediate goods used in the production process.
Attention Class 10 Students!
To make sure you are not studying endlessly, EduRev has designed Class 10 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 10.
Explore Courses for Class 10 exam

Similar Class 10 Doubts

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?

Top Courses for Class 10

Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector?
Question Description
Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector?.
Solutions for Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? in English & in Hindi are available as part of our courses for Class 10. Download more important topics, notes, lectures and mock test series for Class 10 Exam by signing up for free.
Here you can find the meaning of Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? defined & explained in the simplest way possible. Besides giving the explanation of Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector?, a detailed solution for Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? has been provided alongside types of Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? theory, EduRev gives you an ample number of questions to practice Assertion the value of final goods already include the value of all intermediate goods that are use in making the final good reason the value of final goods and services produced in each sector during particular year provides the net production of the sector? tests, examples and also practice Class 10 tests.
Explore Courses for Class 10 exam

Top Courses for Class 10

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev