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How do you count various goods and services and know the total production in each sector of economy?
Wiki User
∙ 9y ago
as thousands of goods and services are produced, it is an enormous task to add up all these . To get to this problem economists suggested that the value of goods and sevices should be used rather than adding the actual numbers. But only one precaution is to be undertaken i.e., only the final value of the goods and services should be counted as it already includes the value of all intermediate goods.
Wiki User
∙ 9y ago
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What are the two sectors model economy?
The two sector model consists of the: Household Sector: The household sector includes everyone in an economy who consumes goods and services. Business Sector: The business sector contains the private, profit-seeking firms in the economy that combine scarce resources into the production of wants-and-needs satisfying goods and services.
What sector of the economy is dentistry?
Services
What sector of the US economy grew most during the 1980s and 1990s?
Services(tertiary sector)
Which sector of the us economy prospered most after world war 2?
Production of Goods
How macroeconomic equilibrium is attained?
When the demand for goods and services is equal to the goods and services offered (supplied) by firms in the public and private sector of the economy.
What are the two sectors model economy?
The two sector model consists of the: Household Sector: The household sector includes everyone in an economy who consumes goods and services. Business Sector: The business sector contains the private, profit-seeking firms in the economy that combine scarce resources into the production of wants-and-needs satisfying goods and services.
What sector of the economy is dentistry?
Services
What is the definition of service sector?
The service sector is a segment of the economy that provides intangible goods and services to consumers, such as healthcare, education, finance, and entertainment. It does not involve the production of physical goods.
What is the function of a financial sector?
To facilitate production in the real economy
What sector of the US economy grew most during the 1980s and 1990s?
Services(tertiary sector)
What is the tertiary sector?
In tertiary sector no production is done only the services are provided such as transport , banking , communication etc. And this sector is also called service sector.
Which sector of the us economy prospered most after world war 2?
Production of Goods
What are the different area of economics?
economy can be divided into 3 main sectors The primary sectors: This sector includes farming and raw material (mining) The secondary sector: This sector include all manufactured goods (using resources from the primary sector) Tertiary sector: This sector includes all the services in an economy.
Which sector of the us economy prospered most after world war 1?
Business Production of goods
Definition of secondary sector?
The secondary sector of the economy manufactures finished goods. Examples are: engineering, smelting, textile production, breweries and bottlers, and more.
What industry is wal mart in?
Wal-Mart is part of the retail industry in the services sector of the economy.
What industry is wal-mart in?
Wal-Mart is part of the retail industry in the services sector of the economy.
