Q5 of 37 Page 2

What is GDP?

The value of final goods and services produced in each sector during a particular year provides the total production of that sector for that year. The sum production in all the 3 sectors gives what is called the GROSS DOMESTIC PRODUCT (GDP) of a country. The GDP only determines the economic strength of a country.

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3 What is called the 'final goods'? 4 Expand the following:
(i) GDP
(ii) NREGA 2005. 6 Mention some of the Acts that Companies in the Organised sector have to follow. 7 Differentiate between the Public and Private sectors.