What is the sectoral composition of an economy? Is it necessary that the service sector should contribute maximum to the GDP of an economy? Comment.
The sectoral composition of an economy is the contribution of different sectors to the total GDP of an economy during a year. That is, the share of the agricultural sector, industrial sector and service sector in GDP. Yes, it is necessary that at the later stages of development, the service sector should contribute the maximum to the total GDP. This phenomenon is called Structural Transformation. This implies that gradually the country's dependence on the agricultural sector will shift from the maximum to minimum and, at the same time, the share of the industrial and service sector in the total GDP will increase. This structural transformation together with the economic growth is termed as economic development.
Match the following:
|
1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
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The sectoral composition of an economy is the contribution of different sectors to the total GDP of an economy during a year. That is, the share of the agricultural sector, industrial sector and service sector in GDP. Ye...
Step-by-step explanation:
• The sectoral composition of an economy is the contribution of different sectors to the total GDP of an economy during a year
• That is, the share of the agricultural sector, industrial sector and service sector in GDP
• Yes, it is necessary that at the later stages of development, the service sector should contribute the maximum to the total GDP
• This phenomenon is called Structural Transformation
• This implies that gradually the country's dependence on the agricultural sector will shift from the maximum to minimum and, at the same time, the share of the industrial and service sector in the total GDP will increase
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
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