Production and Employment — Flashcards
Telangana Board · Class 10 · Social Studies
38 flashcards for Production and Employment (Telangana Board Class 10 Social Studies) to test yourself on key terms and facts.
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What is Gross Domestic Product (GDP)?
Answer
GDP is the monetary value of all final goods and services produced in a nation during a given year. It is used as an indicator of a country's income and overall economic output.
Why is GDP based on final goods and services, not all goods and services?
Answer
GDP includes only final goods and services to avoid double counting. Intermediate goods are already included in the value of the final good. For example, paddy, rice, and husk are intermediate goods, …
What is the formula for the growth rate of GDP?
Answer
Growth Rate = [(GDP_current year – GDP_previous year)/GDP_previous year] × 100. Here, GDP_current year means the GDP of the year being measured, and GDP_previous year means the GDP of the preceding ye…
What was India's GDP growth rate for 2010-11?
Answer
The GDP growth rate for 2010-11 was 9.32%. Using the formula, the change from 45,16,000 crores to 49,37,000 crores gives this growth rate.
What does the financial year mean in GDP reporting?
Answer
The financial year in India runs from 1 April to 31 March. GDP figures for 2013-14 refer to the period from 1 April 2013 to 31 March 2014.
How did India's per capita income change from FY2012 to FY2023?
Answer
India's per capita income rose from Rs 71,609 in FY2012 to nearly 2 lakhs in FY2023. This is an increase of 175% over 10 years.
What are the three broad sectors of the economy?
Answer
The three broad sectors are agriculture and related activities, industry, and services. Agriculture, fishing, forestry, and mining are part of the primary sector; manufacturing and other industries ar…
Classify agriculture, fishing, forestry, and mining.
Answer
These belong to the primary or agriculture sector because nature plays a dominant role in production.
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