Sectors of the Indian Economy Vocabulary

Flashcards for reviewing key vocabulary from the 'Sectors of the Indian Economy' lecture notes.

Primary Sector

Activities undertaken by directly using natural resources; forms the base for all other products.

Secondary Sector

Sector where natural products are changed into other forms through manufacturing; associated with industrial activity.

Tertiary Sector

Sector that helps in the development of both the primary and secondary sectors; generates services rather than goods.

Gross Domestic Product (GDP)

The value of all final goods and services produced within a country during a particular year.

Gross Value Added (GVA)

Measures the contribution of the three sectors of an economy after adjusting for taxes and subsidies.

Organised Sector

Enterprises or places of work where the terms of employment are regular and people have assured work; registered with the government.

Unorganised Sector

Characterised by small and scattered units largely outside the control of the government; jobs are low-paid and often not regular.

Public Sector

Sector where the government owns most of the assets and provides all the services.

Private Sector

Sector where ownership of assets and delivery of services is in the hands of private individuals or companies; guided by the motive to earn profits.

Intermediate goods

Goods such as wheat and wheat flour used in producing final goods and services

Final goods

Final output of goods and services that reach the consumers

Underemployment

Situation where people are apparently working but are made to work less than their potential

Disguised unemployment

A type of underemployment that is hidden in contrast to someone who does not have a job and is clearly visible as unemployed