Basic Concepts & Definitions
What are the three main sectors of the Indian economy based on the nature of activity?
Primary, Secondary, and Tertiary sectors
Why is the tertiary sector also known as the service sector?
Because it provides services rather than producing goods.
Give one feature of the organized sector regarding employment terms.
Fixed working hours (or job security, paid leave, provident fund benefits).
What financial term describes the aim of private sector businesses?
profit
How can we calculate the GDP of a country?
GDP =total consumption + investment + government spending + and net exports.
GDP = c + i + g+ (x - m)
Give one example of an activity belonging to the primary sector
Agriculture (or fishing, mining, forestry)
Which sector is the largest employer in India, especially in rural areas?
Primary sector (Agriculture).
What is a major disadvantage of working in the unorganized sector?
Lack of job security (or no paid leave, low wages, no benefits).
Why might the government choose to run certain industries, like heavy industries or defense, in the public sector instead of the private sector?
Because they require huge capital investments, provide essential services, and are crucial for national security or overall economic development where profit is not the primary motive.
What crucial, often inadequate, physical foundation across all sectors needs massive investment for India's sustained economic growth?
Infrastructure
What is the main characteristic of the secondary sector?
It involves manufacturing or processing of goods.
What is disguised unemployment?
Disguised unemployment occurs when more people are employed in a job than are actually needed
Which government body often provides regulations for the organized sector?
Labor laws (or Factories Act, Minimum Wages Act)
What specific economic concept highlights the government's responsibility to provide essential services that the private sector might not find profitable?
welfare
mention one challenge faced by the unorganized sector workers
lack of job security, low wages, absence of social security benefits, poor working conditions, and limited access to legal protection
Which sector provides services rather than good?
tertiary sector or service sector
In which sector has there been a significant shift in employment share in recent decades?
Tertiary sector (with a decline in the primary sector).
Why do workers in the unorganized sector often face exploitation?
Because there are no fixed rules and regulations to protect them.
Give an example of a public sector undertaking in India.
Indian Railways (or Post Office, BSNL, Steel Authority of India Ltd - SAIL).
Name one way to create more employment opportunities in rural areas.
What specific term describes the phenomenon where the share of tertiary sector in GDP increases, but its share in employment remains relatively low?
Jobless growth
How does the government typically measure the value of goods and services produced in each sector?
By adding the value of final goods and services in each sector.
How does the government attempt to protect workers in the unorganized sector?
Through various schemes and laws for specific groups (e.g., minimum wages for some jobs, social security schemes).
Why are some essential services, like defense, primarily managed by the public sector?
Because they require large investments and are necessary for the entire population, where profit motive is secondary.
What overarching structural issue in the Indian economy hinders a significant shift of labor from agriculture to higher-productivity manufacturing?
Skill-gap