Glossary
|
Term |
Definition |
|
Economic Activities |
Activities that involve the production, distribution, exchange, and consumption of products and services are referred to as economic activities. |
|
Primary Sector |
Goods that are produced by utilizing natural resources come under the category of primary sector. |
|
Secondary Sector |
Transformation of one good into another comes under the category of secondary sector. |
|
Tertiary Sector |
All service providers which help in the development of primary and secondary sectors come under the category of the tertiary sector. |
|
Gross Domestic Product (GDP) |
GDP is the value of all the final goods and services produced within a financial year. |
|
Public Sector |
In the public sector, the government owns most of the assets and provides all the services, |
|
Private Sector |
In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies, |
|
Organized Sector |
Those sectors where the companies are registered with the government and the employees have job security. |
|
Unorganized sector |
Sector where the companies are not registered with the government and the employees don't have the job security. |
|
Underemployment |
It means that people have jobs but are working less than their potential. |
