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.

 

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.