Comparing Three Sectors of Economy
Comparing Three Sectors of Economy
Comparing The Three Sectors: Various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services.How do we count the various goods and services and know the total production in each sector?
For example- if 10 000 Kgs of wheat is sold at Rs 8 per kg & the value of wheat will be Rs 80,000. The value of 5000 coconuts at Rs 10 per coconut will be Rs 50,000, Similarly the value of goods and services in the three sectors are calculated and then added up. Remember, there is one precaution one has to take. Not every good (or service) that is produced and sold needs to be counted. It makes sense only to include the final goods and services. Take for instance a farmer who sells wheat to a floor mill for Rs 8 per kg. The mill grind the wheat and sells the flour to a biscuit company for Rs 10 per kg. The biscuit company uses the flour and things such as sugar and oil to make four packets of biscuits. It sells biscuits in the market to the consumer for Rs 60 (Rs15 per packet). Biscuits are the final goods i.e. good that reach the consumer.Why are only final goods and services counted? In contrast to final goods such as wheat and the wheat flour in this example are intermediate goods. Intermediate goods are used up in producing final goods. Intermediate goods are used up in producing final goods and services.
The value of final goods already includes the value of all the intermediate goods that are used in making the final good. Hence, the value of Rs 60 for the biscuits( final good) already includes the value of flour (Rs 10). The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. Therefore biscuit is the final goods and its value will only be counted to find the production level . Value of intermediate goods are not counted .
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