Summary, Glossary

Gross Domestic Product and its Growth: an Introduction

SUMMARY

• GDP is the value of all goods and services produced within an economy in a financial year.

• Indian economy is classified in three sectors Agriculture and allied Industry and Service

• Depreciation: The Monetary value of an asset decreases over time due to use, wear and

tear or obsolescence

• Income: The amount of monetary or other returns, either earned or unearned, accruing over a period of time.

• Gross Value Added (GVA): The measure of the value of goods and services produced in an area, industry or sector of an economy.

Glossary

Depreciation: The process of lossing value தேய்மானம்

Intermediate: Being between two other related things இடைநிலை

Market Price: A price that is likely to be paid for something சந்தை விலை

Final Goods: A consumer good or final good is any commodity that is produced or consumed by the consumer to satisfy current wants or needs இறுதி பொருட்கள்

Composition: the nature of something's ingredients or constituents; the way in which a whole or mixture is made up கலவை

Contribution: a gift or payment to a common fund or collection. பங்களிப்பு

Staggering: continue in existence or operation uncertainly or precariously. தடுமாற்றத்தினை