Explanation
The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity.
For example, using cotton fibre from the plant, we spin yarn and weave cloth. Using sugarcane as a raw material, we make sugar or gur.
Gross domestic product of secondary sector in 2003 was 20%
Secondary sector is important because it is use to convert the primary sector goods into other forms which are used by consumers. It is also known as industrial sector. Tertiary sector is important bcoz it involves almost 50% of our population. Both these sectors provide 3/4 employment to the workers. Though secondary sector is important than tertiary sector its production is least in 1973.
Real Wage = W/i (W= wage, i= inflation, can also be subjugated as interest). If the figures shown are real wages, then wages have increased by 2% after inflation has been taken into account. In effect, an individual making this wage actually has more ability to buy goods and services than the previous year.
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