Value addition affects the economy by increasing the worth of raw materials or products through various processes, such as manufacturing or processing. For example, turning cotton into cloth or raw iron into finished products adds value to those materials. This process helps create jobs, raises income levels, and promotes economic growth. By increasing the value of products, it also contributes to higher profits for businesses and helps improve the standard of living. Value addition is crucial for the overall development of the economy.
This question related to Chapter 13 Social Science Class 6th NCERT.
From the Chapter 13. The Value of Work.
Give answer according to your understanding.
It enhances the market value of products, boosting trade and profitability.
Explanation: Converting raw materials into finished goods increases their worth, like turning wood into furniture.
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