An example of value addition provided in the chapter could involve the process of turning raw materials into finished products, such as converting raw wheat into flour or producing garments from cotton. In these examples, each step of processing adds value to the original material, increasing its market worth. For instance, by transforming wheat into packaged flour, the product becomes more useful and accessible to consumers, thus enhancing its monetary value. This concept illustrates how economic activities not only create finished goods but also contribute to higher profitability by improving the quality and utility of raw resources.
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Transforming raw wood into furniture is a clear example of value addition, where the basic raw material is enhanced to create a more valuable product. In this process, the wood undergoes several stages, including cutting, shaping, finishing, and assembling, which collectively elevate its utility and aesthetic appeal. This not only increases the monetary worth of the wood but also provides consumers with functional and attractive items for their homes or offices. Value addition is crucial in economic activities as it boosts profitability for manufacturers, creates jobs, and contributes to overall economic growth by increasing the variety and quality of products available in the market. Therefore option 2 is correct.
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