0 notes on sector of economic development
utkarsh109:
what does it mean??
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Economic development is the process by which a nation improves the economic, political, and social well-being of its people. ... Consequently, as economist Amartya Sen points out, "economic growth is one aspect of the process of economic development".
One classical breakdown of economic activity distinguishes three sectors:
Primary: Involves the retrieval and production of raw materials, such as corn, coal, wood and iron. (A coal miner, farmer or fisherman would be workers in the primary sector.)
Secondary: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
Tertiary: Involves the supplying of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)
One classical breakdown of economic activity distinguishes three sectors:
Primary: Involves the retrieval and production of raw materials, such as corn, coal, wood and iron. (A coal miner, farmer or fisherman would be workers in the primary sector.)
Secondary: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
Tertiary: Involves the supplying of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)
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