A well balanced economic system needs a combination of primary,
secondary and tertiary sectors: Discuss.
Answers
Answer:
A well balanced economic system requires primary, secondary and tertiary sectors. In a particular area when the economic strength is considered to be strong, that means that the economic standards are achieved due to the proper working and mechanism of the resources.
Explanation:
In order to become economically strong, there is a need for proper utilization of materials as well as one of the most important things that matter is the availability of resources.
Explanation:
The modern economy can be divided into three sectors that are based on the economic development of that society.
The primary sector involves extracting materials from the earth. This extraction results in raw materials and basic foods, such as wood, coal, iron and corn. The types of workers in this sector include coal miners, farmers, and hunters.
The secondary sector involves the transformation of raw materials into goods. This transformation results in steel being made into cars, wood being made into furniture, or textiles being made into clothes, as examples.
The tertiary sector involves the supply of services to businesses and consumers