Question

A well balanced economic system needs a combination of primary,
secondary and tertiary sectors. Discuss.

Grade 10, Sectors of Indian Economy,
Economics,

Answer 1

$\boxed{\mathbb{\red{PRIMARY\:SECTOR\: :-}}}$

primary sector is the sector which is the basis of the country's economic development.

It includes all the activities which are handled and done by the agriculture.

In most of the countries it forms the backbone of the country's economic development.

Whatever we eat is the gift of primary sector. Moreover it is very essential for the existence of other two sectors.

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$\boxed{\mathbb{\blue{SECONDARY\:SECTOR}}}$

This sector involves all the industrial activities. Moreover it also helps the primary sector to get all the latest equipments and machineries.

The secondary sector is the consumer of the primary products to give a more valuable product. It forms the main sector for development of Agriculture.

The secondary sector reduces the burden on primary sector by imparting employment opportunities and better income and life standard.

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$\boxed{\mathbb{\green{TERTIARY\:SECTOR}}}$

This is the most advanced and skilled sector among all Sectors of economy. This sector involves the highly skilled and qualified labours which work day and night to improve the remaining two sectors.

In the recent years tertiary sector has helped enhancing the economy as it provides the latest technology to the primary as well as a secondary sector. This sector has reduced the dependency on the primary and secondary sector by imparting jobs in tertiary sectors and paved the way from new jobs and startups.

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$\boxed{\mathbb{\orange{DEPENDENCE\:OF\:ALL\:THREE :-}}}$

All the three sectors are interdependent. The primary sector produces the goods which are consumed by the secondary sector and the secondary sector provides enhanced machinery and tools for the development of the primary sector where as the tertiary sector provides massive modern technology for the development of the primary as well as the secondary sector.

All these three sectors are interdependent because without the existence of primary sector the secondary sector will not exist and without the existence of both the primary and secondary sector the tertiary sector with not exist. All the three are interdependent to each other and help in improving the economy of a country.

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$\boxed{\mathbb{\red{GDP\:AND\:SECTORS}}}$

A country's economic development is always handled by the Primary, secondary and tertiary sector as they contribute a lot in Calculating GDP of a country.

GDP is the measure of the country's economic development.

Hence, a well-functioning three sectors are necessary for proper growth of the country and increasing GDP of the country so that the economy of that particular country enhances greatly.

Thus, a well-balanced economy requires the contribution of all the three sectors.

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Answer 2

Explanation:

The secondary sector reduces the burden on primary sector by imparting employment opportunities and better income and life standard.