briefly explain the three parts of economy (10)Mark's
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Answers
Answer:
Three parts of economy are
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
Answer:
Explanation:
According to the three-sector theory, all economic activity can be divided into three categories: primary, secondary, and tertiary. As a general rule, the more advanced an economy is, the more its attention transfers from the primary to the secondary and then to the tertiary sectors. Many economists have suggested in recent years that the three-sector theory should be expanded to include a fourth sector. But, before we get into the reasons for this, let's take a closer look at each of the economy's sectors in the video and paragraphs below.
Primary Sector: This sector deals with the extraction and harvesting of natural resources such as agriculture and mining.
Secondary Sector: This sector comprises construction, manufacturing, and processing. Basically, this sector comprises industries that relate to the production of finished goods from raw materials.
Tertiary Sector: Retailers, entertainment, and financial companies make up this sector. These companies provide services to consumers.
Quaternary Sector: The final sector deals with knowledge or intellectual pursuits including research and development (R&D), business, consulting services, and education.