classify sector of economy and mention two examples for each
Answers
Explanation:
The sectors of the Indian economy are:
(i) Primary sector: When a good is produced by exploiting natural resources, it is an activity of the primary sector.
(ii) Secondary sector: The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that are associated with industrial activity.
(iii) Tertiary sector: This sector helps in the development of the primary and secondary sectors. This is also called 'Service sector' as it also includes some essential services that may not directly help in the production of goods.
Answer:
SECTORS OF INDIAN ECONOMY - DEFINITION
The sectors of the Indian economy are:
(i) Primary sector: When a good is produced by exploiting natural resources, it is an activity of the primary sector.
(ii) Secondary sector: The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that are associated with industrial activity.
(iii) Tertiary sector: This sector helps in the development of the primary and secondary sectors. This is also called 'Service sector' as it also includes some essential services that may not directly help in the production of goods.
PRIMARY SECTOR - DEFINITION
When a good is produced by exploiting natural resources, it is an activity of the primary sector. It forms the base for all other products that are subsequently made. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector.
SECONDARY SECTOR - DEFINITION
The secondary sector covers activities in which natural products are changed into other forms throughways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential.
STATIC AND DYNAMIC ECONOMY - DEFINITION
In economics, the word 'static' refers to a situation which witnesses absolutely no changes. Static economy is a timeless economy where there are no changes at all. The fundamental factors of the economy like the size of population, availability of capital, methods of production, nature of organisation and people's wants remain static without any alteration. During British rule, the Indian economy was a static economy.
The word 'dynamic' refers to drastic changes or continuous change. Dynamic economics is the study of the variations that take place in an economy. It analyses the process of change that takes place from time to time in an economy. In a dynamic economy, the size of the population, availability of capital, methods of production, nature of organisation and people's wants keep on changing continuously. After Independence, the Indian economy has got transformed into a dynamic economy.
TERTIARY SECTOR - DEFINITION
The tertiary sector helps in the development of the primary and secondary sectors. This sector does not produce a good but they are an aid or a support for the production process. Since this sector generates services rather than goods, the tertiary sector is also called the service sector.
Explanation:
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