Classify the activities on the basis of three main Sectors. Explain each one of them briefly.
Answers
Explanation:
Primary sector – extraction of raw materials – mining, fishing and agriculture. Secondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity. ... Quaternary sector (knowledge economy, education, research and development)
Answer:
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary).
Explanation:
Raw materials (primary):The Primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, forestry, fishing and mining. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries.
Manufacturing (secondary): In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory which describes the role of manufacturing. It encompasses the industries which produce a finished, usable product or are involved in construction.
Services (tertiary): The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector.