classify the economc sectors on the basis of the nature of activities. Mention the main the features of each?
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Economic sectors are classified on the basis of different phases of the production chain. The major sectors are:
Primary sector:
Comprises production and extraction of raw materials.
Examples include agriculture (commercial and sustenance) and animal rearing/husbandry.
Other activities include quarrying, mining and processing and packaging of raw materials.
This sector supplies raw materials to industries of other sectors.
Known as a country’s primary sector because it establishes a solid foundation for the entire economy.
Plays a vital role in developing and under-developed nations.
Secondary sector:
It includes all activities related to conversion of raw materials into finished products.
Activities include metal working, automobile production, chemical industries, textile production, energy utilities, aerospace manufacturing, shipbuilding and construction.
Generates large scale employment for both white collar and blue collar workers.
Tertiary sector:
Involves production of services or intangible goods.
Activities include transportation, advertising and banking.
Examples include doctors, accountants and other professionals who offer their services.
In most developed and developing nations, this sector features the highest level of economic activity.
In the U.S., for example, over 80% of total labor force is involved in the tertiary sector.
Based on product type, the activities of different sectors are clubbed into industry sector and service sector.
Sector: Types and Economic Functions Based on Ownership
The economy can be classified on the basis of ownership:
Public sector:
It includes all those economic activities that are owned and managed by government agencies.
Major activities are social security services, managing national defenses and administering public transportations.
Private sector:
Involves economic activities that are managed by private institutions.
Profit making is its sole purpose. However, some exceptions are possible and functional in the sector.
Voluntary sector:
Known as the third sector or the civic sector.
It includes those social activities that are undertaken by non- governmental and non- profit organizations.
Includes various political parties, volunteer communities and religious and charitable organizations.
Another economic sector is the quaternary sector. It covers various intellectual activities in an economy related to:
culture
government
scientific research
Information technology
The behavior and economic importance of different sectors vary from one another. A particular sector may be more dominant in a nation than others. The contribution of primary and public sectors is more evident in under-developed economies than developed nations.
Apoorva Sinha answered this
Economic sectors can be classified into three sector on the basis of activity-
1 Primary sector-The primary sector of economy extract or harvests product from the Earth.
eg.-agriculture,fishing
2 Secondary sector-The secondary sector of the economy manufacture finished good.
eg.-textile production
3 Tertiary sector-Tertiary sector of the ecomony is the serivce industry.
eg.-Wholesale,transportation
Primary sector:
Comprises production and extraction of raw materials.
Examples include agriculture (commercial and sustenance) and animal rearing/husbandry.
Other activities include quarrying, mining and processing and packaging of raw materials.
This sector supplies raw materials to industries of other sectors.
Known as a country’s primary sector because it establishes a solid foundation for the entire economy.
Plays a vital role in developing and under-developed nations.
Secondary sector:
It includes all activities related to conversion of raw materials into finished products.
Activities include metal working, automobile production, chemical industries, textile production, energy utilities, aerospace manufacturing, shipbuilding and construction.
Generates large scale employment for both white collar and blue collar workers.
Tertiary sector:
Involves production of services or intangible goods.
Activities include transportation, advertising and banking.
Examples include doctors, accountants and other professionals who offer their services.
In most developed and developing nations, this sector features the highest level of economic activity.
In the U.S., for example, over 80% of total labor force is involved in the tertiary sector.
Based on product type, the activities of different sectors are clubbed into industry sector and service sector.
Sector: Types and Economic Functions Based on Ownership
The economy can be classified on the basis of ownership:
Public sector:
It includes all those economic activities that are owned and managed by government agencies.
Major activities are social security services, managing national defenses and administering public transportations.
Private sector:
Involves economic activities that are managed by private institutions.
Profit making is its sole purpose. However, some exceptions are possible and functional in the sector.
Voluntary sector:
Known as the third sector or the civic sector.
It includes those social activities that are undertaken by non- governmental and non- profit organizations.
Includes various political parties, volunteer communities and religious and charitable organizations.
Another economic sector is the quaternary sector. It covers various intellectual activities in an economy related to:
culture
government
scientific research
Information technology
The behavior and economic importance of different sectors vary from one another. A particular sector may be more dominant in a nation than others. The contribution of primary and public sectors is more evident in under-developed economies than developed nations.
Apoorva Sinha answered this
Economic sectors can be classified into three sector on the basis of activity-
1 Primary sector-The primary sector of economy extract or harvests product from the Earth.
eg.-agriculture,fishing
2 Secondary sector-The secondary sector of the economy manufacture finished good.
eg.-textile production
3 Tertiary sector-Tertiary sector of the ecomony is the serivce industry.
eg.-Wholesale,transportation
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