Classify the economic sector on the basis of nature of activities. Mention any 3 main feature
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The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). It was developed by Allan Fisher, Colin Clark and Jean Fourastié.
In terms of the national economy, a basic classification of economic sectors, broken into four basic sectors is used:
Raw Materials (Primary Sector)
Manufacturing and Industry (Secondary Sector)
Service Sector (Tertiary Sector)
Knowledge Sector (Quaternary Sector)
There are three basic types of economic activity. Primary and secondary economic activities harvest or manufacture goods for human consumption.
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