Describe
about the three sector of
economy.
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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).
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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):
- primary sector of an economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. ... Theprimary sector is usually most important in less developed countries, and typically less important in industrial countries.
- 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.
- 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.
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