Do you think classification of economic activities into primary secondary and tertiary are useful? explain how.
Answers
Answer:
Yes, classification of economic activities into primary, secondary and tertiary sector is useful as it helps in estimating the relative importance in the growth in GDP of the economy. Classifying in such a way helps in calculating how much goods and services are produced and how many people work in each sector.
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Explanation:
Answer:
Yes the classification of economic activities into primary,service and secondary is useful, because this classification helps in evaluating the contribution and share of each sector into GDP and to estimate employment , unemployment and underemployment.
Classification of economic activities helps the government to allot funds and to take required measures to develop the least performing sectors. It is easy to observe the production obtained and detect the best and least performing sectors