Do you think that the classification of economic activity into primary secondary and tertiary sector is useful explain how
Answers
The classification of economic activities into primary, secondary and tertiary is useful on account of the information, it provides on how and where the people of a country are employed. Also this helps in ascertaining as to which sector of economic activity contributes more or less to the country’s GDP and per capita income. If the tertiary sector is developing much faster than the primary sector, then it implies that agriculture is depleting, and the government must take measures to rectify this. The knowledge that the agricultural profession is becoming unpopular or regressive can only come if we know which sector it belongs to. Hence, it is necessary to classify economic activities into these three sectors for smooth economic administration and development.
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Explanation:
i) 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 and it also helps to classify the different occupations that are taken up by the people in the country and how much each sector contributes to the growth of the country.
ii) It is also important because it helps in asserting that which sector contributes the most in the GDP and which sector has the scope to employ more people and increase the National Income.
iii) It helps in calculating how much goods and services are produced and how many people work in each sector.
iv) This type of classification helps in comparing the level of growth in different countries.