Question

Do you think the classification of economic activities into primary, secondary and tertiary is useful? Explain how.​

Answer 1

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.

Alexander and Gibson (1979; 51) have classified economic activities in two broad categories, i.e., subsistence and commercial. The commercial activities have been further classified as – gathering, bioculture, manufacturing, transportation and trade, and services.

The primary sector gathers the raw materials, the secondary sector puts the raw materials to use, and the tertiary sector sells and supports the activities of the other two.

Explanation:

I hope it will help you:)

Answer 2

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.