economic activities with example
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Sectors of the economy
Primary sector – extraction of raw materials – mining, fishing and agriculture.
Secondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity.
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Classification of Economic Activities:
In terms of national economy, a basic classification of Economic sectors, broken into four basic sectors..
- Primary sector: It includes any industry involved in the extraction and production of raw materials such as farming, forestry, fishing and mining etc..
- Secondary sector: it covers activities in which primary goods are used to produce some other commodity.It mainly includes steel production, automobile manufacturing and telecommunication etc..
- Tertiary sector: it is the segment of the economy that provide services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants etc..
- Quaternary sector: it consists of intellectual industries providing information services, such as computing and ICT etc..
Hope it helps you..
If there is any confusion, feel free to ask..
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