explain different sectors of economic activities.
Answers
Explanation:
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary).
Economic activities are the activities which contribute to the flow of goods and services in an economy. Primary sector, secondary sector and tertiary sector are the different economic sectors.
Primary activities - The activities which includes the production of basic foods and raw materials. ...
Secondary Sector - This sector was related to the manufacturing and production of the raw materials and products. ...
Tertiary Sector - This includes services so called as service sector.
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➿The main sectors of the economy are:
- 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.
- Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services.
- Quaternary sector - knowledge economy, education, research and development
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