Question

Explain different sectors of the economic activities

Answer 1

Answer:

The three 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. factories making toys, cars, food, and clothes.

Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services

Answer 2

Sectors of the Economy:

1. Primary,
2. Secondary,
3. Tertiary
4. , Quaternary
5. Quinary

✷Primary Sector

The primary sector in India is the sector which is largely dependant on the availability of natural resources in order to manufacture the goods and also to execute various processes. The services in this sector are entirely dependant on the availability of the natural resources in order to keep the day-to-day operations running.

✷Secondary Sector

The economy in the sector is dependent on the natural ingredients which are used to create the services and products offered and which at the end are used for consumption. In terms of value added to the products and services, this sector is the best sector. The major examples that fall under this category are transportation and manufacturing.

✷Tertiary Sector

This sector contributes the largest in terms of share in GDP in India. The sector is also the service sector and is important when you consider the development of the other two sectors. Like the previous sector, this sector also adds the value to the products. This sector is responsible for employing 23 percentage of the workforce out of the total workforce currently working in India.

✷Quaternary

Quaternary activities are specialized tertiary activities in the ‘Knowledge Sector’ which demands a separate classification. There has been a very high growth in demand for and consumption of information-based services from mutual fund managers to tax consultants, software developers and statisticians. Personnel working in office buildings, elementary schools and university classrooms, hospitals and doctors’ offices, theatres, accounting and brokerage firms all belong to this category of services. Like some of the tertiary functions, quaternary activities can also be outsourced. They are not tied to resources, affected by the environment, or necessarily localised by market.

✷quinary

Quinary activities are services that focus on the creation, re-arrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technologies. Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc. Their importance in the structure of advanced economies far outweighs their numbers. The highest level of decision-makers or policymakers performs quinary activities

hope it's useful for you (◠‿◕)