Explain the relative importance of primary sector, secondary sector and tertiary sector in (a)GDP and (b)Employment
Answers
Answer:
At very low levels of income, the majority of the labor force tends to work in traditional agriculture - a primary sector. As incomes rise, the labor force shifts out of agriculture toward industry - the secondary sector. As income growth continues, the services (tertiary) sector increasingly dominates.
How does GDP growth affect employment in the primary, secondary and tertiary sectors?
Take your fitness business online with Kajabi and start earning!
All these sectors are dependent on each other either directly or indirectly. Primary sector deals with raw materials, secondary sector deal with manufacturing and ofcource tertiary sector with service. Hence all contribute to the Gdp of a country.
For instance take iron, this raw material can be produced into steel, this steel will futher be manufactured into cars and other goods right? Similarly tertiary sector provide service of various kinds like bpo, kpo etc. So all these sector require investment,capital, staff, technical expert and management alright. If they are devoid of these basic needs for growth, it will result in slow down to these sectors because of less economic activity or contribution. Thus this will affect the overall gdp of the country. Thanks!
Explanation:
please mark my answer as a brain list and also follow me please like it if it helped you..
Answer:
Although the contribution of the primary sector in GDP has declined significantly, the proportion of the workforce that works in this sector has not fallen much. It has marginally declined from 72% in 1972-73 to about 49% in 2013-14. It continued to be the largest employer even in the year 2012. On the other hand, the service sector which accounts for more than 50% of GDP employs only about 26% of the workforce. The contribution of the secondary sector both in terms of production and employment did not change much because enough jobs were not created in the secondary and tertiary sectors.
Explanation:
Hope this helps!