find out details of sector's (sector's secondary sector, tertairy sector)
Answers
Answer:
Human activities which generate income are known as economic activities. Economic activities are broadly grouped into primary, secondary, tertiary activities. Higher services under tertiary activities are again classified into quaternary and quinary activities.
Primary activities: are directly dependent on the environment as these refer to utilisation of earth’s resources such as land, water, vegetation, building materials and minerals. It, thus includes hunting and gathering, pastoral activities, fishing, forestry, agriculture, and mining and quarrying.
Secondary activities: add value to natural resources by transforming raw materials into valuable products. Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries.
Tertiary activities: include both production and exchange. The production involves the ‘provision’ of services that are ‘consumed. Exchange involves trade, transport and communication facilities that are used to overcome distance.
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Answer:
Primary sector:
- The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, hunting, fishing, and mining
- The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries.
- For example, in 2018, agriculture, forestry, and fishing comprised more than 15% of GDP in Sub-Saharan Africa but less than 1% of GDP in North America
Secondary sector:
- In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory which describes the role of manufacturing.
- It encompasses the industries which produce a finished, usable product or are involved in construction.
- This sector generally takes the output of the primary sector (i.e. raw materials) and creates finished goods suitable for use by other businesses, for export, or for sale to domestic consumers (via distribution through the tertiary sector).
- Many of these industries consume large quantities of energy and require factories and machinery; they are often classified as light or heavy based on such quantities.
- They also produce waste materials and waste heat that may cause environmental problems or cause pollution (see negative externalities).
- Examples include textile production, car manufacturing, and handicraft.[
Teritary sector:
- The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory.
- The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials).
- The service sector consists of the production of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience, and affective labor.
- The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.
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