how are all the three sector of the economy interdependent ? explain this interdependence with the help of an example
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Answer:
All the three sectors of the economy are interdependent. For example ,Taking iron ore as an example: 1)Primary sector involves basic activities like fishing,agricultre including mining.By the process of mining,iron ore is obtained. 2)But iron ore cannot be used as it is without futher proccesing.
The sectors are interdependent through the following ways:
a) If a farmer refuses to sell wheat in a mill, the mill suffers loss and the transportation that helps to transport wheat may get to a standstill.
b) If the workers of a industrial house do not work properly or refuse to process goods, the transportation may get adversely affected and the farmers will not be able to sell their crops.
c) If truck drivers do a strike in order to refuse transportation or no go down will store the goods, the primary and secondary sector will suffer.
These instances prove that each sector is dependent on others.
As per the definition, primary sector exploits natural resources to produce goods like milk, meat, eggs, rice, wheat etc. which are vital for all.
The secondary sector refines the products of primary sector into desired forms through manufacturing. Eg: cotton to cotton yarn, sugarcane to sugar, milk to cheese, wheat to bread and biscuit etc.
The service sector provides services to these sectors by not producing goods. Eg: transport, storage of grains, communication etc.
Thus, the activities of each sector goes hand in hand with one another
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