How are the three sectors of the economy different
from each other? Explain.
Answers
Primary Sector : Activities undertaken by using natural resources, e.g., forestry, agriculture, fishing, etc. Secondary Sector : Activities includes various manufacturing activities and adds utility to primary sector, e.g., Cotton-cloths, iron ore-Steel, etc.
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Answer:
Classification of economic sectors on the basis of
nature of activities are as follows:
(i) Primary sector : When we produce goods by
exploiting natural resources, it is an activity of
the primary sector, such as agriculture, dairy
farming, fishing, forestry.
(ii) Secondary sector : In this, natural products are
changed into other forms through manufacturing
that we associate with industrial activity. The
product is not produced by nature but has to be
made and therefore, some process of manufacturing
is essential. For example, using cotton fibre from
the plant we spin, yarn and weave cloth.
(iii) Tertiary sector : It helps in the development of
the primary and secondary sectors. They provide
aid or a support for the production process.
Transport, storage, communication, banking,