how do the three types of economic activities help in the economic development of India. pls help
Answers
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
Explanation:
The three-sector model in economics divideseconomies into three sectors of activity:
extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
To increase economic growth
Lower interest rates – reduce the cost of borrowing and increase consumer spending and investment.
Increased real wages – if nominal wages grow above inflation then consumers have more disposable to spend.
Higher global growth – leading to increased
developing market economy
The economy of India is characterised as a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
The Elements of Economic Development
The creation of capacity. ...
Resource analysis. ...
Five basic objectives. ...
Make existing employers more competitive. ...
Encourage new employers. ...
Capture more local dollars. ...
Attract new employers. ...
Access outside sources of capital.