name and explain three types of economic activities with example
Answers
One classical breakdown of economic activity distinguishes three sectors:
Primary: involves the retrieval and production of raw materials, such as corn, coal, wood and iron. (A coal miner, farmer or fisherman would be workers in the primary sector.)
Secondary: involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
Tertiary: involves the supplying of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)
In the 20th century, economists began to suggest that traditional tertiary services could be further distinguished from "quaternary" and quinary service sectors. Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industry related to human services and hospitality.
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Economic Activities are of 3 types -
1. Primary Activities
2. Secondary Activities
3. Tertiary Activities
Explanation :-
1. Primary activities are those type of economical activities which deal with the production of raw material or we can say that which deal with the works like agriculture,animal husbandry etc.
* The main purpose of these activities is to provide raw material to the industries.
* It provides most employment.
* Rate of production is not very high.
2. Secondary activities are those kind of economic activities which take raw material from primary and then convert it into useful things, These include industrial activities, Raw material is converted into useful products with the help of machines and the products are then sold in the market.
* The main purpose is to convert raw material into those products which can be used by people.
* It provides less employment than primary.
* Example - Manufacturing of paper from wood, clothes from cotten etc.
3. Tertiary activities are the type of economic activities which don't provide any material goods but provide services to the primary and secondary sectors. These are one of the most important economical activities in today's time. This sector is also called Sevice sector.
* The main purpose is to provide services for the working of primary and secondary sectors.
* No Material goods are produced.
* These include Communication,banking, transportation, hospitality, Education etc.