Question

problems in a secondary sector for a business

Answer 1

Answer:

The secondary sector of the economy including industries that produce a finished, usable product or are involved in construction.

This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for export, or sale to domestic consumers. This sector is often divided into light industry and heavy industry. Many of these industries consume large quantities of energy and require factories and machinery to convert raw materials into goods and products. They also produce waste materials and waste heat that may cause environmental problems or cause pollution. The secondary sector supports both the primary and tertiary sector.

Some economists contrast wealth-producing sectors in an economy such as manufacturing with the service sector which tends to be wealth-consuming.[1] Examples of service may include retail, insurance, and government. These economists contend that an economy begins to decline as its wealth-producing sector shrinks.[2] Manufacturing is an important activity to promote economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as health care and infrastructure in the economy. The field is an important source for engineering job opportunities. Among developed countries, it is an important source of well-paying jobs for the middle class to facilitate greater social mobility for successive generations on the economy.

Answer 2

The secondary sector in business or Economics mainly refers to the industrial and manufacturing sector,which despite significant progress in past few decades have faced much difficulty and adversities.

Explanation:

Major problems faced by the secondary sector:-

• The secondary sector,mainly manufacturing sector has progressed and developed in last few decades but considering the overall economic progress in the country including the other sectors,the rate of this progress has been unsatisfactory.
• In many industries under the secondary sectors,the industrial and infrastructural development has been either slow or nil,which has affected the growth of the overall sector when compared to the national level.
• Import substitution and protectionism has posed a major challenge for the industrial sector and the sector is still unable to achieve self-sufficiency.A significant amount of government subsidy is also directed towards the sector traditionally.
• Lack of proper infrastructure,resources,raw material,advanced machinery and equipment etc is also a major challenge for much of the industrial and manufacturing sector.Additionally,under utilization of the existing resources is also another major problem in this context.