What are different sectors of an economy ? Explain each of them
Answers
Answer:
The main sectors of the economy are:
Primary sector – extraction of raw materials – mining, fishing and agriculture. Secondary / manufacturing sector – concerned with producing finished goods,
Explanation:
e.g. Construction sector, manufacturing and utilities, e.g. electricity.
Answer:
i) The primary sector provides the base for all economic activities as it involves production at the most basic level i.e, through the exploitation of natural resources. eg. agriculture, horticulture, fisheries, forestry, mining, etc.
ii) the goods that are produced are converted into processed forms through manufacturing. This is the secondary sector. This sector depends upon primary sector for raw materials and in turn, provides a market for the producers of the primary sector.
iii) The tertiary or service sector provides support to the process of production. It includes transportation, storage, marketing and sale of products. Other services include banking and communication. These sectors are necessary to aid production while themselves deriving their sustenance from it. Thus, it can be concluded that all three sectors of the economy are interdependent.