WHAT ARE THE INTERRELATION BETWEEN ALL 3 SECTORS:-(3MARKS)
•PRIVATE SECTOR
•SECONDARY SECTOR
•TERTIARY SECTOR
Answers
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). According to the model, the main focus of an economy's activity shifts from the primary, through the secondary and finally to the tertiary sector. Countries with a low per capita income are in an early state of development; the main part of their national income is achieved through production in the primary sector. Countries in a more advanced state of development, with a medium national income, generate their income mostly in the secondary sector. In highly developed countries with a high income, the tertiary sector dominates the total output of the economy. The model was developed by Allan Fisher, Colin Clark,and Jean Fourastié.
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