Question

What are the three sectors of ecomnomy? Examine each with examples

Answer 1

Here's the answer:

The three main sectors of the economy are:

Primary sector – extraction of raw materials – mining, fishing and agriculture.

Secondary / manufacturing sector – concerned with producing finished goods, e.g. factories making toys, cars, food, and clothes.

Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services.

Answer 2

Explanation:

Economic Sectors

Just like economic systems, there are also economic sectors. The economy is categorized into three sectors, named as –

Primary Sector: Primary Sector refers to that sector which is directly dependent on the environment for manufacturing and production. The main examples of the primary sector are agriculture, fishing, mining, farming, etc.

Secondary Sector: Secondary Sector is that sector that adds value to the product by changing or transforming the raw materials into the valuable product. Some examples of Secondary Sector are Processing, Manufacturing of Steel, and Construction industries.

Tertiary Sector: Tertiary Sector is known as the Service Sector which is involved in the production and exchange of services. Few examples that fall under Tertiary sector are transportation, banking, insurance, communication or any of these services. The most to the GDP of our country is contributed by the tertiary sector.