What are the three sectors of economy? Explain.
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The Three Economic Sectors. According to the three-sector theory, all economic activity can be classified into one of three sectors: the primary sector, the secondary sector and thetertiary sector.
ChetakshVerma1:
explain all three sector.
Answered by
244
The three sectors of economy are:
1. Primary Sector
2. Secondary Sector
3. Tertiary Sector/ Service Sector
Primary Sector:
It is also known as the “Extraction sector” because it involves taking of ‘raw materials’. These can be wool, fish, wind power, coal, mining, etc.
Secondary Sector:
The secondary sector takes raw materials combine them to produce a higher value product and a finished good. Wool is spun to make better quality wool.
Tertiary Sector/ Service Sector:
It involves providing services to the consumers. It is an intangible way of providing help to the consumers. Banking, Insurance are few services offered.
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