Question

What are the three sectors of economy explain with example

Answer 1

Answer:

Explanation:

→ 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.

Answer 2

Answer: The three sectors of economy are :

1. Primary sector : this sector includes all such activities as are undertaken by using natural resources, such as agriculture, forestry , fishing , etc.

2. Secondary sector : this sector includes various manufacturing activities, which are performed in factories.

3.Tertiary Sector: it is also known as service sector . It includes all such activities as are helpful in the production process of economy.

Explanation: