What are the various sectors of an economy of a country?
Answers
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.
There are three main sectors in an economy. They are as follows:
Primary Sector:
▪ In Primary sector of economy, activities are undertaken by directly using natural resources. Agriculture, Mining, Fishing, Forestry, Dairy etc. are some examples of this sector.
▪ It is called so because it forms the base for all other products. Since most of the natural products we get are from agriculture, dairy, forestry, fishing, it is also called Agriculture and allied sector.
▪ People engaged in primary activities are called red-collar workers due to the outdoor nature of their work.
Secondary Sector:
▪ It includes the industries where finished products are made from natural materials produced in the primary sector. Industrial production, cotton fabric, sugar cane production etc. activities comes under this sector.
▪ Hence its the part of a country's economy that manufactures goods, rather than producing raw materials.
Tertiary Sector/Service Sector:
▪ This sector’s activities help in the development of the primary and secondary sectors. By itself, economic activities in tertiary sector do not
produce a goods but they are an aid or a
support for the production.
▪ Goods transported by trucks or trains, banking, insurance, finance etc. come under the sector. It provides the value addition to a product same as secondary sector.
▪ This sector jobs are called white collar jobs.