why do we need to divide the economic activities into three sectors
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why do we need to divide the economic activities into three sectors
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).Primary activities are those that deal with the production and extraction of raw material. Secondary actiities are those that relate to processing of raw material into finished goods Tertiary activities are those that relate to the production of services that facilitate the productio process.
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Explanation:
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).Primary activities are those that deal with the production and extraction of raw material. Secondary actiities are those that relate to processing of raw material into finished goods Tertiary activities are those that relate to the production of services that facilitate the productio process.