Write a short note on how the importance of various sectors of economy has evolved over the years
Answers
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Agricultural Sector:
One of the most important sectors of the Indian economy remains Agriculture. Its share in the GDP of the country has declined and is currently at 14%. However, more than 50% of the total population of the country is still dependent on agriculture.
They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.
Production Sector- Production Sector refers to the sector where goods and services are produced. ...
Consumption Sector- This sector is also referred to as the household sector. ...
Government Sector- Government these days plays a very important role in the economy.
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Answer:
Primary sector of the economy
The primary sector is concerned with the extraction of raw materials. It includes fishing, farming and mining.
primary-sector
In less developed economies, the primary sector will comprise the biggest part of the economy. Typically as an economy develops, increased labour productivity will enable workers to leave the agricultural sector and move to other sectors, such as manufacturing and the service sector.
In the UK, about 3% of the labour force is engaged in agricultural production.
In the UK, agriculture, mining and extractive industries account for around 12% of GDP
Manufacturing is about 10%, and the service sector 78%. (UK GDP stats, weights)
Manufacturing – Secondary sector
The manufacturing sector takes raw materials and converts them into finished products. The manufacturing sector is concerned with using raw materials from the primary sectors, such as iron and coke and the production of finished goods, such as cars. These manufactured goods can then be sold in the tertiary sector.
saltaire-mill-factory-river
Wool mill in Saltaire, Yorkshire. Built in the Nineteenth Century to produce clothes from sheep wool.
The manufacturing sector is to take these two raw materials and produce steel, which is then used to manufacture other goods, such as cars and bicycles.
Examples of manufacturing sector
Small workshops producing pots, artisan production.
Mills producing textiles,
Factories producing steel, chemicals, plastic, car.
Food production such as brewing plants, and food processing.
Oil refinery.
Economic development and manufacturing
A primitive economy will rely on the primary sector; economic development allows more refinement of raw materials to produce goods and services with greater value added. To manufacture goods requires greater human capital, and also better technology to be able to make use of raw materials and produce a finished good.
Tertiary – Service sector of the economy
Definition – The service sector is comprised of firms offering ‘intangible goods’ such as entertainment, retail, insurance, tourism and banking. The service sector will make use of manufactured goods, but there is an additional component of offering a service to customers.
coffee
A cafe selling coffee is an example of the service sector. It is making use of raw materials (primary sector) – coffee beans, and manufactured goods (cups and saucers and coffee machine.)
In a developed economy like the UK, the service sector is the biggest component of the economy, comprising nearly 80% of GDP and a similar ratio of employment. In the US, the service sector comprises 70% of the workforce.
In the UK, the main sectors of the service sector include:
Retail industry
Computer and I.T. services
Hotels and tourism services
Restaurants and Cafes
Transport – rail, bus, air, sea
Communication
Banking services
Insurance services
Pension services
Food and beverage services
Postal service
Quaternary sector (knowledge economy, education, research and development)
The quaternary sector is the label used to describe a knowledge-based[1] part of the economy, which typically includes knowledge-oriented economic sectors such as information technology; media; research and development; information-based services such as information-generation and information-sharing; and knowledge-based services such as consultation, education, financial planning, blogging, and designing.[2]
The quaternary sector is based on pure knowledge and skill of a person. It consists of intellectual industries providing information services, such as computing and ICT (information and communication technologies), consultancy (offering advice to businesses) and R&D (research, particularly in scientific fields). According to some definitions, the Quaternary sector includes other pure services, such as the entertainment industry, and the term has been used[by whom?] to describe media, culture, and government.