Write in detail about three sectors …

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Write in detail about three sectors of economy

Posted by Prakhar Mishra 5 years, 6 months ago

CBSE > Class 10 > Social Science

1 answers

Meghna Thapar 5 years, 6 months ago

The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). ... In highly developed countries with a high income, the tertiary sector dominates the total output of the economy.

The 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. Construction sector, manufacturing and utilities, e.g. electricity.
Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services.
Quaternary sector (knowledge economy, education, research and development)

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