There are different ways of dividing the sectors of the economy, but one common method is called the "three-sector hypothesis," which divides major economic activity into primary, secondary, and tertiary sectors. Public and Private Sectors The three economic sectors Primary, secondary and tertiary can be further classified under the Public and Private sector on the basis of who owns the assets company and who is responsible for delivering the service.
Understanding the Chain of Production The sectors all work together to create an economic chain of production. Which is the largest sector in India?
The secondary sector consists of activities that process and manufacture products. Labour is any human resource that is used in the production process. Production is the combining of resources to create a good or service. This means that they take the raw materials and make them into finished items.
But we would expect most service- sector activities in poor economies to be low value services. The increasing demand due to its population makes the country a good market. The growth of secondary sector spread its influence during the industrial revolution in the nineteenth century.
Capital - this is a man made resource used to produce other goods. This shift is called tertiarisation.
Indian companies have been signing many private equity PE deals, registering substantial increase from previous years. Types of industry in the tertiary sector are: This could be in a factory, a workshop or at home.
Under the three-sector economic theory, every job, in every industry, falls into one or more of these sector types.
These activities, by themselves, do not produce a good but they are an aid or a support for the production process. Example, Using sugarcane as a raw material, we make sugar. For example, we require teachers, doctors, and those who provide personal services such as washermen, barbers, cobblers, lawyers, and people to do administrative and accounting works.
· The primary and secondary and tertiary sectors traditionally correspond with natural resource acquiring (agriculture, mining, fisheries), manufacturing using these natural resources (food processing, manufactured final goods, housing) and services (nonphysical outputs like education, tourism, business services).teachereducationexchange.com · In economics, country industries are broadly divided into three categories - primary, secondary and tertiary.
These categories are further classified into numerous sectors to form units of production. When these sectors are considered in a country-specific way, it teachereducationexchange.com · The movement of goods and services through the primary, secondary, and tertiary sectors is referred to as the chain of production.
For example, trees are sourced (primary), then the pulp is processed to create paper (secondary), and then the finished product is sold in stores (tertiary).teachereducationexchange.com · PRODUCTIVE SECTORS OF THE ECONOMY Objectives: Explain the characteristics of primary, secondary and tertiary sectors, and the interdependence of the different sectors The Factors of Production – these are the resources that are used in the production process.
In teachereducationexchange.com teachereducationexchange.com The primary, secondary and tertiary sectors represent various business types and the goods they produce and sell. It's easiest to think of them as a chain of production, from extracting the raw materials (primary) through manufacturing (secondary) and finally to servicing the end consumers (tertiary).
· THE PRIMARY, SECONDARY, TERTIARY AND QUATERNARY SECTORS OF THE ECONOMY US. Federal Reserve Board The recognition of differences among the major sectors of the economy, such as agriculture, commerce,teachereducationexchange.comDownload