Sectors of the Economy : Primary, Secondary and Tertiary

Tuesday, March 28, 2017

Economy is the term used for the production, distribution and consumption of products and services by economic agents of a particular geographical location. The economic agents can be individual, businesses, organization or government.
Economy is broadly divided in three parts that is Primary, Secondary and Tertiary.
Economy : Definition and TypesNational Income : Definition, Estimation and Methods of Calculation 

Sectors of an Economy :-
  1. Primary Sector :- The primary Sector involved in the extraction of raw materials using earth, forests water and other natural resources. The main activities included in primary sector are agriculture, forestry, fishing and mining.
  2. Secondary Sector :- This sector decides the strength and productivity of a country. In this sector finished products are manufactured using raw materials produced by primary sector. All the manufacturing works falls in this sector, hence it is also known as Manufacturing Sector. Some of the activities in this sector are construction works, textile industry, electronics, steel manufacturing etc.
  3. Tertiary Sector :- This sector is also known as Service Sector and provides services to all other sectors. This sector includes all the services like transport, banking, retail, tourism, e-marketing etc.
  4. Quaternary Sector :- This sector includes Information technology, Research works and Management.
  5. Quinary Sector :- This sector includes all kinds of Executive and Legislative Decision making.
Core Sectors of Economy :- This includes eight most important industries of manufacturing sector which decides countries strength of manufacturing and industrial developments are coal, crude oil, natural gas, petroleum refinery products, fertilizers, steel, cement and electricity.