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| 1. |
Write in detail about three sectors of economy |
| Answer» The\xa0three-sector\xa0model in\xa0economics\xa0divides\xa0economies\xa0into\xa0three sectors\xa0of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). ... In highly developed countries with a high income, the tertiary\xa0sector\xa0dominates the total output of the\xa0economy.The main sectors of the economy are:\tPrimary sector – extraction of raw materials – mining, fishing and agriculture.\tSecondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity.\tService / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services.\tQuaternary sector (knowledge economy, education, research and development) | |