Sectors Of Economy
The economy of a country is divided into several segments to define the ratio of the population of places engaged in different activities. It represents the distance continuity from the natural environment. It starts with the utility of raw materials like agriculture and mining. Then it starts to distance itself from the natural resources as the sectors get more detached from the processing of the raw materials.
The different areas of the economy are:
The primary sector of the economy withdraws products from the Earth, such as raw materials. These primary activities include agriculture, forestry, mining, grazing, fishing, hunting and gathering, quarrying. It also consists of the Processing and Packaging of raw materials. Today, the developing countries are facing a decreased proportion of several labours working in primary sectors. About 1.8 per cent of the workers are involved in this sector.
Secondary sector of the economy deals with the production of the finished goods from the raw materials which are extracted by the primary sector. It includes manufacturing, processing as well as construction works. The activities within this sector include metalworking, smelting, aerospace manufacturing, energy utilisation, automobile production, textile production, chemical industries and engineering, construction, etc. About 12.7 per cent of the workers are involved in this sector.
This sector is also known as the service industry. This sector involves the selling of the finished goods that are produced by the secondary sector. It provides the commercial services to both the general population as well the business-related community in all the five sectors. Activities in this sector involve retail and wholesale sales, transportation and distribution, clerical services, media, tourism, insurance, banking, law, health care and even restaurants, etc. About 61.9 per cent of the workers are involved in this sector.
This sector is also known as the knowledge economy as it involves intellectual activities which are associated with technological innovation. Activities within this sector include works that are related with government, education, culture, scientific research, libraries and information technology. These services help in technological advancement. And this, in turn, has a short term or a long term economic growth. About 4 per cent of the workers are involved in this sector.
The quinary sector involves high levels of decision making in an economy or a society. It includes top officials or executives in fields that are related to government, science, culture, media, universities, non-profit organisations, health care, police and fire departments, i.e. public services, etc. Economists also include domestic services in this sector, such as child care, housekeeping, which only contributes to the economy by providing services without any monetary benefits, i.e. for free. About 13 per cent of workers are involved in this sector.
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