Sector of the economy

The primary sector

The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining. This is contrasted with the secondary sector, producing manufactured goods, and the tertiary sector, producing services. The primary sector is usually most important in less developed countries, and typically less important in industrial countries.

The manufacturing industries that aggregate, pack, package, purify or process the raw materials close to the primary producers are normally considered part of this sector, especially if the raw material is unsuitable for sale or difficult to transport long distances.[1]

Primary industry is a larger sector in developing countries; for instance, animal husbandry is more common in Africa than in Japan.[2] Mining in 19th century South Walesis a case study of how an economy can come to rely on one form of business.[3]

Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. However, in recent years, the number of terminal exchanges have heavily reduced Canada's primary industry, making them rely more on quaternary industry.

•        1 Agriculture

•        2 List of countries by agricultural output

•        3 See also

•        4 References

•        5 Further reading

Secondary sector

The secondary sector of the economy includes those economic sectors that produce a finished, usable product: production and construction.

This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for export, or sale to domestic consumers. This sector is often divided into light industry and heavy industry. Many of these industries consume large quantities of energy and require factories and machinery to convert the raw materials into goods and products. They also produce waste materials and waste heat that may pose environmental problems or cause pollution.it supports both primary and tertiary sector

Some economists contrast wealth-producing sectors in an economy such as manufacturing with the service sector which tends to be wealth-consuming.[1] Examples of service may include retail, insurance, and government. These economists contend that an economy begins to decline as its wealth-producing sector shrinks.[2] Manufacturing is an important activity to promote economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as health care and infrastructure in the economy. The field is an important source for engineering job opportunities. Among developed countries, it is an important source of well paying jobs for the middle class to facilitate greater social mobility for successive generations on the economy

Tertiary sector

Tertiary sector is service sector consists of the "soft" parts of the economy, i.e. activities where people offer their knowledge and time to improve productivity, performance, potential, and sustainability, what is termed affective labor. The basic characteristic of this sector is the production of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience, and discussion. The production of informationis generally also regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.

The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer, as may happen in wholesaling and retailing, or may involve the provision of a service, such as in pest control or entertainment. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is on people interacting with people and serving the customer rather than transforming physical goods.

examples

•        Entertainment

•        Government

•        Telecommunication

•        Hospitality industry/Tourism

•        Mass media

•        Healthcare/hospitals

•        Public health

•        Information technology

•        Waste disposal

•        Financial services

o        Banking

o        Insurance

o        Investment management

•        FMCG

•        Professional services

o        Accounting

o        Legal services

o        Management consulting

•        Consulting

•        Gambling

•        Retail sales

•        Franchising

•        Real estate

•        Education