ⓘ Category:Economic sectors

Economic sector

One classical breakdown of economic activity distinguishes three sectors: Tertiary: involves the supplying of services to consumers and businesses, such as baby-sitting, cinema and banking. A shopkeeper and an accountant would be workers in the tertiary sector. Primary: involves the retrieval and production of raw materials, such as corn, coal, wood and iron. A coal miner, farmer or fisherman would be workers in the primary sector. Secondary: involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. A builder and ...

Primary sector of the economy

The primary sector of the economy includes any industry involved in primary production, that is the extraction and collection of natural resources; such as farming, forestry, hunting, fishing and mining. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries. For example, in 2018, agriculture, forestry, and fishing comprised more than 15% of GDP in sub-Saharan Africa but less than 1% of GDP in North America. Mining in 19th-century South Wales provides a case study of how an economy can come to rely on one form of acti ...

Secondary sector of the economy

The secondary sector of the economy including industries that produce a finished, usable product or are involved in 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 raw materials into goods and products. They also produce waste materials and waste heat that may c ...

Tertiary sector of the economy

The service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector. The service sector consists of the production of services instead of end products. Services also known as "intangible goods" include attention, advice, access, experience, and affective labor. The production of information has long been 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 c ...

Quaternary sector of the economy

The quaternary sector is the label used to describe a knowledge-based part of the economy, which typically includes knowledge-oriented economic sectors such as information technology, media, research and development; information-based services such as information-generation and information-sharing; and knowledge-based services such as consultation, education, financial planning, blogging, and designing. The quaternary sector is based on pure knowledge and skill of a person. It consists of intellectual industries providing information services, such as computing and ICT information and comm ...