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| 1. |
Explain the sector of economic activities. |
| Answer» A nation’s economy can be divided into various sectors to define the proportion of the population engaged in the activity sector.\tPrimary Sector :The primary sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods. Activities associated with primary economic activity include agriculture (both subsistence and commercial), mining, forestry, farming, grazing, hunting and gathering, fishing and quarrying. The packaging and processing of raw materials are also considered to be part of this sector.\tSecondary sector:The secondary sector of the economy produces finished goods from the raw materials extracted by the primary economy. All manufacturing, processing, and construction lie within this sector. Activities associated with the secondary sector include metal working and smelting, automobile production, textile production, chemical and engineering industries, aerospace manufacturing, energy utilities, engineering, breweries and bottlers, construction and shipbuilding.\tTertiary Sector:The tertiary sector of the economy is also known as the service industry. This sector sells the goods produced by the secondary sector and provides commercial services to both the general population and to businesses in all five economic sectors. Activities associated with this sector include retail and wholesale sales, transportation and distribution, restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.\tQuaternary Sector: Although many economic models only divide the economy into three sectors, others divide it into four or even five sectors. These final two sectors are closely linked with the services of the tertiary sector. In these models, the quaternary sector of the economy consists of intellectual activities often associated with technological innovation. It is sometimes called the knowledge economy. Activities associated with this sector include government, culture, libraries, scientific research, education and information technology. These intellectual services and activities are what drives technological advancement, which can have a huge impact on short- and long-term economic growth.\tQuinary Sector :Some economists further subdivide the quaternary sector into the quinary sector, which includes the highest levels of decision making in a society or economy. This sector includes top executives or officials in such fields as government, science, universities, nonprofit, healthcare, culture and the media. It may also include police and fire departments, which are public services as opposed to for-profit enterprises. | |