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What are sectors? Classify the economic activities. |
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Answer» Hey!! Thank you so much ✌?? The sectors of the Indian economy are:(i)\xa0Primary sector:\xa0When a good is produced by exploiting natural resources, it is an activity of\xa0the primary sector.(ii)\xa0Secondary sector:\xa0The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that are\xa0associated with industrial activity.(iii)\xa0Tertiary sector:\xa0This sector\xa0helps in the development of the primary and secondary sectors. This is also called \'Service sector\' as it\xa0also includes some essential services that may not directly\xa0help in the production of goods.PRIMARY SECTOR - DEFINITIONWhen a good is\xa0produced\xa0by exploiting natural resources, it is an activity of the primary sector. It forms the base for all other products that are subsequently made. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related\xa0sector.SECONDARY SECTOR - DEFINITIONThe\xa0secondary sector\xa0covers activities in which natural products are changed into other forms throughways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is\xa0essential.\xa0STATIC AND DYNAMIC ECONOMY - DEFINITIONIn economics, the word \'static\' refers to a situation which witnesses absolutely no changes. Static economy is a timeless economy where there are no changes at all. The fundamental factors of the economy like the size of population, availability of capital, methods of production, nature of organisation and people\'s wants remain static without any alteration. During British rule, the Indian economy was a static economy.The word \'dynamic\' refers to drastic changes or continuous change. Dynamic economics is the study of the variations that take place in an economy. It analyses the process of change that takes place from time to time in an economy. In a dynamic economy, the size of the population, availability of capital, methods of production, nature of organisation and people\'s wants keep on changing continuously. After Independence, the Indian economy has got transformed into a dynamic economy.TERTIARY SECTOR - DEFINITIONThe\xa0tertiary sector\xa0helps in the development of the primary and secondary sectors. This sector\xa0does not produce a good but they are an aid or a support for the production\xa0process.\xa0Since this sector generates services rather than goods, the tertiary sector is also called the\xa0service sector. |
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