A nation’s economy can be divided into various sectors
basis of the stages of production; they are primary secondary Tertiary and
quaternary
The primary sector of the
economy extracts or harvests products [raw materials] from the
earth. The primary sector includes the production of raw
material and basic foods. e.g. agriculture (both subsistence and commercial),
mining, forestry, farming, grazing, hunting and gathering, fishing, and
quarrying.
The secondary sector of the
economy transforms the raw materials [manufactures] into finished goods.
All of manufacturing, processing, and construction lies within the secondary
sector. e.g. Metal working and smelting, automobile production, textile
production, chemical and engineering industries, aerospace manufacturing,
energy utilities, engineering, breweries and bottlers, construction, and
shipbuilding.
The tertiary sector of the
economy is the service industry. It provides services to the general public and
to businesses. e.g. retail and wholesale sales, transportation and
distribution, entertainment (movies, television, radio, music, theatre, etc.),
restaurants, clerical services, media, tourism, insurance, banking, healthcare,
and law.
The quaternary sector of the
economy consists of intellectual activities. e.g culture, government,
libraries, scientific research, education, and information technology.
The Quinary Sector is a branch of the quaternary
sector, includes the highest levels of decision making in a society. e.g. top
executives or officials in such fields as government, science, universities,
non-profit, healthcare, culture, and the media.
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