sectors of the economy. economic classifications the more developed an economy is, the greater...
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SECTORS OF THE ECONOMY
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ECONOMIC CLASSIFICATIONS
•THE MORE DEVELOPED AN ECONOMY IS, THE GREATER NUMBER AND VARIETY OF ACTIVITIES YOU WILL FIND.
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PRIMARY SECTOR (1ST)
•MOST BASIC COMPONENTS OF ECONOMY•ACTIVITIES REVOLVE AROUND GETTING RAW MATERIALS FROM EARTH•EXAMPLES: FARMING, FISHING, RAW MINING
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SECONDARY SECTOR (2ND)
•PROCESSING RAW MATERIALS ACQUIRED THROUGH PRIMARY ACTIVITIES INTO FINISHED PRODUCTS OF GREATER VALUE•ACTIVITIES REVOLVE AROUND FACTORIES AND MANUFACTURING•EXAMPLES: BABY FOOD, CARS, MY LITTLE PONY DOLLS
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TERTIARY SECTOR (3RD)
•FOCUSES ON MOVING, SELLING AND TRADING PRODUCTS MADE IN PRIMARY AND SECONDARY LEVELS AND SERVICES•ACTIVITIES INVOLVE PROFESSIONAL AND FINANCIAL INSTITUTIONS AND SERVICES•EXAMPLES: CARPET CLEANING BUSINESS, RESTAURANT, BANKS, GROCERY STORES
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QUARTERNARY SECTOR (4TH)•INVOLVES INFORMATION CREATION AND TRANSFER•ACTIVITIES ASSEMBLE, DISTRIBUTE AND PROCESS INFORMATION•EXAMPLES: RESEARCH, UNIVERSITIES OR BUSINESS OPERATIONS
•QUINARY SECTOR (5TH) IS A SUBSET OF THE QUARTERNARY THAT INVOLVES THE HIGHEST LEVEL OF DECISION MAKING LIKE PRESIDENTIAL CABINET OR HIGH EXECUTIVES AT LARGE COMPANIES