The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
What are primary and secondary economic activities and how are they different?
One classical breakdown of economic activity distinguishes three sectors: Primary: involves the retrieval and production of raw materials, such as corn, coal, wood or iron. Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing.
What are examples of tertiary economic activities?
Tertiary Sector Activities associated with this sector include retail and wholesale sales, transportation and distribution, restaurants, clerical services, media, tourism, insurance, banking, health care, and law.
What is the main difference between secondary activity and tertiary activity?
Solution
| Secondary Economic Activities | Tertiary Economic Activities |
|---|---|
| (i) Secondary activities are concerned with activities adding value to already existing products from primary activities. | (i) Tertiary activities are concerned with providing services rather than providing material goods. |
What is tertiary activities explain with example?
Tertiary activity consists of all service occupations. Transport, communication, trade, health, education and administration are important examples of tertiary activities. These tertiary activities help in the development of the primary and secondary sectors. So these are also known as support services.
Which is the following is an example of secondary 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.
