Sectors of the Economy

Businesses can be classified into three sectors: Primary sector, Secondary sector, and Tertiary sector. What does the primary sector involve?

• Use/extraction of natural resources

• Manufacture of goods

• Provision of services

What does the secondary sector involve?

• Use/extraction of natural resources

• Manufacture of goods

• Provision of services

What does the tertiary sector consist of?

• Use/extraction of natural resources

• Manufacture of goods

• All the services provided in an economy

What was the largest sector in the world until the mid 18th century?

• Primary sector

• Secondary sector

• Tertiary sector

What is the aim of the private sector?

• To provide essential public goods

• To make a profit

• To increase welfare of citizens

What is the aim of the public sector?

• To provide essential public goods

• To make a profit

• To run business ventures

Which sector is primarily responsible for the extraction of raw materials?

• Tertiary sector

• Primary sector

• Secondary sector

What type of activities does the tertiary sector include?

• Manufacturing

• Agriculture

• Retail and services

Which sector has seen significant growth in developed economies in recent decades?

• Primary sector

• Secondary sector

• Tertiary sector

What is a key characteristic of the secondary sector?

• It focuses on agriculture

• It involves the transformation of raw materials

• It provides financial services