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One classical breakdown of economic activity distinguishes three sectors:
* Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
* Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in the secondary sector.
*
One classical breakdown of economic activity distinguishes three sectors:
* Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
* Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in the secondary sector.
* Tertiary
Tertiary ( ) is a widely used but obsolete term for the geologic period from 66 million to 2.6 million years ago.
The period began with the demise of the non-avian dinosaurs in the Cretaceous–Paleogene extinction event, at the start ...
: involves the supplying of services to consumers and businesses, such as babysitting, cinemas or banking. Shopkeepers and accountants work in the tertiary sector.
In the 20th century, economists began to suggest that traditional tertiary services could be further distinguished from " quaternary" and quinary
Quinary (base-5 or pental) is a numeral system with five as the base. A possible origination of a quinary system is that there are five digits on either hand.
In the quinary place system, five numerals, from 0 to 4, are used to represent a ...
service sectors. Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality
Hospitality is the relationship between a guest and a host, wherein the host receives the guest with some amount of goodwill, including the reception and entertainment of guests, visitors, or strangers. Louis, chevalier de Jaucourt describes ...
.
Economic theories divide economic sectors further into economic industries.
Historic evolution
An economy may include several sectors that evolved in successive phases: * The ancient economy built mainly on the basis of subsistence farming. * Theindustrial revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going f ...
lessened the role of subsistence farming, converting land-use to more extensive and monocultural forms of agriculture over the last three centuries. Economic growth took place mostly in the mining, construction and manufacturing industries.
* In the economies of modern consumer societies, services, finance, and technology—the knowledge economy—play an increasingly significant role.
Even in modern times, developing countries
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreem ...
tend to rely more on the first two sectors, in contrast to developed countries
A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastruct ...
.
By ownership
An economy can also be divided along different lines: * Public sector or state sector * Private sector or privately run businesses * Voluntary sectorSee also
* Three-sector theory * Jean Fourastié * Industry classification ** International Standard Industrial Classification ** North American Industry Classification System – a sample application of sector-oriented analysis * Division of labour *Economic development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and ...
References
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