What are 3 mejor Sectors of the economy ( PSS )

Hello friends lets understnad 3 mejor Sectoer (PSS) 

Sharing for education purpose so that you can understand how different sector help economy to grow

Sectors of the economy

1. Primary Sector -extraction of raw materials – mining, fishing and agriculture.
2. Secondary Sector -concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity.
3. Service Sector  – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T. services

Primary sector

The primary Sector is sometimes known as the extraction sector – because it involves taking raw materials. These can be renewable resources, such as fish, wool and wind power. Or it can be the use of non-renewable resources, such as oil extraction, and mining for coal.

 

·          Examples include: Mining, farming, fishing.

Secondary sector

The secondary sector makes and distributes finished goods.

·         Manufacturing – e.g. producing cars from aluminum.

·         Construction – building homes, factories

·         Utilities – providing goods like electricity, gas and telephones to households

Service / tertiary sector

The service sector includes

·         Retail

·         Financial services – Insurance, investment

·         Leisure and hospitality

·         Communication

·         IT

·         Transportation

The service sector is concerned with the intangible aspect of offering services to consumers and business. It involves retail of manufactured goods. It also provides services, such as insurance and banking. In the twentieth century, the service sector has grown due to improved labor productivity and higher disposable income. More disposable income enables more spending on ‘luxury’ service items, such as tourism and restaurants.

Quaternary/knowledge sector

·         Education

·         Research and development

·         Public sector bodies

The quaternary sector is said to the intellectual aspect of the economy. It includes education, training, the development of technology, and research and development. It is the process which enables entrepreneurs to innovate better manufacturing processes and improve the quality of services offered in the economy. Without this growth of technology and information, economic development would be slow or non-existent.

It is also known as the knowledge economy – this is the component of the economy based on human capital – IT, knowledge, education. It is primarily related to the service sector, but also is related to the high-tech component of manufacturing.

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Wise investing 

Investing in knowladge pays the best interest