Sector Of Economy
The relationship between economics and economy in general can be seen as theory and practice. Economics describes the principles, rules, etc. related to economic activities, where as in economy these principles are applied practically. The real test of economic principles and rules is inthe economy itself. When we define a country in terms of all its economic activities, it is called 'economy'.
Economy shows the practical nature of economics in a particular country or region, such as Indian economy, European Union economy and Russian economy etc.
The economic activities of the economy are divided into the following categories or sectors.
Primary Sector :- The sector of the economy where natural resources are obtained as a product, that is, accounting for the natural areas of the economy, is called 'Primary Sector'. It is also called' agriculture and allied sector. In this the following economic verbs are included
Example:- Agriculture and Allied Sectors
Vegetable Selling, Fisheries, etc.
Secondary Sector:- The sector of the economy that uses the products of the primary sector as raw material for its activities is called the 'secondary sector'. Under this sector, the product of manufactured goods is accounted for using the products of the primary sector of the economy. Also called the 'industrial sector'.
Example:- Manufacturing, Recycling, etc
Tertiary Sector:- In this sector various types of services are produced in this sector, hence this sector is also called 'Service Sector'. This sector provides its services to the primary and secondary sectors of the economy.
Example:- Trade, Hotels and Restaurants Public Administration and Defense Transport, Communication and Storage medical Financial Services - Banking, Insurance etc.
Quaternary Sector:- Quaternary sector is an advanced form of tertiary sector, as it includes services related to the knowledge sector. Presently the demand for information based services is increasing a lot. collecting information, studying and analysing information, presenting information etc.
Example:- Mutual Fund Managers, Portfolio Managers, Tax Managers, Statisticians, Software Developers, Researcher and Researcher etc.
Quinary Sector or Fifth Sector:- The Fifth Sector of economy deals with high quality services. Gold collar professionals are included in this field, who are highly experts in their respective fields. They play an important role in policy making and decision making in their respective fields. They work on new ideas, techniques, research and research and better prospects for the future.
Example:- High level government officials, high managers of companies and businesses, researchers and scientists, financial managers, legal advisors, etc.
