All Topics  
Economic sector

 

 
   Email Print
   Bookmark   Link
 

 

Economic sector
 
 
  Topics Economic sector Topic Home

The economy may be classified into subdivisions called sectors (also called industries) in several ways. Sectors may be further subdivided into subsectors.


More details about the various phases of economic development
Economic development

Economic development is the development of wealth of countries or regions for the well-being of their inhabitants. It is the process by which a nation improves the economic, political, and social well being of its people....
 follow.






Discussion
Ask a question about 'Economic sector'
Start a new discussion about 'Economic sector'
Answer questions from other users
Full Discussion Forum



Encyclopedia


The economy may be classified into subdivisions called sectors (also called industries) in several ways. Sectors may be further subdivided into subsectors.

Based on stage in production chain


When classified based on the stage in the production chain, there are three major broad sectors in modern economies:
  • Primary sector: Involves the extraction and production of raw materials, such as corn, coal, wood and iron. (A coal miner and a fisherman would be workers in the primary sector.)
  • Secondary sector: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
  • Tertiary sector: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)


More details about the various phases of economic development
Economic development

Economic development is the development of wealth of countries or regions for the well-being of their inhabitants. It is the process by which a nation improves the economic, political, and social well being of its people....
 follow. As this process was far from being homogenous geographically, the balance between these sectors differs widely among the various regions of the world.

Based on ownership


Based on ownership, the economy may be subdivided into:
  • Public sector
    Public sector

    The public sector is the part of economic and administrative life that deals with the delivery of goods and services by and for the government, whether national, regional or local/municipal....
  • Private sector
    Private sector

    In economics, the private sector is that part of the economy which is both run for private profit and is not controlled by the state. By contrast, enterprises that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector....
  • Voluntary sector
    Voluntary sector

    The voluntary sector is the sphere of social activity undertaken by organizations that are Non-profit organizations and Non-governmental organization....


Based on type of product


Based on the type of product produced, the economy may be subdivided into:
  • Industrial sector
  • Service sector


See also

  • International Standard Industrial Classification
    International Standard Industrial Classification

    The International Standard Industrial Classification of All Economic Activities is a United Nations system for classifying economic data. The United Nations Statistics Division describes it in the following terms:...
  • three-sector hypothesis
    Three-sector hypothesis

    File:2005gdpIndustrial.pngFile:2005gdpServices.pngThe three-sector hypothesis is an economics theory which divides economies into three sectors of activity: extraction of raw materials , manufacturing , and services ....
  • industry
    Industry

    An industry is the manufacturing of a Good or Service within a category. Although industry is a broad term for any kind of economic production, in economics and urban planning industry is a synonym for the secondary sector, which is a type of economic activity involved in the manufacturing of raw materials into goods and products....