Economic sectors for children. Economic sector. This figure illustrates the percentages of a country's economy made up by different sector.
The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors. The less developed countries exhibit the inverse pattern. Three sectors according to Fourastié Clark's sector model The classical breakdown of all economic sectors follows:[1] Primary sector of the economy. Product’s lifecycle The primary sector of the economy is the sector of an economy making direct use of natural resources.
This includes agriculture, forestry, fishing, mining, and extraction of oil and gas. This is contrasted with the secondary sector, producing manufactured goods, and the tertiary sector, producing services. The primary sector is usually most important in less developed countries, and typically less important in industrial countries. Secondary sector of the economy. Product’s lifecycle Function[edit] This sector generally takes the output of the primary sector and manufactures finished goods.
These products are then either exported or sold to domestic consumers and to places where they are suitable for use by other businesses. This sector is often divided into light industry and heavy industry. Tertiary sector of the economy. The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary sector (approximately the same as manufacturing) and the primary sector (agriculture, fishing, and extraction such as mining).
Service sector[edit] The major growth in this sector also involves the transfer of funds from the governmental to the contractual profit, non-profit and hybrid sectors of the economy. For the last 100 years, there has been a substantial shift from the primary and secondary sectors to the tertiary sector in industrialised countries.