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Economic Sectors
One classical breakdown of economic activity distinguishes three sectors: * Primary: involves the retrieval and production of raw materials, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector. * Secondary: involves the transformation of raw materials or intermediate goods into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in the secondary sector. * Tertiary: 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 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. Economic th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Sectors And Income
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsistence Agriculture
Subsistence agriculture occurs when farmers grow crops on smallholdings to meet the needs of themselves and their families. Subsistence agriculturalists target farm output for survival and for mostly local requirements. Planting decisions occur principally with an eye toward what the family will need during the coming year, and only secondarily toward market prices. Tony Waters, a professor of sociology, defines "subsistence peasants" as "people who grow what they eat, build their own houses, and live without regularly making purchases in the marketplace". Despite the self-sufficiency in subsistence farming, most subsistence farmers also participate in trade to some degree. Although their amount of trade as measured in cash is less than that of consumers in countries with modern complex markets, they use these markets mainly to obtain goods, not to generate income for food; these goods are typically not necessary for survival and may include sugar, iron roofing-sheets, bicycle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Fourastié
Jean Fourastié (; 15 April 190725 July 1990) was a French civil servant, economist, professor and public intellectual. He coined the expression '' Trente Glorieuses'' ("the glorious thirty ears) to describe the period of prosperity that France experienced from the end of World War II until the 1973 oil crisis. Biography Jean Fourastié received his elementary and secondary education at the private Catholic College of Juilly from 1914 to 1925. Then in Paris, he boarded at École Massillon and enrolled in classe préparatoire aux grandes écoles at Lycée Saint-Louis. He was admitted into École Centrale Paris, from which he graduated in 1930, but was not attracted by an engineering career. Instead, he pursued studies at École Libre des Sciences Politiques where his professors included Charles Rist and . He received a law degree in 1933, followed by doctor of law In 1937 with a thesis on insurance supervision. In 1932, Fourastié successfully passed the examination to bec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Three-sector Theory
The three-sector model in economics divides Economy, economies into three Economic sector, sectors of activity: extraction of raw materials (Primary sector of the economy, primary), manufacturing (Secondary sector of the economy, secondary), and Service (economics), service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (Tertiary sector of the economy, tertiary). The model was developed by Allan George Barnard Fisher, Allan Fisher, Colin Clark (economist), Colin Clark, and Jean Fourastié in the first half of the 20th century, and is a representation of an industrial economy. It has been criticised as inappropriate as a representation of the economy in the 21st century. According to the three-sector model, the main focus of an economy's activity shifts from the primary through the secondary and finally to the tertiary sector. Countries with a low per capita income are in an early state of Economic developmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voluntary Sector
In relation to public services, the voluntary sector is the realm of social activity undertaken by non-governmental, not for profit organizations. This sector is also called the third sector (in contrast to the public sector and the private sector), community sector, and nonprofit sector. "Civic sector" or "social sector" are other terms used for the sector, emphasizing its relationship to civil society. Voluntary sector activities are important in many areas of life, including social care, child care, animal welfare, sport and environmental protection. Terminology A variety of terms is in use to describe the non-governmental, not-for-profit sector, including "voluntary sector", "third sector", "community sector", and "nonprofit sector". In 1965, Richard Cornuelle coined the term "independent sector" and was one of the first scholars to point out the vast impact and unique mechanisms of this sector, but in some contexts, such as social care, this term includes businesses oper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Sector
The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money, i.e. operate by capitalist standards. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector. Diversification In free enterprise countries, such as the United States, the private sector is wider, and the state places fewer constraints on firms. In countries with more government authority, such as China, the public sector makes up most of the economy. Regulation States legally regulate the private sector. Businesses operating within a country must comply with the laws in that country. In some cases, usually involving multinati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, public infrastructure, public transit, public education, along with public health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developed Countries
A developed country, or advanced country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. In 2025, 40 countries fit all three criteria, while an additional 21 countries fit two out of three. Developed countries have generally more advanced post-industrial economies, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Countries
A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low-and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but they refer only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high-, upper-middle-, lower-middle-, and low-income countries. Least developed countries, landlocked developing countries, and Small Island Developing States, small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as World Bank high-income economy, high-income countries or Developed country, developed countries. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Economy
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information, and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth. Overview Description A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills to meet the needs of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Society
Consumerism is a socio-cultural and economic phenomenon that is typical of industrialized societies. It is characterized by the continuous acquisition of goods and services in ever-increasing quantities. In contemporary consumer society, the purchase and the consumption of products have evolved beyond the mere satisfaction of basic human needs, Stearns, Peter (2006). ''Consumerism in World History''. 2nd ed. Routledge. p. vii–viii. transforming into an activity that is not only economic but also cultural, social, and even identity-forming. It emerged in Western Europe and the United States during the Industrial Revolution and became widespread around the 20th century. In economics, consumerism refers to policies that emphasize consumption. It is the consideration that the free choice of consumers should strongly inform the choice by manufacturers of what is produced and how, and therefore influence the economic organization of a society. Consumerism has been criticized b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monoculture
In agriculture, monoculture is the practice of growing one crop species in a field at a time. Monocultures increase ease and efficiency in planting, managing, and harvesting crops short-term, often with the help of machinery. However, monocultures are more susceptible to diseases or Pest (organism), pest outbreaks long-term due to localized reductions in biodiversity and nutrient depletion. Crop diversity can be added both in time, as with a crop rotation or sequence, or in space, with a polyculture or intercropping. Monocultures appear in contexts outside of agriculture and food production. Grass lawns are a common form of residential monocultures. Several monocultures, including single-species forest plantations, have become increasingly abundant throughout the tropics following market globalization, impacting local communities. Genetic monocultures refer to crops that have little to no genetic variation. This is achieved using cultivars, made through processes of propagation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
