Economic sectorAn economic sector is a part of an economy that includes similar economic activities and industries. 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 sectorManufacturing and construction industries Economic sectors Three-sector model Primary (raw materials) Secondary (goods manufacturing) Tertiary (services) Additional sectors Quaternary (information services) Quinary (human services) Theorists AGB Fisher Colin Clark Jean Fourastié Sectors by ownership Business Private Public Voluntary vte In economics, the secondary sector is the economic sector which comprises manufacturing, encompassing industries that produce a finished, usable product or are involved in construction.
EconomyAn 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.Primary sectorIn economics, the primary sector is the economic sector which comprises industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries. For example, in 2018, agriculture, forestry, and fishing comprised more than 15% of GDP in sub-Saharan Africa but less than 1% of GDP in North America.
Allan George Barnard FisherAllan George Barnard Fisher (26 October 1895 – 8 January 1976) was a New Zealand-born economist. Perhaps his most notable contribution was to investigate economic development in terms of the sequential dominance of different sectors of the economy: the primary, secondary and tertiary sectors (three-sector theory). Later moving to Palestine and spending 5 months on the Jaffa-Jerusalem road with the Australian 5th Camel Corps Field Ambulance.
ManufacturingIndustrial activity producing goods for sale using labor and machinesManufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy.
Raw materialA raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials / intermediate goods that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products.
Jean FourastiéJean Fourastié (French:; 15 April 1907 – 25 July 1990) was a French civil servant, economist, professor and public intellectual. He coined the expression Trente Glorieuses ("the glorious thirty [years]") to describe the period of prosperity that France experienced from the end of World War II until the 1973 oil crisis. BiographyJean Fourastié received his elementary and secondary education at the privateCatholicCollege of Juilly from 1914 to 1925.
Service (economics)A service is an act or use for which a consumer, company, or government is willing to pay. Examples include work done by barbers, doctors, lawyers, accountants, mechanics, banks, finance, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for, such as hospitals, elementary schools, or libraries. Using resources, skill, ingenuity, and experience, service providers give benefit to service consumers.
Tertiary sectorIn economics, the tertiary sector (also known as the service sector) is the economic sector which comprises the provision of services as opposed to the manufacture of finished goods. Services (also known as "intangible goods") include attention, advice, access, experience and affective labour. The tertiary sector involves the provision of services to other businesses as well as to final consumers.
EconomicsSocial science studying goods and servicesEuro coinsEconomics () is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions.
Colin Clark (economist)Colin Grant Clark (2 November 1905 – 4 September 1989) was a British and Australian economist and statistician who worked in both the United Kingdom and Australia. He pioneered the use of gross national product (GNP) as the basis for studying national economies.*As an Amazon Associate I earn from qualifying purchases.