Jess. asked in Social ScienceEconomics · 9 years ago

Explain the 3 sectors of the economy please ?

1] Us (the people)

2]Businesses

3]he government

that's what my econ. teacher said the sectors are i'm so confused please explain to me :]

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  • 9 years ago
    Favorite Answer

    Primary sector of the economy: 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 of the economy: 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 of the economy: 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.)

    Quaternary sector of the economy: Involves the research and development needed to produce products from natural resources. (A logging company might research ways to use partially burnt wood to be processed so that the undamaged portions of it can be made into pulp for paper.) Note that education is sometimes included in this sector.

    Other sectors include the

    Public Sector or state sector

    Private Sector or privately-run businesses

    Social sector or Voluntary sector

    For a good understanding of some oth basics you might want to start with:

    http://www.fee.org/pdf/books/Economics_in_one_less...

  • 3 years ago

    Sectors Of The Economy

  • 4 years ago

    Well after decades of the US forcing other countries to open markets,strip regulations, lower trade barriers, subsidies and protections if the US does the same it's not going to look good. It will go against trade treaties we are signatories of. Basically we fell into our own trap... American crap made in America keeps American (not Chinese or Pakistani or Bangladeshi etc.) workers working. American companies outsource not to give you a better deal or necessary a better product it's to pocket, like you well said, the enormous difference between what they pay these sweatshop workers to make it and what they sell it to you for. American crap made in America though would certainly be more expensive but you are supporting jobs here at home. American crap should improve it's quality before anybody wants to buy it again. Like cars.

  • Anonymous
    9 years ago

    Tell your Econ.Teacher the core of an economy is Supply and Demand. Consumers and Suppliers. People, Business, and Government all fall into those categories.

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  • 4 years ago

    This Site Might Help You.

    RE:

    Explain the 3 sectors of the economy please ?

    1] Us (the people)

    2]Businesses

    3]he government

    that's what my econ. teacher said the sectors are i'm so confused please explain to me :]

    Source(s): explain 3 sectors economy please: https://shortly.im/jvxkn
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