Economic Activities and Sectors?
How do they categorize a country into the economic sectors? (as in do they look at the GDP, and what goods the country mainly produces?)
Can a country be in 2 sectors at the same time?
Can a country 'change' sectors if they develop overtime?
and lastly, i can't find this anywhere on the internet, but what sector does Malaysia belong to? i know it's a lot of questions but i would greatly appreciate it if you would answer all of them :) (i want to get the highest mark for my project heh) Thanks xx
- Anonymous7 years agoFavorite Answer
Hi, I'll try to answer your questions one by one:
1. Countries are hardly recognised or categorised into specific sectors because productions in the countries are diverse except for some like Arab nations, because oil literally takes up large proportion of their output. However, most developed nations have larger services sector that contributes to the economy as compared to developing. Services includes finance sectors, tourism etc. Usually this differentiates the countries. In studying this, we usually look at the growth of capital accumulation.
2. Sure it can, and sure it is! However, a country might be more dominant in services or goods production only. New Zealand is an agricultural based economy but it is still a very developed economy versus Switzerland, which economy is driven by financial sector.
3. Sure can. That is how theorists see economic development. In general, richer countries have larger financial sector. (does not mean the developed countries do not produce goods at all!)
4. Malaysia is still a developing economy. There is no specific recognition of what 'sector' does a country fall into. But to put it in some sense, you can see that Malaysia has strong manufacturing industry. The economy is driven much by producing electronics. If so, Malaysia can be considered as an industrial nation.
Please feel free to ask if you have any doubts, will be glad to help. I have a lot of time to kill! :PSource(s): Economic graduate.
- richiezLv 43 years ago
The financial equipment could be categorized into subdivisions spoke of as countless sectors (additionally spoke of as industries) in numerous techniques. Sectors could be further subdivided into subsectors.whilst categorized based on the point in the production chain, there are 3 significant huge sectors in cutting-part economies: huge-unfold sector: incorporates the extraction and production of uncooked components, including corn, coal, wood and iron. (A coal miner and a fisherman could be workers in the huge-unfold sector.) Secondary sector: incorporates the transformation of uncooked or intermediate components into products e.g. production steel into automobiles, or textiles into outfits. (A builder and a manner fashion designer could be workers in the secondary sector.) Tertiary sector: incorporates the availability of amenities to customers and agencies, including infant-sitting, cinema and banking. (A shopkeeper and an accountant could be workers in the tertiary sector.) financial activity is on the availability element of the labour industry framework. some countries consult with 'participation' to point precisely the comparable as financial activity .