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Different Sectors of Economy

There are main 3 sectors

  1. Primary Sector
  2. Secondary Sector
  3. Tertiary Sector

Primary Sector

It refers to those production units which are involved in exploiting or using natural resources

Example - Farming Sector, Mining Sector

 

Secondary Sector

It refers to those sectors which are involved in transforming or converting one good into another

These convert Raw Material into Finished Goods

 

Tertiary Sector

It refers to those sectors which provide services to both primary and secondary sector

Example - All Service sectors like transportation, accountancy, education etc

 

Gross Value of each Sector is added to get Gross Domestic Product at Market Price

NCERT Questions

No questions in this part

 

Other Books

Question 1

How is Gross Domestic Product at Market Price calculated from Gross Value of each sector?

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Transcript

Different Sectors of Economy There are main 3 sectors Primary Sector Secondary Sector Tertiary Sector Primary Sector It refers to those production units which are involved in exploiting or using natural resources Example - Farming Sector, Mining Sector Secondary Sector It refers to those sectors which are involved in transforming or converting one good into another These convert Raw Material into Finished Goods Tertiary Sector It refers to those sectors which provide services to both primary and secondary sector Example - All Service sectors like transportation, accountancy, education etc Gross Value of each Sector is added to get Gross Domestic Product at Market Price NCERT Questions No questions in this part Other Books Question 1 How is Gross Domestic Product at Market Price calculated from Gross Value of each sector? -a- Gross Value of each Sector is added to get Gross Domestic Product at Market Price -ea-

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years and a teacher from the past 16 years. He teaches Science, Economics, Accounting and English at Teachoo