How are the three sectors of the economy different  from each other? Explain.  

 

Answer:

Answer to be written in exam 

BASIS

PRIMARY SECTOR

SECONDARY SECTOR

TERTIARY SECTOR

Meaning

Primary sector involves the first exploitation of natural resources to create a good.

Secondary sector involves the procedure in which natural resources or raw materials are converted into a finished product.

Tertiary sector involves all the services which are done to facilitate the transportation or storage of these raw materials and goods from one place to another.

Employment rate

Employs more than 50% of the working population.

Least number of workers are employed in this sector.

Employs the second highest number of employees.

Contribution to GDP

This sector is the 2nd major contributor to the GDP.

This sector contributes the least to the GDP.

This sector contributes maximum to the GDP.

Alias

Known as the agricultural industry.

Known as the manufacturing industry.

Known as the trading industry.

Example

Crops, farming, fishing industries

Mills, Factories

Transport, call centres, customer care centres

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.