An economy may be analytically classified into?
- AAgriculture, Industry and transport
- BAgriculture, Manufacturing and Services
- CPrimary, Secondary and Tertiary Sectors
- DPrimary, Manufacturing and Transport Sectors
Solution & Step-by-step Explanation
Analytically, an economy is divided into three main sectors based on the nature of economic activities:
1. Primary Sector: Involves the extraction and production of natural resources (e.g., Agriculture, Forestry, Mining).
2. Secondary Sector: Processes raw materials into finished goods through manufacturing and industrial activities.
3. Tertiary Sector: Provides support services to the primary and secondary sectors as well as consumers (e.g., Banking, Transport, Services).
1. Primary Sector: Involves the extraction and production of natural resources (e.g., Agriculture, Forestry, Mining).
2. Secondary Sector: Processes raw materials into finished goods through manufacturing and industrial activities.
3. Tertiary Sector: Provides support services to the primary and secondary sectors as well as consumers (e.g., Banking, Transport, Services).