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Topic 3 - The Three Sectors of An Economy

Economy

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62 views3 pages

Topic 3 - The Three Sectors of An Economy

Economy

Uploaded by

liyanaruhinrishika
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Topic 3: The Three Sectors of an Economy

Economics

Learning Objectives:

➔ Define with examples the three sectors of an economy


➔ Explain the importance of each sector
➔ Explain how the three sectors in the economy work together

Introduction

The economy is made up of different sectors that work together to produce goods and
services. These sectors are called the Primary, Secondary, and Tertiary sectors. Each
one plays a special role in how things are made and used. Let's explore what each
sector does and how they are connected.

1. The Primary Sector

The Primary Sector includes activities that involve taking natural resources directly
from the earth. This means using resources like soil, water, minerals, and forests to
produce raw materials that we can use to make other products.

Examples

● Farming: Growing crops like rice, wheat, and vegetables.


● Fishing: Catching fish from rivers, lakes, and oceans.
● Mining: Extracting minerals and metals from the ground.
● Forestry: Cutting down trees for wood and paper.

The Primary Sector provides the raw materials needed for other sectors to create
finished products. Without farming, fishing, mining, and forestry, we wouldn't have food,
metals, or wood to make everyday items.
2. The Secondary Sector

The Secondary Sector involves taking raw materials from the Primary Sector and
turning them into finished products. This means using materials like wood, metal, and
crops to create things that we can use.

Examples

● Manufacturing: Factories that produce cars, clothes, and electronics.


● Construction: Building houses, roads, and bridges.
● Food Processing: Turning raw vegetables into canned foods or dairy into
cheese.

The Secondary Sector adds value to raw materials by transforming them into products
that we can use. This sector is crucial for creating jobs and building the things we need
in our daily lives.

3. The Tertiary Sector

The Tertiary Sector provides services rather than producing goods. This means it
includes all the activities where people help others by offering services like education,
healthcare, transportation, and retail.

Examples

● Healthcare: Doctors and nurses who take care of our health.


● Education: Teachers and schools that help us learn.
● Retail: Stores that sell clothes, food, and other products.
● Transportation: Buses, trains, and airplanes that move people and goods from
one place to another.

The Tertiary Sector is essential for our well-being and convenience. It helps us access
products, learn new things, and stay healthy. Services make our lives easier and more
enjoyable.
How the Sectors Work Together

All three sectors are interconnected. The Primary Sector provides raw materials, the
Secondary Sector transforms them into products, and the Tertiary Sector offers services
to distribute and use these products. For example, wheat (Primary) is turned into bread
(Secondary), which is then sold in stores (Tertiary).

Understanding the three sectors of the economy helps us see how different parts of our
economy work together to provide the goods and services we need. Each sector plays a
vital role in making sure we have food, products, and services that improve our lives.

Summary

➢ There are three sectors in an economy- primary, secondary and tertiary.

➢ The Primary Sector involves activities that use natural resources directly from the
earth.

➢ The Secondary Sector takes raw materials from the Primary Sector and turns
them into finished products.

➢ The Tertiary Sector provides services rather than goods.

➢ All three sectors in the economy need to work together to provide the goods and
services we need.

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