SECTORS OF THE ECONOMY

ECONOMIC CLASSIFICATIONS THE MORE DEVELOPED AN ECONOMY IS, THE GREATER NUMBER AND VARIETY OF ACTIVITIES YOU WILL FIND.

PRIMARY SECTOR (1 ST ) MOST BASIC COMPONENTS OF ECONOMY ACTIVITIES REVOLVE AROUND GETTING RAW MATERIALS FROM EARTH EXAMPLES: FARMING, FISHING, RAW MINING

SECONDARY SECTOR (2 ND ) PROCESSING RAW MATERIALS ACQUIRED THROUGH PRIMARY ACTIVITIES INTO FINISHED PRODUCTS OF GREATER VALUE ACTIVITIES REVOLVE AROUND FACTORIES AND MANUFACTURING EXAMPLES: BABY FOOD, CARS, MY LITTLE PONY DOLLS

TERTIARY SECTOR (3 RD ) FOCUSES ON MOVING, SELLING AND TRADING PRODUCTS MADE IN PRIMARY AND SECONDARY LEVELS AND SERVICES ACTIVITIES INVOLVE PROFESSIONAL AND FINANCIAL INSTITUTIONS AND SERVICES EXAMPLES: CARPET CLEANING BUSINESS, RESTAURANT, BANKS, GROCERY STORES

QUARTERNARY SECTOR (4 TH ) INVOLVES INFORMATION CREATION AND TRANSFER ACTIVITIES ASSEMBLE, DISTRIBUTE AND PROCESS INFORMATION EXAMPLES: RESEARCH, UNIVERSITIES OR BUSINESS OPERATIONS QUINARY SECTOR (5 TH ) IS A SUBSET OF THE QUARTERNARY THAT INVOLVES THE HIGHEST LEVEL OF DECISION MAKING LIKE PRESIDENTIAL CABINET OR HIGH EXECUTIVES AT LARGE COMPANIES