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SECTORS OF THE NATIONAL ECONOMY download - Coggle Diagram
SECTORS OF THE NATIONAL ECONOMY
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Any economy is generally classified on the "ECONOMIC ACTIVITIES"
SECONDARY SECTOR
Includes those economic activities that produce a finished, usable product production and construction.
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All the articles ranging from small and light to large and heavy materials in bulk are manufactured.
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It is an important source of well paying jobs for the middle class to facilitate greater social mobility.
TERTIARY SECTOR
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Services (also known as "intangible goods") include attention, advice. access, experience, and discussion.
The production of information is generally also regarded as a service, but some economists now attribute it to a fourth sector, the QUATERNARY SECTOR.
In case of Industries, services involve the transport, distribution and sale of goods etc...
PRIMARY SECTOR
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Includes agriculture, forestry, fishing and mining.
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Classification on the basis of "WORKING CONDITIONS"
UNORGANISED SECTOR
This sector is characterized by small and scattered units, which are largely outside the control of the government.
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Examples: Shopkeeping, Farming, Domestic works, etc..
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ORANISED SECTOR
It is a sector where the employment terms are fixed and regular, and the employees get assured work.
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The job is regular and has fixed working hours. If people work more, they get paid for the overtime by the employer.
Examples: Government employees, registered industrial workers, etc..
Classification on the basis of "OWNERSHIP"
PRIVATE SECTOR
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Activities in the private sector are guided by the motive to earn profit. To get such services we have to pay money to these individuals and companies.
Tata Iron and Steel Company (TISCO) or Reliance Industries Ltd.(RIL) are examples of private sector.
JOINT SECTOR
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Maruti Udyog, Tamil Nadu Flourine & Allied Chemicals Ltd,Malabar building Products Ltd,Cochin Refineries, Dielectro Magnetics Ltd and Gujarat State Fertilizers are examples of joint sector undertakings in our country.
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PUBLIC SECTOR
The purpose of the public sector is not first to earn profits. Government raises money through taxes to meet expenses on the services rendered by it.
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Tertiary Sector experienced the most growth in recent years and I believe that it will keep growing.