Comparing the Three Sectors
In the process of production, it is often best to consider the final goods and services. That’s because the value of the final good already includes the value of all the intermediate goods, which had been used up to make the final goods. The value of the final goods, as well as services produced in each sector in a year, provides the total production of the sector in that particular year. And the sum of production in three sectors gives up the Gross Domestic Product; which is assessed by the Central government ministry.
Historical Change in Sectors
In the initial stages of development. the primary sector is the most important sector for economic activities. As the methods of farming improved and more could be produced by the agricultural sector, different other jobs came up and people became inclined to work as traders or craftspersons. However, at this stage, most goods produced were natural goods, and the primary sector was also mostly employed here.
Over course of many years and with new methods of manufacturing introduced, factories came up and started expanding more. The secondary sector gradually grew and became the most important in total production and employment. Other the years, there has been a further shift from the secondary to the tertiary sector in developed countries. The service sector has turned out to be the most important and most working people are employed in this sector.
Sectors of Indian Economy
Indian economy is one of the fastest-growing economies of the world and can be broadly divided into the sectors of primary, secondary, and tertiary activities. Tertiary activities are further divided into Quaternary and quinary activities.
Sectors of Economy
Table of Content
- Indian Economy
- Primary Sector
- Secondary Sector
- Tertiary Sector
- Comparing the Three Sectors
- Rising Importance of the Tertiary Sector
- Where are most of the people employed?
- How to create more employment?
- Organized and Unorganised Sector
- Sectors in terms of Ownership
- Major Performing Sectors in India
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