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In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction .
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in the secondary sector. Tertiary: involves the supplying of services to consumers and businesses, such as babysitting, cinemas or banking. Shopkeepers and accountants work in the ...
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, ... secondary (manufacturing), and tertiary (services).
Documentary television series about industry (1 C, 39 P) E. Industrial emissions control (2 C, 7 P) ... Pages in category "Secondary sector of the economy"
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation.It is the essence of the secondary sector of the economy.
For example, a bank may originate a loan but sell it in the secondary market while retaining the right to service the mortgage. As a loan originator, the bank underwrites, processes, funds and ...
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