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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.
Percentages of a country's economy made up by different sectors. Countries with higher levels of socio-economic development tend to have proportionally less of their economies operating in the primary and secondary sectors and more emphasis on the tertiary sector. The less developed countries exhibit the inverse pattern.
In a modern economy, the generation, analysis and dissemination of information is important enough to warrant a separate sector instead of being a part of the tertiary sector. This sector evolves in well-developed countries where the primary and secondary sectors are a minority of the economy, and requires a highly educated workforce. [4]
Primary sector of the economy (the raw materials industry) Secondary sector of the economy (manufacturing and construction) Tertiary sector of the economy (the "service industry") Quaternary sector of the economy (information services) Quinary sector of the economy (humanitarian services)
He asserts employment will grow faster in the tertiary (and quaternary) sector relative to employment in the primary and secondary sector and that the tertiary (and quaternary) sectors will take precedence in the economy. This will continue to occur such that the "impact of the expert" will expand and power will be monopolized by knowledge. [9]
Secondary sector – involves the processing of raw materials from primary industries, and includes the industries that produce a finished, tangible product. Construction – process that consists of the building or assembling of infrastructure, including buildings, roads, dams, etc.
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. [ 1 ] [ 2 ] [ 3 ] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries .
According to the International Monetary Fund, growth benefits of economic globalization are widely shared. While several globalizers have seen an increase in inequality, most notably China , this increase in inequality is a result of domestic liberalization, restrictions on internal migration, and agricultural policies, rather than a result of ...