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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 .
In the context of production, a by-product is the "output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products". [2] Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of joint costs.
At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's activities within each sector changes.
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 ...
Andrew Sherratt's model of a secondary products revolution involved a widespread and broadly contemporaneous set of innovations in Old World farming.The use of domestic animals for primary carcass products was broadened from the 4th–3rd millennia BCE (c. Middle Chalcolithic) to include exploitation for renewable 'secondary' products: milk, wool, traction (the use of animals to drag ploughs ...
Aftermarket in economic literature refers to a secondary market for the goods and services that are complementary or related to the primary market goods, also known as original equipment). [1] [2] [3] In many industries, the primary market consists of durable goods, whereas the aftermarket consists of consumable or non-durable products or ...
The term "secondary market" is also used to refer to the market for any used goods or assets, or an alternative use for an existing product or asset where the customer base is the second market (for example, corn has been traditionally used primarily for food production and feedstock, but a "second" or "third" market has developed for use in ...
Products on shelves at a Fred Meyer hypermarket superstore Skin care cosmetics for sale as products at a pharmacy in Brazil. In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. [1]