Increasingly complex modern economies include 5 very different, yet commonly important, kinds of activities.
This sector is related to the production and retrieval of raw materials such as coal, iron, and wood. The products are harvested or extracted from the Earth and include the production of basic food items. The activities of the Primary Sector include mining, fishing, and agriculture, which includes both subsistence and commercial, grazing, hunting, farming, and quarrying. In most of the developed countries and the developing one’s, the workers are readily engaged in this sector, and they are known as the red-collar workers. It involves both renewable and non-renewable resources in the Primary Industry. However, in the recent years, it has been seen that due to the introduction of technology in this sector, it has shown a decline.
Secondary Industries involves the transformation of the raw material into the finished or manufactured goods. This sector has developed because of the demand for more goods and services, and it also helps in the industrialization process. In the developed country like the U.S.A., nearly 20% of the workforce is involved in this sector, and they are known as the blue-collar workers. The examples of various industries are raw wool, which is woven into better quality wool and woolen clothing, wood is converted into furniture, textiles into various clothes and steel is made into cars, aerospace manufacturing, shipbuilding and much more like industries are related to it.
The Tertiary Sector is actually the service sector, which involves the giving away direct services to its consumers. It supplies services to the immediate consumers and the business houses and it includes services related to retail, transportation, hotels, sales and much more. It is seen that nearly 80% of the workers are related to this industry in sourcing out the best services and has even improved the income standards. This also helps in spending on the luxury items and tourism industry too. People who are serving in this sector are generally the white-collar job holders and involve communication from the distant places too.
The Quaternary sector is an improved form of tertiary sector as it involves the services related to the knowledge sector, which includes the demand for the information- based services like taking the consultancy from tax managers, statisticians and software developers. The services involved in this type of economy are outsourced in varied forms as the doctor’ services, elementary schools and university classrooms, theaters, and brokerage firms. It also includes intellectual activities and services as research and development (R&D), media, culture, and information and communications technology (ICT). The workforce who is readily involved in this sector is typically well-educated, and people are often seen earning well through their participation in this industry.
The professions of the people working in this industry are generally referred to as "gold collar" professions since the services included in the sector focus on interpretation of existing or the new ideas, evaluation of new technologies, and the creation of services. It is also one of the parts of the tertiary sector, but it involves highly paid professionals, research scientists, and government officials. The people are designated with high positions and powers, and those who make important decisions that are especially far-reaching in the world around them often belong to this category.
This page was last updated on April 25, 2017.