Economic sector

Economic sector

The economy may be classified into subdivisions called sectors (also called industries) in several ways. Sectors may be further subdivided into subsectors.

Based on stage in production chain

When classified based on the stage in the production chain, there are three major broad sectors in modern economies:
*Primary sector: Involves the extraction and production of raw materials, such as corn, coal, wood and iron. (A coal miner and a fisherman would be workers in the primary sector.)
*Secondary sector: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing. (A builder and a dressmaker would be workers in the secondary sector.)
*Tertiary sector: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking. (A shopkeeper and an accountant would be workers in the tertiary sector.)

More details about the various phases of economic development follow. As this process was far from being homogenous geographically, the balance between these sectors differs widely among the various regions of the world.

Based on ownership

Based on ownership, the economy may be subdivided into:
* Public sector
* Private sector
* Voluntary sector

Based on type of product

Based on the type of product produced, the economy may be subdivided into:
* Industrial sector
* Service sector

ee also

*International Standard Industrial Classification
*three-sector hypothesis

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