Primary, Secondary and Tertiary Sector Flashcards
What 3 stages are the ones that business classify as
Businesses can be classified into three sectors:
Primary sector: this involves the use/extraction of natural resources. Examples include agricultural activities, mining, fishing, wood-cutting, oil drilling etc.
Secondary sector: this involves the manufacture of goods using the resources from the primary sector. Examples include auto-mobile manufacturing, steel industries, cloth production etc.
Tertiary sector: this consists of all the services provided in an economy. This includes hotels, travel agencies, hair salons, banks etc.
Up until the 18th century which stage of production was the largest
Primary because agriculture was a very big thing
After the 18th century which stage of production was the largest
Secondary because, it was the start of the industrial revolution.
Nowadays, which stage of production is the largest
Tertiary because, consumers have higher incomes and are now in want to more services like travel.