Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Economic sector?
Summarize this article for a 10 year old
One classical breakdown of economic activity distinguishes three sectors:
- Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
- 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 tertiary sector.
|Sectors by ownership|
In the 20th century, economists began to suggest that traditional tertiary services could be further distinguished from "quaternary" and quinary service sectors. Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality.
Economic theories divide economic sectors further into economic industries.
Oops something went wrong: