![]() The highest level of decision-makers or policymakers performs quinary activities. Their importance in the structure of advanced economies far outweighs their numbers. Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc. Miners, farmers and fishermen are all workers in the primary sector. Economic activity can be classified into different groups which are given below: Primary. Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Quinary activities are services that focus on the creation, re-arrangement and interpretation of new and existing ideas data interpretation and the use and evaluation of new technologies. Economic activities are human activities which generate income. Economic activity is any activity that contributes to that economy. They are not tied to resources, affected by the environment, or necessarily localised by market. economic activities (or sectors) one way or another influenced the teachings of. Like some of the tertiary functions, quaternary activities can also be outsourced. definitions-were considered non-productive and as making the least. Personnel working in office buildings, elementary schools and university classrooms, hospitals and doctors’ offices, theatres, accounting and brokerage firms all belong to this category of services. There has been a very high growth in demand for and consumption of information-based services from mutual fund managers to tax consultants, software developers and statisticians. Explain the concept of opportunity costs. Illustrate tradeoffs using a production possibilities frontier. ![]() Rural areas tend to have more primary employment in farming, mining. Quaternary activities are specialized tertiary activities in the ‘Knowledge Sector’ which demands a separate classification. Define the four essential economic activities. 4A.1A: Classifying Economic Activity Primary (agriculture, forestry, mining, fishing). Exchange involves trade, transport and communication facilities that are used to overcome distance. The production involves the ‘provision’ of services that are ‘consumed. Tertiary activities include both production and exchange. This is the sector of the economy, which is involved with the production of finished goods from the raw material supplied by the primary sector. People engaged in secondary activities are called blue-collar workers. ![]() ![]() Secondary activities add value to natural resources by transforming raw materials into valuable products. Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries. Generally, it has been noted from the histories of many, now developed, countries that at initial stages of development, primary sector was the most important. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |