Three sectors of the economy
Speaking about the three sectors of the economy, first of all we should define what the word “sector” means. Actually it has two meanings. The first is the sector as a part of the economy of a country. A particular sector consists of all the companies, which are involved in a particular area or work; & all companies, which are run according to a particular system or ownership or financial control. But usually the word “sector” is more often used in its second meaning – talking about different parts of the economy, such as public & private sectors.
So as we see, the economic system is not simple, on the contrary, economic infrastructure is very difficult & complex: all its parts & sectors depend on each over, & even our simple actions make all the sectors of the economy run. Saying “simple actions” I mean all our everyday activities. For example switching on the kettle for making a cup of coffee or opening a freeze, switching on the TV or turning on the light.
Doing all these things we gave no thoughts that “we are building economy”, I mean we make the economic infrastructure run, because all parts of the economy are involved in producing the simple kettle & the immense complex operations make the simple action like switching on the kettle possible: beginning with the building & maintenance of the power station that produced the electricity, the mining of coal & pumping of oil to fuel the generators, the laying of miles of cable to carry the current to our houses , the digging & smelting & milling of ore or bauxite into sheets of steel & aluminum, the cutting & pressing & welding of the metal into the kettle’s spout, shell & handle, & ending with the packaging, the advertising, the transportation of the kettle, & so on, & so on. So to cut a long story short the complexity of economic infrastructure is out of discussion.
So to make this complex system easier & more understandable the economists divided economy into three sectors: the primary, secondary & tertiary sectors. The primary sector consists of agriculture, extractions of row materials from the earth & also fishing, hunting & wood extractions. So to this sectors activities like mining of coal, drilling for oil, farming belong to.
The secondary sector is manufacturing industry, in which the row materials are turned & transformed into finished goods. For example building, cutting, rolling & pressing metal, making clothes & cars, laying cables & more others, because it seems to be the huge sector.
As I’ve already said, the secondary sector (manufacturing) is huge & plays very important role in the economy of a country. During long years it’s been the key sector of any countries & employed the majority of people. But now the situation is changing & changing really quickly. Technical progress rushes on us too fast & we need very little labour input to manufacture something. Does it mean that we are moving towards unemployment? Unfortunately (but may be fortunately) there are no the exact points of view of the tendencies in manufacturing & sometimes we can hear different (& even opposite) ideas about this process. Different economists hold different supposition trying to predict the further development of this sphere of the economy & have different attitude to this process.
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