There are four types of economic production that are considered to be the most significant: The primary sector, the secondary sector, the tertiary sector, and the quaternary sector. Nations with more types of sectors tend to be wealthier. The primary sector deals mainly with agriculture and livestock production, but can also refer to mining. Hunting and fishing also corresponds with this sector. The responsibility for those employed in this sector is to produce and gather raw materials to be sold, exported, or manufactured.
The secondary sector is manufacturing the raw goods. If the country has a surplus of raw materials, it is wise to use them in manufacturing. The finished product can be sold or exported. If the manufacturer is making something that requires raw goods that are rare in that country, they might have to import raw goods from elsewhere. This can become expensive. This is why manufacturers tend to make things using local items.
People who are employed in the tertiary sector are responsible for providing services to others. For example doctors, lawyers, taxi drivers, massage therapists, and mechanics are all employed in the service sector. They don’t create or sell things make of raw materials or manufactured goods. Instead, they provide services to their clients.
The quaternary sector contains employees who are considered the "intellectual elite.” Researchers, museum curators, teachers (especially at post-secondary institutions,) and artists are all a part of this sector. Some experts are saying there is now a quinary sector that includes CEOs, philanthropists, presidents of organizations, and movie directors. Basically, it refers to people with a lot of power. Obviously, not every nation has all four sectors, but most do. War-torn or developing countries often loose employees in the tertiary and quaternary sectors. It is important for a country to have all four in order to have a balanced economy.
The secondary sector is manufacturing the raw goods. If the country has a surplus of raw materials, it is wise to use them in manufacturing. The finished product can be sold or exported. If the manufacturer is making something that requires raw goods that are rare in that country, they might have to import raw goods from elsewhere. This can become expensive. This is why manufacturers tend to make things using local items.
People who are employed in the tertiary sector are responsible for providing services to others. For example doctors, lawyers, taxi drivers, massage therapists, and mechanics are all employed in the service sector. They don’t create or sell things make of raw materials or manufactured goods. Instead, they provide services to their clients.
The quaternary sector contains employees who are considered the "intellectual elite.” Researchers, museum curators, teachers (especially at post-secondary institutions,) and artists are all a part of this sector. Some experts are saying there is now a quinary sector that includes CEOs, philanthropists, presidents of organizations, and movie directors. Basically, it refers to people with a lot of power. Obviously, not every nation has all four sectors, but most do. War-torn or developing countries often loose employees in the tertiary and quaternary sectors. It is important for a country to have all four in order to have a balanced economy.
