What is meant by the different sectors of economies?

Economies are made up of three sectors; the primary sector, which involves extraction of raw materials (e.g. timber), the secondary sector, which is concerned with manufacturing (e.g. turning timber into chairs), and the tertiary sector, which provides services to people (e.g. a haircut). The relative sizes of these sectors often reflect the economy's development level; economies of developed countries such as the UK have a large tertiary sector, a declining secondary sector, and a small primary sector, whereas developing countries often have a large secondary sector, and less developed countries may have a large primary sector.

Answered by Liora W. Economics tutor

4299 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain how a fall in interest rates can affect total spending in the economy.


How do you determine consumer and producer surplus in a monopoly?


Explain two reasons why firms merge.


Explain why a firm in Perfect Competition earns supernormal profits in the short-run


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences