What is meant by sector of economy? Discuss the characteristics of secondary sector.
The term sector of economy refers to the division of the economy into various sub-categories based on the types of activities people are involved in to earn a living. These sectors can be broadly classified into three categories: primary, secondary, and tertiary sectors.
- Primary Sector: Involves activities related to natural resources, such as farming, fishing, mining, and forestry.
- Secondary Sector: Focuses on manufacturing and industrial activities where raw materials are processed into finished goods.
- Tertiary Sector: Involves services such as healthcare, education, banking, tourism, and retail.