An economy is a system of organization's and institutions that either facilitate or play a role in the production and distribution of goods and services in a society. Activities that generate income can be regarded as economic activity.
Primary sector are regarded as the foundation of all other products.
When the natural products are changed into other forms through manufacturing process then they are regarded as secondary sector.
The third sector helps in the development of the primary and secondary sectors. They do not produce goods but they are an aid and support to the production process. Since these activities are generating services rather than goods it is also called as service sectors.
Calculation of GDP-
On the basis of Working conditions of the workers-
Primary sector are regarded as the foundation of all other products.
When the natural products are changed into other forms through manufacturing process then they are regarded as secondary sector.
The third sector helps in the development of the primary and secondary sectors. They do not produce goods but they are an aid and support to the production process. Since these activities are generating services rather than goods it is also called as service sectors.
✓ In an economy, there could be one or more sectors which are dominant in terms of total production and employment, while other sectors are relatively small in size.
The sectors are divided as
1. Organised sectors
2. Unorganised sectors.
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