Which Sector Is The Most Important Sector What Is Its Importance?

Which sector of economy is most important and why?

1.

Agricultural Sector: One of the most important sectors of the Indian economy remains Agriculture..

What is the most important industry in the primary sector?

The primary sector of the economy extracts or harvests products from the earth such as raw materials and basic foods. Activities associated with primary economic activity include agriculture (both subsistence and commercial), mining, forestry, grazing, hunting and gathering, fishing, and quarrying.

What are the 5 sectors of the economy?

Terms in this set (7)economic sectors. division of a country’s population based upon the economic area in which that population is employed.primary. agriculture, mining, resource industries.secondary. manufacturing, engineering, construction.tertiary. … Quaternary. … quinary. … BRICS.

Why tertiary sector is so important?

i) The tertiary sector provides the basic services like public transportation, medical car, electricity ,banking, post office etc under the control of the govt. ii) The tertiary sector creates an huge area for employment even for uneducated and unskilled workers.

What are the 4 sectors of economy?

The four sectors in the American economy are Government, For-Profit or Business, the Nonprofit or Independent, and Households or Family. While we often think of these as separate entities, they are often inter-dependent. Following is a brief description of each of the four sectors in American Society.

What are the primary sectors of the economy?

The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas.

Which countries have the largest primary sectors of the economy?

Total production of sector is $5,084,800 million. China is the largest contributer followed by India. China and India accounts for 19.49 and 7.39 percent of total global agricultural output. World’s largest economy United States is at third place.

Which sector is more important?

Tertiary sector has become important in India because : are the responsibility of the government in developing countries. (ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors.

What are the primary sectors?

The primary sector includes all those activities the end purpose of which consists in exploiting natural resources: agriculture, fishing, forestry, mining, deposits.

What are the 11 sectors of the economy?

The 11 stock market sectors:Materials.Industrials.Financials.Energy.Consumer discretionary.Information technology.Communication services.Real estate.More items…•

How primary sector is important?

Primary sector makes direct use of natural resources. … This sector includes agriculture, forestry, animal husbandry, fishing, mining etc. This sector is more important in developing countries than in developed countries. This sector generally takes the output of the primary sector and manufactures finished goods.

What are the 3 main sectors of the economy?

The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary).

Why tertiary sector is rising?

1 Answer. Tertiary sector is growing rapidly because: … (iii) As income level increases certain sections of people start demanding many more services like eating out, tourism, shopping, private hospital etc. (iv) Certain new services have emerged like information and communication technology which have become important.

Which sector is best for development of Indian economy?

Best sectors for long-term investment in IndiaInformation Technology (IT) The 20th century was the era of manufacturing. … FMCG (Fast-moving consumer goods) Will the people still be using soaps, shampoo, surf, oil, etc– 15-20 years from now? … Housing finance companies. … Automobile Companies. … Infrastructure.

Which country has the largest service sector?

According to the CIA World Factbook, the following countries are the largest by service or tertiary output as of 2018:United States: $15.5 trillion.China: $6.2 trillion.Japan: $3.4 trillion.Germany: $2.5 trillion.United Kingdom: $2.1 trillion.France: $2.0 trillion.Brazil: $1.5 trillion.India: $1.5 trillion.More items…•