Question: Which Sector Of Economy Is Most Important And Why?

What are the 11 sectors of the economy?

The order of the 11 sectors based on size is as follows: Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials..

What is the main motive of primary sector?

The main and foremost motive of a private sector unit is to maximise it’s profit or to earn higher profits. Answer: The main motive of private sector production unit is just to maximise their revenue.

What are called sectors Class 10?

It is also called the industrial sector. … Tertiary sector includes activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or support for the production process. It is also called the service sector.

What is the largest economic sector?

Services has been, by far, the biggest contributor to GDP, accounting for over 68 percent in 2018 (figure 1). Within services, the industry that makes up Wall Street—finance, insurance, and real estate—alone accounted for a fifth of the total economy, making it the largest industry by contribution to GDP.

What are 4 sectors of the 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 basic services Class 10?

(i) Basic services : In any country, several services such as hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defence, transport, banks, insurance companies, etc., are required. These can be considered as basic services.

What are the major sectors of the economy?

The main sectors of the economy are:Primary sector – extraction of raw materials – mining, fishing and agriculture.Secondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity.More items…•

Which economic sector is the most important?

real sectorBetween the two sectors, the real sector is ultimately the more important sector in the economy.

Which sector is most important and why?

Why is the tertiary sector becoming more important in india explain with 4 reasons?The need for tertiary is increasing as there is more need of services like financial institutions, educational institutions etc. … The tertiary sector accounts for most of the national and per capita income of India.More items…•

Which sector of economy is most important and why Class 10?

Answer: Primary sector is the most important sector of economic activities at the earliest stages of development. Explain disguised unemployment with two examples, one from urban areas and other from rural areas.

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).

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.