SECTOR OF ECONOMY:
An economy is best understood when we study its components and sectors on the basis of economic activities the economic of any country can be divided into three sectors namely primary Sector Secondary sector and territory sector.
1.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 , mining, forestry, grazing, hunting and gathering, fishing, and quarrying. The packaging and processing of raw materials are also considered to be part of this sector.
When we produce a good by exploiting natural resources, it is an activity of the primary sector. agriculture and allied activities like mining, forestry, diary and poultry are included in this sector.it is also known as agriculture and related sector. it is called primary sector because it forms the base for all other products then which subsequently make.In developed and developing countries, a decreasing proportion of workers is involved in the primary sector. Only about 1.8% of the U.S. labor force was engaged in primary sector activity as of 2018.1 This is a dramatic decrease from 1880 when roughly half of the population worked in the agriculture and mining industries
2 .secondary sector:
The secondary sector of the economy produces finished goods from the raw materials extracted by the primary economy. All manufacturing, processing, and construction jobs lie within this sector. It is the next step after primary .the product is not produced by nature but has to be made and therefore some processes of manufacture is very essential .for this could be in a factory, a workshop or at home. for example ,using cotton fibre from plant ,we spin a yarn and wave cloth. since this sector gradually become associated with the different kinds of industries that come up ,it is also called as industrial sector.Activities associated with the secondary sector include metalworking and smelting, automobile production, textile production, the chemical and engineering industries, aerospace manufacturing, energy utilities, breweries and bottlers, construction, and shipbuilding. In the United States, around 12.7% of the working population was engaged in secondary sector activity in 2018.
3.Tertiary sector:
The tertiary sector of the economy is also known as the service industry. This sector sells the goods produced by the secondary sector and provides commercial services to both the general population and to businesses in all five economic sectors. Are activities that help in the development of the primary and secondary sector.
These activities by themselves do not produce a good but they are and it on a support for the production process.
Activities associated with this sector include retail and wholesale sales, transportation and distribution, restaurants, clerical services, media, tourism, insurance, banking, health care, and law. For example good that are produced in the primary or secondary sector would need to be transported by trucks are drains and then sold in wholesale and retail shops.In most developed and developing countries, a growing proportion of workers is devoted to the tertiary sector. In the United States, about 61.9% of the labor force is tertiary workers.1 The Bureau of Labor Statistics puts nonagriculture self-employed into its own category, and that accounts for another 5.6% of workers, though the sector for these people would be determined by their job.
• Economic agents:Economic agents are persons companies or organisations that have an influence on the economy by producing buying selling or investing.
.Market economy:The market economy to the people strong financial incentives for producing goods that other people want that tend to be more efficient than traditional or command economy and give more economic freedom. Major features of market economy are:
Private ownership of property , business decisions are driven by the desire to earn profit , a great deal of competition ,and Consumers have many choices.
Traditional Corporation:
A traditional or multinational corporation has its own headquarters in one country and they operates wholly or partially owned subsidiaries in one or more other countries.
Social welfare:
A social welfare systems provide assistant today needies and families assistants is provide through the programs for health purpose care food security and nutrition employment housing incidence and many more.
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United Nation development programme:
United Nation development programme is the UN Global development network, marketing for change and connecting countries to knowledge experience and resources to help people build a better life in 1949 it was create it the United Nations development programme has its own headquarters in New York city but it works primarily through its officers in about 170 members per country and territories. United Nations development programme works is concentrated on three main focus areas first one is sustainable development second one is Democratic governance and third and last one is is climate and disaster Resilience. Moreover, support for the sustainable development goals putting partnership at the centre of all aspects of its work. It also promotes gender equality and also protects of human rights.
Mahbub Ul Haq:
the revolutionalized the entire development thinking by introducing and promoting people-centered development paradigm. in this capacity as the special adviser to the United Nations development programme administrator doctor Mahbub Ul Haq conceived and launched annual human development report in 1990.
Amartya sen:
Amartya Sen who was born on 3 November 1933 Shanti Niketan India, Indian economist who was awarded the Nobel Prize in Economics at 1998 for his contributions to Welfare economics and social choice theory and for his interest in the problems of society forests members senwas best known for his work on the cause of famine which lead to the development of practical solution for preventing or limiting the effects of the real or perceived shortages of food in 18 January 1999 Amartya Sen become the third Nobel Laureate and the the first social scientist of any description to receive the Indian highest civilian honour the Bharat Ratna. For instance his theoretical work on inequality provided an explanation for or why there are fewer women than men in some poor countries in spite of the fact that more women than men Karbonn and infant mortality is higher among males. The theory of social choice consider the problem of aggregating the preference of the members of a given society in order to derive a social preference that represent the social or community .social choice blends elements of welfare economics and voting theory.
World Commission on environment and development:
in response to mounting concerns surrounding many environmental problems like ozone depletion ,global warming ,and other environmental problems are associated because of the raising standard of the living of the world population, invent the world Commission on environment and development which is an International Group of environmental experts,politicians and civilservant, which was established in 1983. The w c e d which was also called the brundtland Commission was charged with the proposing long term solutions for bringing about sustainable development and continuing it into the The 21st century.the brundtland the commission for the w c e d for officially dissolved in December 1987 after releasing of the’our common future’, also known as the brundtland report in October 1987 a document which coined and defined the meaning of the term sustainable development.
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Organisation for economic cooperation and development:
The organizations for European economic cooperation was established in 1948 to run the US -financed Marshall plan which was a plan for reconstruction of a continent ravaged by war. Encouraged by its success and the process effect of carrying its work forward on a global stage Canada and the US joined OEEC member in signing the new
OECD convention on 14 December 1960 the OECD was officially born on 30 September 1961 when the convention entered into force other countries joint in starting with Japan and 1964 today 35 OECD member countries worldwide regularly turn to one another to identify problems.
