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Sectors of the economy

The primary sector is sometimes known as the extraction sector because it involves taking and using raw materials. These materials can be renewable resources, such as fish, wool, agriculture, and wind power. They can also be the use of non-renewable resources, such as oil extraction or mining for coal.

The secondary or manufacturing sector takes raw materials and combines them to produce a finished product. For example, raw sheep wool can be spun to form a better quality wool. This wool can then be threaded and knitted to produce a sweater. Examples are construction, manufacturing, and utilities, such as electricity.

The service or tertiary sector offers goods and services to consumers, including selling of manufactured goods. Examples are retail, tourism, banking, insurance, entertainment, and I.T. (information) services.


Source: Sectors of the economy
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