Question

do you think classification of economic activities into primary secondary an tertiary is usefull? explain how

Answer 1

Answer: Yes, classification of economic activities into the primary, secondary and tertiary sector is vital as it helps in showing the relative importance in the growth in the gross domestic product of the economy.

Step-by-step explanation:

The three-sector model in economics divides the economies into three sectors which are the primary sector that deals with the extraction of raw materials, the secondary sector that deals with manufacturing and the tertiary sector that deals with services.

In highly developed countries that has a high income, the tertiary sector dominates the economy and makes up the largest in the total output of the economy. Countries that are in the early state of development are usually in the primary sector as they deal with farming and fishing activities.

Classification of the sector is important as it shows the growth in the gross domestic product of the economy.and can be used to evaluate how developed an economy is.

Classifying in such a way helps in calculating how much goods and services are produced and how many people work in each sector

Answer 2

Answer: YES, the classification of economic activities into primary, secondary and tertiary is useful.

Explanation: Economic activities can be defined as any activity that involves the production, distribution, and consumption of goods and services.

They are classified into;

1. Raw Materials (Primary Sector)
2. Manufacturing and Industry (Secondary Sector)
3. Service Sector (Tertiary Sector)
4. Knowledge Sector (Quarternary Sector)

This classification is especially important because it it makes every sector distinct; this classification can be used for statistical purposes; for assigning taxes based on the sector they are in; and also important in the measure of the economy's gdp.