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. Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, …
Definition – The service sector is comprised of firms offering ‘intangible goods’ such as entertainment, retail, insurance, tourism and banking. The service sector will make use of manufactured goods, but there is an additional component of offering a service to customers. In a developed economy like the UK, the service sector is the biggest component …
The manufacturing sector takes raw materials and converts them into finished products. The manufacturing sector is concerned with using raw materials from the primary sectors, such as iron and coke and the production of finished goods, such as cars. These manufactured goods can then be sold in the tertiary sector. The manufacturing sector is to …