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Question
Do you think the classification of economic activities into primary, secondary and tertiary is useful? Explain how.
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Solution
Yes, it is widely agreed that the division of economic activities into primary, secondary, and tertiary sectors has utility. The classification of an economy by sector reveals that there are three categories of economic activities. Agriculture, dairy, and mining are some examples of primary sector industries. Every economy relies on all of these resources for sustenance or income. We know that land is a natural resource, but it is also limited. That is why we should increase our involvement in construction and industrial activity. As a result, the secondary sector is regarded as equally significant. Transportation, communication, finance, insurance, and other services are necessary to support primary and secondary education. All of these services are offered by the tertiary sector. Thus, we can conclude that the categorisation of economic activities into primary, secondary, and tertiary sectors has significant utility.
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| SECTOR | CRITERIA USED |
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| For comparing countries, their income is considered to be one of the most important attributes. Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income. In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with per capita income of US \$ 49,300 per annum and above in 2019, are called high income or rich countries and those with per capita income of US $ 2500 or less are called low-income countries. The rich countries, excluding countries of Middle East and certain other small countries are generally called developed countries. |
What are the classifications of countries based on per capita income, and which entity is responsible for determining these classifications?
