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Question
How is the tertiary sector different from other sectors? Illustrate with a few examples.
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Solution
The primary and secondary sectors manufacture items, whereas the tertiary sector does not create or manufacture goods but does provide services. The activities of the tertiary sector contribute to the development of the primary and secondary sectors. For example, the tertiary sector transports items produced in the primary and secondary sectors from one location to another via trucks and trains before selling them in the market, among other things. Banks, telephones, and insurance companies are required for both primary and secondary sector activity. All of these are instances from the tertiary sector. Thus, the tertiary sector provides services that support the growth of basic and secondary sector operations.
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| Primary, Secondary & Tertiary | Nature of economic activity |
| Organized & Unorganized | ? |
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Read the source given below and answer the questions that follow:
| 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. |
- Explain the significance of per capita Income.
- What are the classifications of countries based on per capita income, and which entity is responsible for determining these classifications?"
