![]() ![]() It involves retail of manufactured goods. The service sector is concerned with the intangible aspect of offering services to consumers and business. ![]() ![]() Financial services – Insurance, investment.More on: manufacturing sector Service / tertiary sector The higher labour productivity also enabled higher wages and more income to spend on goods and services. Benefiting from economies of scale, they were able to reduce the cost of production and increase labour productivity. However, the development of improved technology, such as spinning machines, enabled the growth of larger factories. Initially, the manufacturing industry was based on labour-intensive ‘cottage industry’ e.g. This was a successful mill for producing ‘alpaca wool’ This wool can then be threaded and knitted to produce a jumper that can be worn. For example, raw sheep wool can be spun to form a ball of better quality wool. The manufacturing industry takes raw materials and combines them to produce a higher value added finished product. Utilities – providing goods like electricity, gas and telephones to households.Construction – building homes, factories.Manufacturing – e.,g producing cars from aluminium.The secondary sector makes and distributes finished goods. However, improved technology and the growth of other energy sources has seen a dramatic decline in this primary sector industry. In the 1920s, over one million people were employed in the UK coal industry. The highest level of decision-makers or policymakers performs quinary activities.In developing economies, the primary sectors tends to take a big share with many employed in agriculture and mining. Their importance in the structure of advanced economies far outweighs their numbers. Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc. Quinary activities are services that focus on the creation, re-arrangement and interpretation of new and existing ideas data interpretation and the use and evaluation of new technologies. They are not tied to resources, affected by the environment, or necessarily localised by market. Like some of the tertiary functions, quaternary activities can also be outsourced. Personnel working in office buildings, elementary schools and university classrooms, hospitals and doctors’ offices, theatres, accounting and brokerage firms all belong to this category of services. There has been a very high growth in demand for and consumption of information-based services from mutual fund managers to tax consultants, software developers and statisticians. Quaternary activities are specialized tertiary activities in the ‘Knowledge Sector’ which demands a separate classification. Exchange involves trade, transport and communication facilities that are used to overcome distance. The production involves the ‘provision’ of services that are ‘consumed. Tertiary activities include both production and exchange. People engaged in secondary activities are called blue-collar workers. Secondary activities add value to natural resources by transforming raw materials into valuable products. Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries. ![]() People engaged in primary activities are called red-collar workers due to the outdoor nature of their work. It, thus includes hunting and gathering, pastoral activities, fishing, forestry, agriculture, and mining and quarrying. Primary activities are directly dependent on the environment as these refer to utilisation of earth’s resources such as land, water, vegetation, building materials and minerals. ![]()
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