Chapter # 5 – Economic Development
5.1.2 Describe the Levels of Industries (i.e., Primary Industry, secondary Industry, and Tertiary Industry)
The concept of industries is often categorized into three primary sectors: primary, secondary, and tertiary. Each sector plays a distinct role in the economy and encompasses various activities.
1. Primary Industry:
The primary industry, also known as the extraction industry, is directly involved in the extraction and harvesting of natural resources. This sector includes activities such as agriculture, forestry, fishing, mining, and quarrying. Primary industries are essential for providing raw materials to other sectors and for sustaining the basic needs of society, such as food, clothing, and shelter.
2. Secondary Industry:
The secondary industry, often referred to as the manufacturing industry, is concerned with the transformation of raw materials into finished goods. This sector encompasses activities such as manufacturing, construction, and utilities. Secondary industries add value to the raw materials by processing, assembling, and refining them into various products that we use in our daily lives, such as cars, furniture, and electronics.
3. Tertiary Industry:
The tertiary industry, also known as the service industry, is focused on providing services rather than producing goods. This sector includes a wide range of activities such as retail, healthcare, education, finance, transportation, tourism, and hospitality. Tertiary industries facilitate the smooth functioning of society by providing essential services and support to individuals and businesses.
In summary, the primary industry extracts raw materials, the secondary industry transforms them into finished goods, and the tertiary industry provides services to support the functioning of society. These three sectors are interdependent and contribute to the overall economic growth and development of a country.