BS-Classification of business, pages no 11-12
The three-stages in economics divides economies into three stages of activity. They are:
Stage1 is called the primary stage of production. This stage involves the Earth's natural resources. Activities in the primary sector of industry include farming, fishing, forestry and the extraction of natural materials, such as oil and copper.
Stage2 is called the secondary stage of production. This stage involves taking the materials and resources provided by the primary sector and converting them into manufactured or processed goods. Activities in secondary sector of industry includes building and construction, aircraft and car manufacturing, computer assembly, bread baking.
Stage3 is called tertiary stage production. This stage involves providing services to both consumers and other businesses. Activities in the tertiary sector of industry include transport, banking, retail, insurance, hotels and hairdressing.
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