Primary Sector:
Involves activities that extract or harvest natural resources.
Examples: farming (agriculture), mining, fishing, forestry, and oil extraction.
Products from this sector are raw materials used in other industries.
Secondary Sector:
Focuses on the manufacturing and processing of raw materials into finished or semi-finished products.
Examples: car production, construction, and food processing.
This sector adds value to raw materials through industrial processes and manufacturing.

Involves providing services to individuals and businesses.
Examples: retailing, banking, healthcare, education, and transportation.
This sector supports and facilitates the other sectors and includes most jobs in modern economies.

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Feb 22

How does technological advancement impact the stages of economic activity?
What is the significance of the quaternary and quinary sectors?
How does globalization affect the stages of economic activity?
What are the main factors that drive the transition from primary to secondary and tertiary sectors?
How do government policies influence the different stages of economic activity?

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Technological advancement significantly impacts the stages of economic activity by increasing productivity across all sectors, leading to shifts in labor markets, facilitating automation, creating new industries, and enabling greater global interdependence, ultimately driving economic growth and development across the primary, secondary, and tertiary sectors.
Quarternary and quinary sectors differ in the following ways: The quinary sector represents the highest level of decision-makers who establish policy guidelines in policymaking. In contrast, the quaternary sector is part of the tertiary sector of the economy, which is knowledge-based.
Globalization significantly impacts the stages of economic activity by allowing countries to specialize in production based on their comparative advantage, leading to a shift towards more advanced stages of economic activity like manufacturing and services.
India saw a major shift from primary sectors to secondary and tertiary sectors after independence as people became more aware about the advantages of education.
Through fiscal, monetary, and structural policies, governments influence the direction of economic activity, seeking to balance objectives like full employment, low inflation, and sustainable growth.

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