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Types of Economic Sectors

This document defines and provides examples of the five main industry sectors in an economy: primary, secondary, tertiary, quaternary, and quinary. The primary sector involves agriculture, forestry, fishing and mining. The secondary sector includes manufacturing and construction. Tertiary industries sell finished goods and provide services. Quaternary industries focus on knowledge-based services like IT and education. Quinary activities center around creating and interpreting ideas, like those of senior executives, scientists, and domestic services.

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Ockouri Barnes
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249 views11 pages

Types of Economic Sectors

This document defines and provides examples of the five main industry sectors in an economy: primary, secondary, tertiary, quaternary, and quinary. The primary sector involves agriculture, forestry, fishing and mining. The secondary sector includes manufacturing and construction. Tertiary industries sell finished goods and provide services. Quaternary industries focus on knowledge-based services like IT and education. Quinary activities center around creating and interpreting ideas, like those of senior executives, scientists, and domestic services.

Uploaded by

Ockouri Barnes
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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BUSINESS

STUDIES
PRELIMINARY
T O P I C 1 : N AT U R E O F B U S I N E S S
Te a c h e r e m a i l : a l e x a n d r a . n e w m a n @ d e t . n s w . e d u . a u
SYLLABUS
LINKS

Business Studies Stage 6 Syllabus


CLASSIFICATION: INDUSTRY
PRIMARY INDUSTRY
The primary sector of the economy is the sector of an
economy making direct use of natural resources, or raw
materials.
This includes agriculture, forestry, fishing and mining.
SECONDARY INDUSTRY
The secondary sector includes industries that manufacture or produce
a finished, usable product or are involved in construction.

Example: Ullrich Aluminium


Ullrich Aluminium produces a
vast range of aluminium
products for marine,
industrial, commercial,
domestic and designer
applications. Ullrich
Aluminium is among the
advance guard of a new
technology… Improvements in
aluminium metallurgy, quality,
and finish promise to
revolutionise this industry.
TERTIARY INDUSTRY Pronounced: terch-ery

The third sector is the tertiary sector – it sells the finished product, or uses the finished
product to provide a service. Tertiary industries can be tricky to classify because they
often also include processes that fall into the secondary and quaternary sectors too.
Examples of tertiary industries may include the following:

• Entertainment • Retail sales & franchising


• Hospitality industry/tourism • Real estate
• Mass media • Education
• Healthcare/hospitals • Financial services
• Public health – Banking, Insurance, Investment management
• Information technology • Fast-moving consumer goods (FMCG)
• Professional services
• Waste disposal
– Accounting, Legal services
• Consulting
• Management consulting
• Gambling
QUATERNARY INDUSTRY Pronounced: quat-er-nary

The quaternary sector of the economy is a way to describe a knowledge-based part of


the economy. This includes services such as:
• information technology
• information-generation and –sharing
• media
• research and development
• consultation
• education
• financial planning
• blogging
• designing
QUINARY INDUSTRY Pronounced: quine-ery

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.
Has been referred to as ‘gold collar’ professions

Includes:
• health
• hospitality
• recreation
• senior business executives, government officials, research scientists, financial and
legal consultants, etc.
• The quinary sector also includes domestic activities such as those performed by stay-
at-home parents or homemakers. These activities are not measured by monetary
amounts but make a considerable contribution to the economy.
Gross domestic
product (GDP)
is one of the
primary indicators
used to gauge the
health of a
country's economy.
It represents the
total dollar value of
all goods and
services produced
over a specific time
period; you can
think of it as the
size of the
economy.
INDUSTRY SECTOR BREAKDOWN
INDUSTRY DEFINE Examples
PRIMARY

SECONDARY

TERTIARY

QUATERNARY

QUINARY
INDUSTRY SECTOR BREAKDOWN
INDUSTRY DEFINE Examples
Exploit natural resources and Mining, farming
PRIMARY produce raw materials

Process raw materials and production of cars, food and


SECONDARY manufacture finished goods; clothes

Distribute goods and provide Supermarkets, hairdressing,


TERTIARY services travel agents

Information-based services Teaching, journalism, banking


QUATERNARY

Decision making; Household Carpet cleaning, child care,


QUINARY services restaurants

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