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SECTORS OF ECONOMY There is tree kind of sectors in economy. Primary sector is the part of the economy that generates raw materials directly from the natural environment. It includes agriculture, fishing, forestry and mining. Secondary sector is the part of the economy that transforms raw materials into manufactured goods. It includes refining of petroleum and the use of metals to manufacture tools and automobiles. Tertiary sector is the part of the economy that generates the part of the economy that generates services. Global economy technology drew people around the world closer together; some reasons are that an increasing number of products pass through the economies of more than one nation.e.g. Car … Economies of the world can be analyzed in terms of two models - capitalism and socialism. Capitalism refers to an economic system in which natural resources and means of producing goods and services are privately owned. Capitalist economy has three distinctive features: 1) private ownership of property- a capitalist economy supports the right of individuals to own almost anything2) pursuit a personal profit- capitalist society encourages the accumulation of private property and defines a profit minded orientation as natural 3) free competitor, consumer sovereignty and markets- a purely capitalist economy would operate with no government interference. Socialism- is an economic system in which natural resources and the means of producing goods and services are collectively owned. Socialist’s economy opposes each of three characteristics of capitalism. 1) Collective ownership of property. An economy is socialist to the extent that limits the right to private property 2) pursuit of collective goal the in dividualistic pursuit of profit also stands at odds with the collective orientation of socialism 3) government control of the economy. Socialism rejects the idea that free-market economy regulates itself SECTORS OF ECONOMY There is tree kind of sectors in economy.
Approximate Word count = 1152
Approximate Pages = 4.6
(250 words per page double spaced)
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