Question

Consider the following statements about the tertiary sector of the Indian economy.

1. These are the activities that help in the development of the primary and secondary sectors.

2. These activities, by themselves, do not produce a goods but they are an aid or support for the production process.

1. The statement 1 is correct
2. The statement 2 is correct
3. Both the statements 1 and 2 are correct
4. Both the statements 1 and 2 are incorrect

Answer 1

Correct Answer - Option 3 : Both the statements 1 and 2 are correct

The correct answer is Both statements 1 and 2 are correct.

• Tertiary Sector
  • The tertiary Sector is a collection of industries that produce mostly intangible value, meaning value that has no physical form.
  • It is a hallmark of advanced economies to have a large tertiary sector that generates a high percentage of GDP and employment.
  • The tertiary sector is also called the service sector.
  • This sector also includes essential services that may not directly help in the production of goods.
  • Examples: Education, Utilities, Transportation, Hospitality, etc.
  • For example, we require teachers, doctors, tailors, some of which provide us with personal services.​

• Primary Sector
  • The sector that includes the different raw materials is also known as the primary sector.
  • This sector includes all of the sectors of human activity that transform natural resources into commodities.
  • These raw materials are products generated from agriculture, crop production, animal husbandry, fishing, forestry, and mining.
  • The activities carried out in the primary sector are important, necessary, and indispensable for the populations' survival.
• Secondary Sector
  • The secondary sector includes economic activities that create finished products for consumption( consumer goods).
  • It takes the production of the primary activities and manufactures new end goods.
  • Examples: Manufacturing, Construction, etc.