Sectors Of Economy

What defines a sector in the economy?

• The size of the companies involved

• Similar or related business activities

• The geographic location of businesses

• The age of the businesses

Companies in the primary sector are primarily involved in:

• Manufacturing goods

• Providing healthcare services

• Extracting natural resources

• Offering consulting services

After manufacturing, secondary sector companies may sell their products to:

• Foreign Govt

• Secondary sector businesses

• Consumers or Tertiary sector businesses

• Non-Profit Organizations

Assertion: The secondary sector in India contributes significantly to the country's GDP.

Reason: It employs over a quarter of India's total workforce and plays a crucial role in adding value to products and services such as Transportation and Industries.

• Both A and R are true, R is the correct explanation of A

• Both A and R are true, But R is not the correct explanation of A

• A is true, R is false

• A is false, R is true

Assertion: Healthcare and Finance are categorized under the Tertiary sector.

Reason: They directly interact with consumers, offering services such as medical care and financial management, respectively.

• Both assertion and reason are correct, and the reason explains the assertion.
• Only the reason is correct.
• Only the assertion is correct.
• Both assertion and reason are incorrect.

What is the primary focus of companies in the tertiary sector?

• Manufacturing goods

• Providing healthcare services

• Extracting natural resources

• Offering consulting services

Which sector is responsible for the extraction of raw materials?

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

Assertion: The quaternary sector is focused on information technology and knowledge-based services.

Reason: It involves research, development, and innovation activities.

• Both A and R are true, R is the correct explanation of A

• Both A and R are true, But R is not the correct explanation of A

• A is true, R is false

• A is false, R is true

In a country where the service sector dominates the economy, which industry is likely to have the largest contribution to the GDP?

• Agriculture

• Manufacturing

• Retail

• IT Services

A company wants to expand its operations in a country where a tertiary sector plays a crucial role. What type of Businesses should it focus on to align with the country's economic structure?

• Factory production

• Consultancy services

• Mining and Extraction

• Agricultural farming