Sectors of Economy

 

Lecture 2

Before going into sectors of economy, let's have a look on numbers and corresponding latin originated words. 

1st → primary,               2nd → secondary

3rd → tertiary,               4th → quaternary

5th → quinary,               6th → senary

7th → septenary,           8th → octonary

9th → nonary,               10th → denary

12th → duodenary,        20th → vigenary

The income generating activities are divided into different sections known as Sectors of Economy

1. Primary Sector- Directly depends on natural resources like mining, agriculture and allied activities. It's a labour intensive sector known as Red collar job. It is named Primary as it forms base for all other sectors of economy.

2. Secondary Sector- Change of form of the Primary Products(Extracted natural resources- raw materials) into final valuable products like manufacturing(Blue collar job).

Raw material(Primary sector output) → Finished/Final product(Secondary sector output)

3. Tertiary Sector- Activities that support the development of primary and secondary sector. Tertiary Sector doesn't produce goods, but support the production process. It is service sector with white collar job.

4. Quaternary Sector- Specialized service sector(tertiary sector) that is based on knowledge and information like teacher, consultant, software developer, fund manager and statisticians. 

Non dependent on resources and surrounding environment. 

5. Quinary Sector- Part of service sector(tertiary sector) that focus on creation and management of new idea and technology. In industry, it is defined as Gold collar job Or boss like job- Business executive, Research scientists.

Collar Job

Black Collar Worker → coal mining, oil industry, illegal work

Red collar Worker→ primary sector job. Also used for government job

Blue Collar Worker → working class, manual labour of secondary sector

White Collar Worker → Tertiary sector job

Gold Collar Worker → Boss like job, Quinary sector job

Gray Collar Worker → aged worker, working after retirement

Pink Collar Worker → women oriented job like nurses, librarian

Green Collar Worker → people employed in green energy sector

Open Collar Worker → work from home job

Scarlet Collar Worker → porn industry job 

Orange Collar Worker→ prison labour

Table of Content Lecture 3