Sectors of the Economy

Definition

Sectors refer to different parts or divisions that make up an economy. These divisions include primary (agriculture), secondary (manufacturing), tertiary (services), and quaternary (information technology) sectors. Each sector plays a unique role in producing goods/services necessary for overall economic growth.

Related terms

GDP (Gross Domestic Product): A measure of the total value of goods and services produced within a country's borders over a specific time period.

Labor Force: The total number of people who are either employed or actively seeking employment.

Economic Growth: An increase in the production and consumption of goods and services over time, usually measured by changes in GDP.