Everything about Secondary Sector Of Economic Activity totally explained
The
secondary sector of industry includes those economic sectors that create a finished, usable product:
manufacturing and
construction. If you work in this sector you may also manufacture or process products. This sector of industry generally takes the output of the primary sector and manufactures finished goods or where they're suitable for use by other businesses, for export, or sale to domestic consumers. This sector is often divided into
light industry and
heavy industry. Many of these industries consume large quantities of energy and require factories and machinery to convert the raw materials into goods and products. They also produce waste materials and waste heat that may pose environmental problems or cause pollution.
Some economists contrast wealth producing sectors in an economy such as
manufacturing with the
service sector which tends to be wealth consuming. Examples of service may include retail, insurance, and government. These economists contend that an economy begins to decline as its wealth producing sector shrinks. Manufacturing is an important activity to promote economic growth and development. Nations which
export manufactured products tend to generate higher marginal
GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as
health care and
infrastructure in the economy. The field is an important source for
engineering job opportunities. Among
developed countries, it's an important source of good paying jobs for the
middle-class to facilitate greater
social mobility for successive generations in an economy.....
Divisions of this sector include:
Further Information
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