Actions that involve the production, distribution and consumption of goods and services at all levels within a society. Gross domestic product or GDP is one way of assessing economic activity, and the degree of current economic activity and forecasts for its future level can significantly impact business activity and profits, as well as inflation and interest rates. Economic activity is the activity of making, providing, purchasing, or selling goods or services.
Any action that involves producing, distributing, or consuming products or services is an economic activity. Additionally, any activities involving money or the exchange of products or services are economic activities.
People involved in the primary activities of an economy are also termed as red collar workers due to their association with activities of outdoor nature.
People involved in the secondary sectors of the economy are termed as blue collar workers of the economy. This sector was the main driver of economic progress
In tertiary sector of the economy, services are included which may include varied services like banking, communication, education, transport, trade, hospitals, consultancy, online consultation etc.
This forms the majority of the World GDP (around 66 percent). People employed in such services are known as White Collar workers.
Quaternary sector of the economy represents the knowledge portion of the economy. This is said to be a sub classification of the tertiary sector which includes activities like technological development, R&D etc. This sector is basically involved in domains which are given the responsibility of improving the quality of services offered in the economy.
They may include High Quality Education, Software Developers, Statisticians, Brokerage and Accounting Firms etc.
Quinary Sector of Economy is yet another subdivision of tertiary sector which is also known by the name of gold collar profession. In this top level decision makers of the economy are present. These top level decision makers focus on the creation, re-arrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technologies. Their number in the economy may be minute but their impact on the economy is huge as they include personnel like politicians, bureaucrats, top business executives, financial experts etc.
2. Definition
Actions that involve the production, distribution and
consumption of goods and services at all levels within
a society.
Gross domestic product or GDP is one way of
assessing economic activity, and the degree of
current economic activity and forecasts for its future
level can significantly impact business activity and
profits, as well as inflation and interest rates.
3. Economic activity is the activity of making,
providing, purchasing, or selling goods or services.
Any action that involves producing, distributing, or
consuming products or services is an economic
activity. ...
Additionally, any activities involving money or the
exchange of products or services are economic
activities.
4.
5. In this the primary activities of the economy are
included which have a direct connection to the
environment like:
(a) agriculture and allied activities which includes
activities like hunting, fishing, dairy sector, pastoral
activities, vegetation land and water
(b) mining and quarrying which includes oil extraction,
coal mining etc.
People involved in the primary
activities of an economy are also
termed as red collar workers due
to their association with activities
of outdoor nature.
6.
7.
8.
9.
10. In this sector of the economy, activities related
to;
• industry,
• construction,
• manufacturing,
• processing & infrastructure activities of the
economy are covered.
People involved in the secondary sectors of the
economy are termed as blue collar workers of
the economy. This sector was the main driver
of economic progress
11.
12.
13.
14.
15.
16. In this sector of the economy, services are
included which may include varied services
like banking, communication, education,
transport, trade, hospitals, consultancy, online
consultation etc.
This forms the majority of the World GDP
(around 66 percent). People employed in
such services are known as White Collar
workers.
17.
18. Quaternary Sector of Economy also known as Knowledge
Sector
Quaternary sector of the economy represents the knowledge
portion of the economy. This is said to be a sub classification
of the tertiary sector which includes activities like technological
development, R&D etc. This sector is basically involved in
domains which are given the responsibility of improving the
quality of services offered in the economy.
They may include High Quality Education, Software
Developers, Statisticians, Brokerage and Accounting Firms
etc.
19. Quinary Sector of Economy
This is yet another subdivision of tertiary sector which is also
known by the name of gold collar profession. In this top level
decision makers of the economy are present. These top level
decision makers focus on the creation, re-arrangement and
interpretation of new and existing ideas; data interpretation and
the use and evaluation of new technologies.
Their number in the economy may be minute but their impact on
the economy is huge as they include personnel like politicians,
bureaucrats, top business executives, financial experts etc.
