Quinary sector of the economy in the context of "Allan George Barnard Fisher"

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⭐ Core Definition: Quinary sector of the economy

The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary). The model was developed by Allan Fisher, Colin Clark, and Jean Fourastié in the first half of the 20th century, and is a representation of an industrial economy. It has been criticised as inappropriate as a representation of the economy in the 21st century.

According to the three-sector model, the main focus of an economy's activity shifts from the primary through the secondary and finally to the tertiary sector. Countries with a low per capita income are in an early state of development; the main part of their national income is achieved through production in the primary sector. Countries in a more advanced state of development, with a medium national income, generate their income mostly in the secondary sector. In highly developed countries with a high income, the tertiary sector dominates the total output of the economy.

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Quinary sector of the economy in the context of Economic sector

One classical breakdown of economic activity distinguishes three sectors:

  • Primary: involves the retrieval and production of raw materials, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
  • Secondary: involves the transformation of raw materials or intermediate goods into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in the secondary sector.
  • Tertiary: involves the supplying of services to consumers and businesses, such as babysitting, cinemas or banking. Shopkeepers and accountants work in the tertiary sector.

In the 20th century, economists began to suggest that traditional tertiary services could be further distinguished from "quaternary" and quinary service sectors. Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality.

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LINKED FROM (PARENTS)
← Economic sector ← List of recognized economic sectors
LINKS TO (CHILDREN)
Economics → Economy → Economic sector → Raw material → Primary sector of the economy → Manufacturing → Secondary sector of the economy → Service (economics) → Tertiary sector of the economy → Allan George Barnard Fisher → Colin Clark (economist) → Jean Fourastié → Industrial economy → Per capita income → Economic development → National income →