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Sectors of Economy: Primary, Secondary, Tertiary, Quaternary and Quinary Filed Under: Economics Notes, Geography Notes Human activities which generate income are known as economic activities.

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The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (), manufacturing (), and services ().It was developed by Allan Fisher, Colin Clark and Jean Fourastié.. According to the model, the main focus of an economy's activity shifts from the primary, through the secondary and finally to the tertiary sector.

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Primary industries or sectors are concerned with extracting and acquiring raw materials, secondary industries revolve around manufacturing products from raw materials and tertiary industries focus on services that support primary and secondary industries. These sectors form the basis of economies of developed countries.

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Tertiary Sector Refers to Commercial Services. The tertiary sector of the economy is the service industry. Service companies do not provide a physical good like the primary or secondary sectors, but they still provide value.

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Video: The Modern Economy: Primary, Secondary & Tertiary Sectors The modern economy can be divided into three sectors that reflect the economic development of that society.

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