Three-sector Theory
Three-sector Theory
Three-sector Theory
Economists Allan Fisher, Colin Clark and Jean Fourastié noticed that a country's level of economic development is determined by the income generated from its main economic sector.
Countries in an early state of economic development obtain most of their national income from the primary sector (extraction of raw materials).
Countries in a more advanced state of economic development obtain most of their national income from the secondary sector (manufacturing).
Countries with highly developed economies obtain most of their national income from the tertiary sector (services).
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