Three-sector Theory

Three-sector Theory

Three-sector Theory

The Daily Concept free app

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).

 

For more daily concepts check out my app: The Daily Concept

Get it on Google Play