In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors.
Currently, there are 5 economic sectors, they are;
Primary Sector
Secondary Sector
Tertiary Sector
Quaternary Sector
Quinary Sector
Primary sector: Primary sector is accountable for securing raw materials and agricultural goods. The primary sector includes jobs in farming, mining, fishing, and forestry.
Secondary Sector: Secondary is responsible for securing and processing raw materials into material goods. These jobs are done in factories converting raw materials into manufactured products.
Tertiary Sector: The tertiary sector is known as the service sector. Instead of securing and processing raw materials into material goods, the Tertiary sector produces services maintenance and repairs, training, or consulting. The services include housekeeping, tours, nursing, and teaching.
Quaternary and Quinary sectors are extensions of the tertiary sector. However, most quaternary and quinary sector jobs came into existence relatively recently.
Quaternary Sector: The Quaternary Sector is the extension of the tertiary sector. These services require more education and expertise compared to tertiary sector jobs. Therefore, this sector is known as the knowledge sector. Information Technology professionals, stockbrokers, and product developers belong to this sector.
Quinary Sector: Quinary activities are services that focus on the creation, re-arrangement, and interpretation of new and existing ideas; data interpretation, and the use and evaluation of new technologies. Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc. Their importance in the structure of advanced economies far outweighs their numbers. The highest level of decision-makers or policymakers performs quinary activities.
The Senior bureaucrats in government departments, top executive posts at large corporations, research scientists, etc. are considered as Quinary Sector. Also, the police, the military, and even non-profit organizations or charities belong to this sector.
Examples of Quartnery Sector and Quinary Sectors:
Software developers, statisticians, hospital staff, teachers, financial planners, tax consultants, people working in theatres, etc., come under quaternary activities.
Senior business executives, government officials, scientists, judges, etc., come under quinary activities.
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