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Banking, Insurance sectors etc can be a good example of which of the following type of economic activity
- a)Tertiary
- b)Primary
- c)Secondary
- d)Primary and Secondary
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Banking, Insurance sectors etc can be a good example of which of the f...
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 do, but they still provide value. For example, banks, insurance and the police all are examples of the service industry. Industries included in the primary or secondary sectors will typically have employees that provide tertiary services such as advertising, accountants and warehousing employees. The tertiary sector is usually strongest in advanced market economies.
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Banking, Insurance sectors etc can be a good example of which of the f...
Banking, Insurance sectors, and other similar industries can be classified as examples of tertiary economic activity.
Explanation:
Tertiary Economic Activity:
Tertiary economic activity refers to the sector of the economy that is focused on providing services rather than producing goods. It involves the provision of services to businesses and individuals. This sector includes a wide range of industries such as banking, insurance, healthcare, education, hospitality, transportation, and professional services.
Explanation of the Options:
a) Tertiary:
The tertiary sector is the correct answer because banking and insurance sectors are primarily involved in the provision of financial services to individuals and businesses. They do not involve the extraction of raw materials or the manufacturing of goods.
b) Primary:
The primary sector involves activities related to the extraction and production of natural resources. This includes sectors such as agriculture, mining, fishing, and forestry. Banking and insurance sectors do not fall under this category as they are not involved in the direct extraction or production of raw materials.
c) Secondary:
The secondary sector involves activities related to the manufacturing and construction industries. This includes sectors such as automobile manufacturing, construction of buildings, and production of goods. Banking and insurance sectors do not fall under this category as they are not involved in the direct manufacturing or construction of goods.
d) Primary and Secondary:
This option is incorrect because banking and insurance sectors do not fall under the primary or secondary sectors. They are part of the tertiary sector.
Conclusion:
In conclusion, banking, insurance sectors, and similar industries are examples of tertiary economic activity. They primarily provide services to individuals and businesses rather than being involved in the extraction or production of goods.
Explanation:
Tertiary Economic Activity:
Tertiary economic activity refers to the sector of the economy that is focused on providing services rather than producing goods. It involves the provision of services to businesses and individuals. This sector includes a wide range of industries such as banking, insurance, healthcare, education, hospitality, transportation, and professional services.
Explanation of the Options:
a) Tertiary:
The tertiary sector is the correct answer because banking and insurance sectors are primarily involved in the provision of financial services to individuals and businesses. They do not involve the extraction of raw materials or the manufacturing of goods.
b) Primary:
The primary sector involves activities related to the extraction and production of natural resources. This includes sectors such as agriculture, mining, fishing, and forestry. Banking and insurance sectors do not fall under this category as they are not involved in the direct extraction or production of raw materials.
c) Secondary:
The secondary sector involves activities related to the manufacturing and construction industries. This includes sectors such as automobile manufacturing, construction of buildings, and production of goods. Banking and insurance sectors do not fall under this category as they are not involved in the direct manufacturing or construction of goods.
d) Primary and Secondary:
This option is incorrect because banking and insurance sectors do not fall under the primary or secondary sectors. They are part of the tertiary sector.
Conclusion:
In conclusion, banking, insurance sectors, and similar industries are examples of tertiary economic activity. They primarily provide services to individuals and businesses rather than being involved in the extraction or production of goods.
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Community Answer
Banking, Insurance sectors etc can be a good example of which of the f...
Banking and insurance sectors provide service to the primary and secondary activities, and tertiary activities provide service to the primary and secondary activities.....thus the correct answer is option A
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Banking, Insurance sectors etc can be a good example of which of the following type of economic activitya)Tertiaryb)Primaryc)Secondaryd)Primary and SecondaryCorrect answer is option 'A'. Can you explain this answer?
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