What are the three traditional economic sectors?
Q: What are the three traditional economic sectors?
A: The three traditional economic sectors are the primary sector, which covers areas such as farming, mining and fishing; the secondary sector which covers manufacturing and making things; and the service sector, also called tertiary sector, which provides services rather than producing material commodities.
Q: What activities are included in the service sector?
A: Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media communications electricity gas and water supply.
Q: How important is the service sector to Australia's economy?
A: The service sector is an important part of Australia's economy. In 2007 85% of all businesses were in this sector and in 2009 there were more than nine million people employed in it - 86% of all jobs.
Q: How has India’s service industry grown?
A: India’s service industry has grown significantly. In 2006-2007 it made up 55% of India's GDP and computer software businesses have been increasing at a rate of 35% per year.
Q: What is meant by “knowledge economy”?
A: A knowledge economy refers to businesses that focus on understanding what their customers want and being ready to give it to them quickly and at low cost.
Q: How have banks changed over time?
A: Banks have gone through big changes over time due to information technology advances. They now need fewer employees as automated teller machines can provide basic banking services 24 hours a day 7 days a week from many different places - something that was not possible before this technology was available. Additionally many banks have joined together to form much lower cost businesses that can make more money from a wider customer base by gaining information about their customers and constantly coming up with new services for them.
Q: What role does information technology play in modern banking practices?
A: Information technology plays an important role in modern banking practices as it enables automated teller machines (ATMs) to provide basic banking services 24 hours a day 7 days a week from many different places - something that was not possible before this technology was available . Additionally many banks use information technology to gain insights into their customers needs so they can come up with new products or services for them quickly at low cost .
