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There are three different sectors within business. They are: Primary sector, Secondary sector, Tertiary sector.

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Introduction

There are three different sectors within business. They are: * Primary sector * Secondary sector * Tertiary sector Primary Sector The primary sector comprises the getting of raw materials, the growing of food and the catching of fish. Industries in this sector include: mining for oil, coal, iron, and other minerals; forestry, agriculture, fish farming and land reclamation, etc. In the primary sector are also included the energy-making utilities like coal, oil and nuclear-fuelled power stations, gas making plants and hydroelectric schemes. Secondary sector This sector refines processes and manufactures and includes industries like petrochemical refineries, steel making mills, factories for making equipment and machinery for industry and goods for consumer purchase. Tertiary sector In this sector are the business which distribute and retail the manufactured goods; they include transport companies which deliver goods by air, sea or land, wholesalers, breaking bulk from warehouses to retail store, retailing chain stores and multiples, franchised shops, newsagents and supermarkets, etc. ...read more.

Middle

Such companies, of which Marks and Spencer is one, are said to be vertically integrated and they benefit from the profits generated at each stage of the process. As a country's economy develops, so the relevant importance of each sector will change. Before the industrial revolution most people were employed in agriculture. By the 1850's the manufacturing sector of the economy was the most important sector for employment and output. From the latter part of the nineteenth century the tertiary sector grew in importance as it supported or serviced the manufacturing industry. Today the service sector is the largest employer and contributes most to the UK's economy. The decline in the importance of manufacturing is generally known as deindustrialisation. Deindustrialisation means a decline in manufacturing in terms of: * The absolute employment level * The total share of employment in the economy * A decline in ...read more.

Conclusion

Although the service sector makes a significant contribution to the UK's balance of payments, some services, such as rail services and those of firemen and traffic wardens cannot be sold abroad. Service industries need manufactured goods in order to provide for their customers. Hotels and restaurants are in the service sector, but need buildings, furnishings, carpets and crockery and cutlery, cash registers, computers, stationary and a host of other manufactured goods. The decline in the manufacturing sector means that the UK is in a weaker position for competing with countries such as Japan. However, some economists argue that deindustrialisation is just part of the natural development of the economy. The UK was the first to industrialise, so the likelihood is that the UK will be one of the first nations to move on to the next stage in economic development. Other countries such as the United States of America are experiencing similar situations in their secondary sectors. ...read more.

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