Choose the given statement is True/False

An economy can be classified into two sectors on the basis of the nature of its activities.

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True

False

answer is B.

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Detailed Solution

The statement is false.
There are mainly three sectors classified based on the nature of activities as primary, secondary, and tertiary sectors. All three sectors are discussed below: The primary sector involves converting natural resources into direct products. It is directly associated with nature—for instance, agriculture, poultry farming, fishing, dairy, forestry, etc. The secondary sector is in the second tier of economic activity, employing the primary and tertiary sectors. It is also known as the manufacturing sector as it involves changing natural products into other forms through manufacturing. The activities that help develop the primary and secondary sectors fall under the tertiary sector. These activities do not involve producing goods but help generate the services that support the production processes of the primary and service sectors—for instance, transportation, communications, Banking, storage, and so on.
An economy can be classified into three sectors based on the nature of its activities.

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