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Q.

Groups classifying activities using some important criteria are called ____.


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Detailed Solution

Groups classifying activities using some important criteria are called sectors.
An economic sector is a region where enterprises engage in the same activity, offer comparable goods and services, or both. Sectors are significant groups of businesses engaged in related commercial activity, such as agriculture and resource exploitation. Economists may evaluate the economic activities within various areas of an economy by dividing them into these sectors. Sector analysis, therefore, shows whether an economy is growing or whether some sectors of an economy are contracting. The main sectors are primary, secondary, and tertiary.
 
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