What are the groups of classification of an economy called?

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Sectors

Centres

Types

Detailed Solution

An economy is classified into three sectors based on the nature of work.
The economic sector known as the "primary sector" is where goods made from natural resources are created. The industrial process depends on natural components. In addition to agriculture, this sector also comprises associated businesses like mining, fishing, forestry, etc. The primary sector is the dominant sector in less developed countries. The secondary sector is sometimes known as the industrial or manufacturing sector. One physical good is converted into another in the secondary sector. Manufacturing, power, gas, etc. are all included in this sector. The economy's service sector is referred to as the "tertiary sector." Numerous services are also provided, such as those that are connected to banking, insurance, business, and transportation.

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