Question: Which Economic Sector Is The Most Important?

Which sector of economy is most important and why?


Agricultural Sector: One of the most important sectors of the Indian economy remains Agriculture.

Its share in the GDP of the country has declined and is currently at 14%..

What is the most important sector of the economy?

In 2013, the most important sectors to the U.S. economy were agriculture, forestry, fishing, and hunting, which saw a huge jump of 16.4 percent. For comparison, that sector grew by a measly 0.3 percent in 2012, a year in which many crops and harvests were destroyed by severe droughts and climatic conditions.

What industry is the most important sector of the US economy?

ManufacturingManufacturing is by far the most important sector of the U.S. economy in terms of total output and employment.

Which is the most important Organised sector?

Every organised sector is important as the different parts are inter linked. Manufacturing sector, service sector etc are considered the most important.

Which sector is the most important sector What is its importance?

Primary sector is the most important sector of Indian​ economy.As the methods of farming changed and agriculture sector began to prosper,it produced much more food than before . The primary Sector accounts for 17 per cent of India’s GDP and employs 51 percent of the labour force in India .

What are the 3 main sectors of the economy?

According to the three-sector theory, all economic activity can be classified into one of three sectors: the primary sector, the secondary sector, and the tertiary sector.

What is the fastest growing industry in America?

Five out of the 20 industries projected to grow the fastest from 2019 to 2029 are in healthcare and social assistance, the fastest growing industry in the economy.

Why is US economy so strong?

The nation’s economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.

What are the 5 sectors of the economy?

Sectors of the Economy: Primary, Secondary, Tertiary, Quaternary and QuinaryPrimary activities. … Secondary activities. … Tertiary activities. … Quaternary activities. … Quinary activities.

What are the 4 sectors of the economy?

The four sectors in the American economy are Government, For-Profit or Business, the Nonprofit or Independent, and Households or Family. While we often think of these as separate entities, they are often inter-dependent. Following is a brief description of each of the four sectors in American Society.

Which sector is more important?

Tertiary sector has become important in India because : are the responsibility of the government in developing countries. (ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors.

What is the importance of the primary sector?

The primary sector is usually most important in less developed countries, and typically less important in industrial countries. The manufacturing industries that aggregate, pack, package, purify or process the raw materials close to the primary producers are also considered as a part of this sector.

What is the biggest sector in the world?

The 10 Global Biggest Industries by RevenueGlobal Oil & Gas Exploration & Production. … Global Commercial Real Estate. … Global Car & Automobile Sales. … Global Car & Automobile Manufacturing. $2,976,5B.Global Direct General Insurance Carriers. $2,535,2B.Global Commercial Banks. $2,341,0B.Global Auto Parts & Accessories Manufacturing. $1,872,8B.Global Tourism. $1,541,0B.More items…

What is the largest sector of the US economy?

Real Estate, Renting, and Leasing. Real Estate, renting, and leasing constitutes the largest sector of the United States’ economy with the GDP value added of $1.898 trillion accounting for 13% of the national GDP.

Who has the highest GDP?

United StatesThe 20 countries with the largest gross domestic product (GDP) in 2019 (in billion U.S. dollars)GDP in billion U.S. dollarsUnited States21,439.45China14,140.16Japan5,154.48Germany3,863.349 more rows•Jun 9, 2020