The stages of economic activities Primary Secondary and Tertiary

hello and welcome back to another episode of business partner today we are going to explore the stages of Economics activities fundamental Concept in the realm of business studies economic activities are essentially the actions and decisions that involve the production distribution and consumption of goods and services these activities are typically divided into three stages or sectors The primary sector secondary sector and tertiary sector The primary sector involves the extraction and production of Natural Resources this could be anything from farming and fishing to Mining and Forestry for example farmer growing wheat or miner extracting coal from mine would be part of primary sector the secondary sector involves the processing of the resources obtained from The primary sector there is where raw materials are transformed into finished or semi-finished goods for instance bakery turning wheat into bread or factory turning coal into electricity would be part of the secondary sector the tertiary sector also known as the service sector involves providing services to Consumers and businesses this include wide range of activities such as Retail transportation Education Health Services and more for example CER delivering the board to stores or an electrician installing light fixture would be part of the tertiary sector let's consider case study to illustrate three stages imagine coffee shop the coffee beans are grown and harvested by farmers in the primary sector then process and packaged in factory which is secondary sector and finally the Barista at the coffee shop Brews and serves the coffee to customer which is tertiary sector understanding the stages of economic activities helps us appreciate the Journey of product from its origin as raw material to its final consumption as finished good or service it also highlights the interdependence of the different sectors and their roles in the economy so think it's enough for today so thank you very much for listening and watching hope you enjoyed the video hope this video is useful for you so take care of yourself and don't hesitate to write an email if you have any question query suggestion and even classes are required take care of yourself meanwhile see you in the next video goodbye