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Over time, the fraction of a society's activities within each sector changes. Below the economic sectors are more detailed classifications. They commonly divide economic activities into industries according to similar functions and markets and identify businesses producing related products.
Economic base ideas can be easy to understand, as are measures made of employment. For instance, it is well known that the economy of Seattle, Washington is tied to aircraft manufacturing, that of Detroit, Michigan, to automobiles, and that of Silicon Valley to high-tech manufacturing. When newspapers discuss the closing of military bases, they ...
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Percentages of a country's economy made up by different sectors. Countries with higher levels of socio-economic development tend to have proportionally less of their economies operating in the primary and secondary sectors and more emphasis on the tertiary sector. The less developed countries exhibit the inverse pattern.
The Standard Industrial Classification (SIC) is a system for classifying industries by a four-digit code as a method of standardizing industry classification for statistical purposes across agencies. Established in the United States in 1937, it is used by government agencies to classify industry areas.
Includes most features of basic bar chart, above; Areas of non-uniform-width bars represent quantities with areas A that are respective products of related pairs of · vertical-axis quantities (A/X) and · horizontal-axis quantities (X). Arithmetically: (A/X)*X=A for each bar. Instances: Mosaic plots (also known as Marimekko, or Mekko, charts)
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Economists may regard the manufacture of vehicles as a foundational industry and as a bellwether industry. [1] In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. [2] For example, one might refer to the wood industry or to the insurance industry.