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The four-sector model adds the foreign sector to the three-sector model. [17] [18] [23] (The foreign sector is also known as the "external sector," the "overseas sector," [19] or the "rest of the world.") Thus, the four-sector model includes (1) households, (2) firms, (3) government, and (4) the rest of the world. It excludes the financial sector.
Three sectors according to Fourastié Clark's sector model. One classical breakdown of economic activity distinguishes three sectors: [1] Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's activities within each sector changes.
A basic version of the Sector model. The sector model, also known as the Hoyt model, is a model of urban land use proposed in 1939 by land economist Homer Hoyt. [1] It is a modification of the concentric zone model of city development. The benefits of the application of this model include the fact it allows for an outward progression of growth.
Primary sector of the economy (the raw materials industry) Secondary sector of the economy (manufacturing and construction) Tertiary sector of the economy (the "service industry") Quaternary sector of the economy (information services) Quinary sector of the economy (humanitarian services)
According to Castellacci (2008), "Pavitt's model of the linkages between science-based, specialized suppliers, scale-intensive and supplier-dominated industries provides a stylized and powerful description of the core set of industrial sectors that sustained the growth of advanced economies during the Fordist age."
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Private sector: A surplus balance means U.S. households and businesses together are net savers, building their financial asset position. In other words, savings by households exceed the amount borrowed and invested by businesses. There is a net inflow of money into the private sector. The private sector had a 4.4% GDP surplus in 2019. [3]