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  • The economy of any society can be best understood when it is classified into different components or sectors, as they are more commonly known.
  • The three classifications are:
    • The Primary, secondary and tertiary sectors,
    • Organised and unorganised sectors,
    • Public and private sectors
  • The primary sector is related to agriculture; the secondary sector is related to industry and the tertiary sector is related to services.
  • Organised sector deals with places of work where the terms of employment are regular and are registered by the government; the unorganised sector deals with small units that are outside the control of the government.
  • In the public sector the government owns most of the assets and provides the services while in the private sector ownership of assets and delivery of services is in the hands of individuals.

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