Answer to Question #212092 in English for elisa

Question

Identify three sectors within the UK economy in which a business can operate. What are the differences between the three sectors? Comment on their value to the UK economy.

Answer 1

Answer

The three sectors within the United Kingdom economy in which a business can operate include;

1. Primary sector: This sector serves as the foundation for all other businesses. It produces the raw ingredients that all other industries rely on. This industry includes agriculture, mining, forestry, and fishing. Only a small part of the workforce in the United Kingdom is employed by the industry. As technology has advanced, there has been a progressive transition from basic to secondary and higher education. The county's gross domestic output provides only a modest percentage.
2. Secondary sector: Manufacturing is considered a secondary industry. The industrial sector converts the primary sector's raw materials into a wide range of commodities. It employs approximately 18% of the workforce in the United Kingdom. However, in this market, technology enables businesses to achieve more with fewer resources, resulting in huge cost savings. This amounts to approximately 17.4 percent of the province's GDP.
3. Tertiary sector: The tertiary industry is interwoven with tourism, finance, and retail. It relies on both primary and secondary commodities for its survival. The United Kingdom employs the greatest number of individuals. It is regarded as the economic engine because it contributes significantly to the country's GDP.