a) Outline how and why the sectoral balance of an economy might change as it develops

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Issue:

Business

 

Written by:

Danielle F

 

Date added:

October 29, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 751

 

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5750 times

 

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Essay content:

The third sector "tertiary sector" produces services such as transport, financial and leisure. Typically countries go through a similar pattern of sectoral change, from the first stage of primary dominance, onto secondary and finally ending with tertiary dominance. The first stage of primary dominance is based on the Agrarian society, with its economy based on agriculture...
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There is some surplus production that leads to the desire for trade, coherently creating the leisured class. Scientific discoveries lead to technological change which, when applied to agriculture made more efficiently produced goods. The demand for secondary products such as machinery rises and people want to become more and more efficient in production, thus begins the growth of the secondary sector...
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