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Question

Which of the following activity is related to the tertiary sector of the economy?

The correct answer is
Storage

Tertiary Sector Activities Explained

Economic activities are broadly classified into three main sectors: primary, secondary, and tertiary. Understanding these classifications helps in analyzing the structure of an economy.

Sector Definitions

  • Primary Sector: Involves the extraction and harvesting of natural resources (e.g., agriculture, fishing, mining).
  • Secondary Sector: Focuses on manufacturing and processing raw materials into finished goods (e.g., automobile production, cloth weaving, construction).
  • Tertiary Sector: Provides services rather than tangible goods. This includes activities like transportation, communication, trade, finance, healthcare, and storage.

Activity Analysis

Let's analyze the given options:

  • 1. Storage: This activity involves providing space and facilities for keeping goods, which is a service supporting trade and logistics. Therefore, it belongs to the tertiary sector.
  • 2. Automobile production: This is a manufacturing process, converting raw materials into cars. It falls under the secondary sector.
  • 3. Fishing: This involves catching fish from natural water bodies, which is the extraction of a natural resource. It belongs to the primary sector.
  • 4. Cloth Weaving: This process transforms raw materials (like cotton or wool) into cloth, a manufactured good. It is part of the secondary sector.

Conclusion

Based on the definitions, Storage is the only activity listed that is related to the tertiary sector of the economy, as it represents a service.

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Important Questions from Fundamentals of Economy

  1. The meaning of _______ is freedom for economic decisions, which means that all the producers, owners and consumers of factors of production are free to take their decisions to promote their self-interest.

  2. The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ____.

  3. "What to produce?" is a basic problem faced by an economy under which of the following central problems?

  4. In which type of economy social justice is accorded higher priority than profit maximization?

  5. Which industry is also known as basic industry?

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