Stage 1 is called Primary Sector: extracts and uses natural resources of the earth. Eg: farming, fishing etc.
Stage 2 is called Secondary Sector: manufactures goods using the raw materials provided by the primary sector. Eg: building, aircraft making, etc.
Stage 3 is called the Tertiary Sector: provides services to consumers and the other sectors of the industry. Eg: transport, banking, teaching, etc.
When there is a decline in the importance of the secondary sector of industry in a country, it is known as deindustralisation.
Unit 1: Business Activity | Stages of Production
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Business Activity
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