The Three Sectors Of The Economy

There are three main parts of the economy. The Primary Sector, the Secondary Sector and the Tertiary sector. The Primary Sector produces materials that can later be manufactured and sold, like minerals and metals, or farm produce. The Secondary Sector is where the products get made into a product that can be sold – the metals get turned into cars, or other metal items and the farm produce gets packaged. The Tertiary Sector is where these products get labelled and sold to customers.

Australia’s labour force consists mainly of people working in the Tertiary Sector, even though our largest exporting sector is the Primary Sector. Australia imports the Secondary Sector the most, because we can’t seem to produce enough ourselves in that area.
The Tertiary Sector doesn’t produce the most, but it has more people working in it than the other two. The Tertiary sector doesn’t require as much hard labour, so there are more people that want to work in it. The Primary Sector produces a lot of produce, but hasn’t got as many workers. This is because there is so much machinery that can help the workers move a lot faster. But, not many people want to work in the Primary sector, because it’s just so much more physically demanding (usually). Australia simply doesn’t have as much produce coming out of the Secondary Sector, so we import a lot.

Australia has always been close trading partners with USA and the UK, but in recent years, this relationship has slowly deteriorated. But, what could this mean for Australian society? I think it means more independence, as we start ‘befriending‘ countries other than the two bigger ones that have almost controlled Australia in the past.

The amount of unstable values of substances and currency that is the Commodities Boom could well damage any economy greatly. If Australia found itself in a situation of a Commodities Boom, we would be in trouble. Because our economy relies so much on things like coal, iron ore, uranium, and all other mining produces, if these things were to lose value, the Australian economy would crumble, crash and burn.

If we didn’t import and export so much, Australia’s economy would need some help because the economy wouldn’t be balanced, with so much produce coming from the Primary Sector, and so little from the Secondary Sector. But, because of the amount of importing and exporting Australia is a part of, I think the economy is sustainable, and could keep going on and on the way it is, for quite some time.

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