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SS1: ECONOMICS - 2ND TERM

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  1. Firms & Industry | Week 1
    4 Topics
  2. Firms & Industry (Business Organisation) | Week 2
    5 Topics
    |
    1 Quiz
  3. Population Theory I | Week 3
    3 Topics
  4. Population Theory II | Week 4
    3 Topics
  5. Population | Week 5
    3 Topics
  6. Population Distribution | Week 6
    4 Topics
  7. Population Census | Week 7
    3 Topics
    |
    1 Quiz
  8. Labour Market | Week 8
    3 Topics
    |
    1 Quiz
  9. The Nature of the Nigerian Economy | Week 9
    4 Topics
    |
    1 Quiz
  10. Agriculture | Week 10
    4 Topics
    |
    1 Quiz



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Classification of Industries in Nigeria:

1. Primary Sector.
2. Secondary Sector.
3. Tertiary Sector.

1. Primary Sector: The primary sector of the economy includes industries concerned with the extraction and production of raw materials, such as mining, farming, logging, fishing, forestry and livestock production. This sector makes up a larger portion of the economy in developing countries than it does in developed countries.

2. Secondary Sector: The secondary sector is concerned with the production of finished goods. Raw materials are converted into consumable or finished goods. e.g. construction, food processing, oil refining, building, chemical industries, etc.

3. Tertiary Sector: The tertiary sector is concerned with the rendering of services. This includes indirect services like policemen, soldiers, customs, etc, and direct services like teaching, banking, security, transportation, etc.

Contribution of Primary, Secondary & Tertiary Sector:

1. The primary sector contributes to the increase in the GDP of the country.

2. The primary sector is the pathway to a successful secondary sector.

3. The secondary sector enables the country to be involved in the processing of goods.

4. The tertiary sector which is the service sector of the country provides essential public services to the country.

5. The three sectors provide economic stability in the country.

6. Under the tertiary sector as a result of an increase in trade, distribution and transportation services are now in higher demand.

7. The three sectors increase the employment opportunity for the country.

Evaluation Question:

Highlight the various contributions of the sectors in Nigeria.

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Question 1

Highlight the various contributions of the primary and secondary sector in Nigeria

Solution

Contributions of Primary Sector

  • It provides raw material to the industrial sector
  • It contributes to the increase in the GDP of the country
  • It is the pathway for a successful secondary sector
  • It provides employment opportunities for the masses
  • It provides economic stability in the country

Contributions of Secondary Sector

  • It enables the country to be involved in the processing of goods
  • It involves converting raw materials into finished products
  • It provides job opportunities for the people
  • It also provides professional services for the masses
  • It provides economic stability in the country.
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