Key sectors of the economy and their importance in the welfare state

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Any State, ranging from highly developed US and ending with the poorest countries in central Africa, has its level of development, which is due to the historical course of the development of civilization and the introduction of the newest inventions in the main sectors of the economy.In the twentieth century was the rallying of many leading states into a single trading system, which allowed to talk about such a concept as the global economy.Today, every country has its own industry, whose products allows foreign economic activity and generate more revenue.

Branch of the economy - a set of industries and businesses that have a certain commonality of products that meet the needs and specific technologies.Thus, if the share of a certain product or group of products accounts for at least 50% of its production, the company manufacturers can be combined in a particular industry, which will take into account the system of CEA (qualifier foreign trade activities).

Modern industries stood out in individual economies as a result of development of the productive forces and the social division of labor.Numerous needs of the economy in its highest development contributed to its division into the structure comprising a plurality of units and subsystems.Thanks to the introduction of scientific and technological progress, the living conditions of the people to improve the quality, which also had an impact on many industry-specific productions.However, rapid progress has led to the fact that many sectors of the economy do not have time to be converted, and manufactured products are rapidly becoming obsolete.It is with this and related fundamental problem in the development of the economic system to accurately track all the innovations and respond quickly to the changes that occur in the world.

should be noted that in the global system, there is a so-called golden rule of economics, which is that any production in the economy should bring the greatest possible profit.With this postulate we can see all the development that is happening in the world.If advertising is the engine of trade, profit is the goal around which the entire global economic system.

Thus, all sectors of the economy in our country have a certain classification, and the entire production complex economic system can be divided into the following types:

  1. regional complexes - the division of territorial jurisdiction;
  2. Geographically - industrial (TPK) - are distributed according to specialization.
  3. Socio - industrial complexes - the city district.
  4. Industrial units - enterprises having production in a limited area.

In addition, all sectors of the economy are divided into specific functional systems, which include the following:

- Energy: fuel industry, electric power, metallurgy, petrochemical and chemical industry, wood processing, machine building, and so on.

- agro-industrial: crop production, animal husbandry;

- light industry: sewing, textiles, shoes, fur;

- food industry: canning, meat, oil and fat, confectionery macaroni, brewing, fish, sugar, salt and wine.

Summarizing all the above, it should be said that the economic system of the country has a very important role in the system of development, defining its direction and priorities.Finally it should be noted that the economy of any country is in constant development, which depends on the speed of the level of technological progress of the country and the welfare of the citizens as a whole.That is why the development of the economic system of each State must prioritize.