Contents

Sectors of Economy .................................................................................................................................................. 2

1 Various sectors of Economy ................................................................................................................................. 2
1.1 Primary activities .......................................................................................................................................... 2
1.2 Secondary activities ...................................................................................................................................... 3
1.3 Tertiary activities .......................................................................................................................................... 3
1.4 Quaternary activities .................................................................................................................................... 4
1.5 Quinary activities .......................................................................................................................................... 4
2 Concept Check ...................................................................................................................................................... 5

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 Sectors of Economy

1 Various sectors of Economy

There are five sectors into which economic activity can be classified – primary activities, secondary activities,
tertiary activities, quaternary activities and quinary activities.

• A nation’s economy can be divided into sectors to define the proportion of a population engaged in different
activities.
• This categorization represents a continuum of distance from the natural environment.
• The continuum starts with primary economic activity, which concerns itself with the utilization of raw
materials from the earth, such as agriculture and mining. From there, the distance from natural resources
increases as sectors become more detached from the processing of raw materials.

1.1 Primary activities

• The primary sector of the
economy extracts or
harvests products from
the earth such as raw
materials and basic
foods.
• Activities associated with
primary economic activity

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 include agriculture (both subsistence and commercial), mining, forestry, grazing, hunting and gathering,
fishing, and quarrying. The packaging and processing of raw materials are also considered to be part of this
sector.

1.2 Secondary activities

• The secondary
sector of the
economy
produces
finished goods
from the raw
materials
extracted by
the primary
economy. All manufacturing, processing, and construction jobs lie within this sector.
• Activities associated with the secondary sector include metalworking and smelting, automobile
production, textile production, the chemical and engineering industries, aerospace manufacturing, energy
utilities, breweries and bottlers, construction, and shipbuilding.

1.3 Tertiary activities

• The tertiary sector of
the economy is also
known as the service
industry. This sector
sells the goods
produced by the
secondary sector and
provides commercial
services to both the
general population and to businesses in all five economic sectors.
• Activities associated with this sector include retail and wholesale sales, transportation and distribution,
restaurants, clerical services, media, tourism, insurance, banking, health care, and law.
• In most developed and developing countries, a growing proportion of workers is devoted to the tertiary
sector.

Although many economic models divide the economy into only three sectors, others divide it into four or even five
(quaternary and quinary being the fourth and the fifth). These two sectors are closely linked with the services of
the tertiary sector, which is why they can also be grouped into this branch.

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 1.4 Quaternary activities
• The fourth sector of the economy, the quaternary
sector, consists of intellectual activities often
associated with technological innovation. It is
sometimes called the knowledge economy.
• Activities associated with this sector include
government, culture, libraries, scientific research,
education, and information technology.
• These intellectual services and activities are what
drive technological advancement, which can have a
huge impact on economic growth.

1.5 Quinary activities

• Some economists further narrow the quaternary sector into
the quinary sector, which includes the highest levels of
decision-making in a society or economy.
• This sector includes top executives or officials in such fields
as government, science, universities, nonprofits, health care,
culture, and the media.
• It may also
include police and fire
departments, which
are public services as opposed to for-profit enterprises.
• Economists sometimes also include domestic activities (duties
performed in the home by a family member or dependent) in the quinary
sector. These activities, such as child care or housekeeping, are typically
not measured by monetary amounts but contribute to the economy by
providing services for free that would otherwise be paid for.

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2 Concept Check
Q. Match the following:
Select the correct answer using the code given below:

Sector of Economy Economic Activity

1. Primary A. Fashion

2. Secondary B. Forestry

3. Tertiary C. Shipbuilding

4. Quaternary D. Information

(a) 1 – C, 2 – B, 3 – A, 4 – D
(b) 1 – B, 2 – C, 3 – A, 4 – D
(c) 1 – B, 2 – C, 3 – D, 4 – A
(d) 1 – B, 2 – A, 3 – C, 4 – D
(e) None of the above
Answer: B

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 Our 6 step formula to become an RBI Manager | 30

Our 6-Step Formula to Become an RBI Manager

What is the 6-Step Formula?

Set a
clear goal #1
Always remember that when goals are vague, outcomes are vague. So does it mean that you
must set only 1 and clear goal of clearing the RBI Grade B examination? You may. Nothing wrong
with it. We, however, recommend following a Plan A and Plan B approach. And no, Plan B here
does not mean a backup career option! What it means is that you should design your Plan A and
Plan B exams in such a manner that 1) the preparation of your Plan A exam/s ‘must’ automatically
lead to atleast 80% preparation of Plan B exam/s and 2) when you are devoting time to study for
Plan B exam/s, it must automatically strengthen your preparation for Plan A exam/s.
For example – Let’s say your Plan A exam is to crack the RBI Grade B exam, what should be your
Plan B? The most ideal Plan B will be the SEBI Grade A exam. How? Because it checks both
points as explained above – preparation of RBI Grade B automatically leads to the preparation of
80% syllabus of SEBI Grade A and when you are devoting time to study anything for SEBI Grade
A, it is actually strengthening your preparation for RBI Grade B as well.

Understand
#2 the exam
The syllabus and previous year questions are like the 2 headlights of your car of preparation.
You miss one of these and your car will meet with an accident, let me guarantee you this right
here! The biggest blunder aspirants commit is that they do not define the scope of the syllabus
of the examination and prepare under the impression that anything and everything can be asked
in the examination which is even remotely related to the syllabus!

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 Our 6 step formula to become an RBI Manager | 31

Hell no! This is NOT the case. Download and print a copy of the syllabus and then do the same
for previous year questions. Go through the syllabus atleast 10 times and then go through the
previous year questions (year wise) and see for yourself what are the important topics and in
what depth they need to be studied for the examination. Believe me, more than 90% of the so-
called sincere aspirants do not do this.

Shortlist
Resources #3
Based on step 2, now is the time to shortlist your study sources. Once you prepare a list of the
resources you will follow, DO NOT get swayed by new material that keeps flooding the market
through social media platforms! Keep your head down and focus on completing your study
sources. Yes, once you are done with your sources, you can move to a secondary source but not
before that!

Design a
#4 Time Table
This is a very important step – you must design a time table for yourself. This time table is for
‘you’ and ‘you’ alone. Do not compare your timetable with others, some like studying early in the
morning, some like to burn the midnight oil, some can sit at a stretch for 6 hours, some study for
2 hours and take a break and then study again. Some study on all 7 days, some study for 5 days
and take a 2-day break. Whatever! The point is to have a timetable that ‘works’ for ‘you’. It is not
meant to earn a shower of praises from your parents, friends, or peers!

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 Our 6 step formula to become an RBI Manager | 32

Develop
Consistency #5
Ah consistency! The ever-elusive thing! The secret to developing consistency is to make ‘micro
easy targets’. How? Let’s compare 2 situations. Student A makes a plan that he will study 8 hours
every day starting tomorrow and sets a goal for himself for the next day – cover 50 pages of
current affairs magazine, 20 pages of motivation theories from a book, 50 questions of ratio &
proportion and write 1 essay. He starts his day full of energy but towards the end of the day finds
himself in quite an uncomfortable position realizing that only 50% of the target has been
covered. He cannot sleep comfortably that night and gets up the next morning tired and
frustrated. Now he has to complete the pending tasks of Day 1 as well as cover whatever he
decided for Day 2 as well! Quite an uphill task, don’t you think?

On the other hand, Student B makes a plan that he will also study 8 hours a day and sets a goal
of completing 20 pages of current affairs magazine, 10 pages of motivation theories and 1 essay.
Now, this student will complete his target ahead of schedule and having done that feel elated,
joyful and full of confidence! This will lead to a good night’s sleep and hence even higher energy
for the next day!
This is how you make ‘micro’ and ‘easy’ targets and achieve them daily and move ahead with
consistency.

Develop
#6 Faith
Always think from your mind and feel from your heart. If you reverse this sentence, you will get
trapped in ‘emotions’. Being emotional isn’t bad at all, its good! Getting trapped in emotions is
what is bad! Once you complete steps 1-5, you will start to develop faith in yourself. Have a little
trust in your mentors as well, talk to them, mail them, get in touch and see how they can help
you!

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 Our 6 step formula to become an RBI Manager | 33

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6-Step formula and how

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 Our 6 step formula to become an RBI Manager | 34

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