ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -quinary sector (plural quinary sectors) (economics) The branch of a country’s economy where high-level decisions are made by top-level executives in government, industry, education, etc.

Detailed explanation-2: -Quinary activities Often referred to as ‘gold collar’ professions, they represent another subdivision of the tertiary sector representing special and highly paid skills of senior business executives, government officials, research scientists, financial and legal consultants, etc.

Detailed explanation-3: -The quinary sector represents the highest level of decision-makers who establish policy guidelines in policymaking. In contrast, the quaternary sector is part of the tertiary sector of the economy, which is knowledge-based. The quinary sector does not allow for the entire outsourcing of services.

Detailed explanation-4: -In tertiary sectors, we have services for business and consumers and wholesale trade. In quaternary sectors, we have skills for processing information (as in IT services) as well as e-commerce. And in quinary sectors, we have domestic services once done by people in their home, like daycare, elder care, etc.