ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The quinary sector of the economy is the category in which one finds workers who are labeled as gold collar.

Detailed explanation-2: -Profession under this category often referred 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: -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-4: -Because the services provided in this sector rely on the interpretation of existing or new ideas, the appraisal of new technology, and the production of services, persons working in this area are sometimes referred to as “gold collar” professionals.

Detailed explanation-5: -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.