ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -newly industrialized country (NIC), country whose national economy has transitioned from being primarily based in agriculture to being primarily based in goods-producing industries, such as manufacturing, construction, and mining, during the late 20th and early 21st centuries.

Detailed explanation-2: -The secondary sector includes all manufacturing activities where raw materials are transformed into finished goods. Industries related to construction, automobiles, household appliances, electronics, etc., are all counted under the secondary sector.

Detailed explanation-3: -The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).

Detailed explanation-4: -The tertiary sector covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work.