Answering the question, the three categories of economic activities included in the business services sector of the economy include finance, insurance, and real estate.
The business sector refers to a microeconomic sector that involves the private and profit-seeking companies in the economy. These companies combine unlimited resources to produce goods and services that meet the needs of the household sector.
<h2>Further Explanation</h2>
Production of goods and services is the basic role of the business sector and it is made up of three types of business organizations which include proprietorship, partnership, and corporation.
However, there are three main sectors of the economy and these include:
- The primary sector
- The secondary sector
- Service / tertiary sector
The primary sector includes the extractions of unfinished goods, mining, agriculture, forestry, and fishing
The secondary sector has to with the sector that produces finished goods such as cars, foods, clothes. Etc. This sector makes use of raw materials and converts them to finished goods.
Service/ tertiary sector includes business that provides intangible goods and services to their customers. Such businesses include Retail, banking, entertainment, IT services, etc.
There are also some minor sectors of the economy and these include
- Public/private sector
- Quinary sector
Therefore, the three categories of economic activities included in the business services sector of the economy include finance, insurance, and real estate.
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KEYWORDS:
- business services sector
- primary sector
- retail
- real estate
- insurance
