Fundamentals of Business

Low unemployment

Total number of able men and women of working age seeking paid work. Traditional methods for collecting unemployment data are based, typically, on sampling or the number of unemployment benefit requests. A key measure is the unemployment rate, which is the number of unemployed workers divided by the total civilian labour force.

The three three sector hypothesis is an economic theory which divides economies into three sectors:

Sectors of Industry and Activities

Sector of Industry	Divisions of industry	Activities
Primary	Agriculture, Agri-business, Fishing, Forestry, Mining, Quarrying	Changing process of natural resources into primary products
Secondary	Aerospace manufacturing, Automobile manufacturing, Brewing industry, Chemical industry, Shipbuilding commercial and military, Clothing industry, Electronics, Engineering, Energy industries, Industrial Equipment, Metal working, Steel production, Steel industry, Software engineering, Telecommunications, Tobacco industry	creation of finished products using raw materials (primary products) that is, manufacturing and construction / (heavy and light industries)
Tertiary	Franchising, Restaurants, News media, Leisure industry/hotels, Consulting, Health/hospitals, Waste disposal, Real estate, Personal services, Business services	Provision of services to business and consumers

Extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). It was developed by C. Clark and Jean Fourastie. According to the theory the main focus of an economy's activity shifts from the primary, through the secondary and finally to the tertiary sector. Fourastie saw the process as essentially positive, and in The Great Hope of the Twentieth Century he writes of the increase in quality of life, social security, blossoming of education and culture, higher level of qualifications, humanisation of work, and avoidance of unemployment. Countries with a low per capita income are in an early state of development; the main part of their national income is achieved through production in the primary sector. Countries in a more advanced state of development, with a medium national income, generate their income mostly in the secondary sector. In highly developed countries with a high income, the tertiary sector dominates the total output of the economy.