On the basis of employment conditions, the economy is divided into :
1) Organized and unorganized sectors
2) Private and public sectors
3) Seasonal and disguised sectors
4) Primary, secondary and tertiary Sectors
adminTeacher
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
On the basis of employment conditions, the economy is divided into :
1) Organized and unorganized sectors
2) Private and public sectors
3) Seasonal and disguised sectors
4) Primary, secondary and tertiary Sectors
The correct answer is Organized and unorganized sectors .
The correct answer to the given question is option 1, Organized and unorganized sectors.
The economy can be broadly divided into two sectors, namely the organized and the unorganized sectors, based on employment conditions.
The organized sector refers to those industries that are registered with the government and follow certain labor laws, such as minimum wage laws, working hours, and benefits like health insurance, provident fund, and pension. Workers in the organized sector enjoy better job security, working conditions, and wages as compared to those in the unorganized sector. Examples of organized sectors include manufacturing, construction, and service industries like IT and BPO.
The unorganized sector, on the other hand, refers to those industries that are not registered with the government and do not follow labor laws. This sector comprises small businesses, street vendors, casual laborers, and self-employed individuals. Workers in the unorganized sector are often exploited, with low wages, poor working conditions, and no job security. This sector is often characterized by a lack of regulation and informality.
Other options mentioned in the question like Private and public sectors, Seasonal and disguised sectors, and Primary, secondary, and tertiary sectors refer to different classifications of the economy based on ownership, nature of work, and industry types. For example, private and public sectors refer to the ownership of businesses, while primary, secondary, and tertiary sectors refer to the types of industries based on the level of production and services.
In conclusion, based on employment conditions, the economy is divided into organized and unorganized sectors, and this division is essential for understanding the employment patterns and labor market dynamics in an economy.