Chapter 4 Flashcards
Define primary sector
Industries concerned with obtaining raw materials from nature
Differentiate between the two kinds of primary sector operations
-Genetic operations: can return to nature what has been taken from it (farming, forestry)
-Exploitative operations: cannot return to nature what has been taken from it (mining, fishing)
Give the composition of the primary sector
- cultivation of products
- exploitation of minerals
- collection of products
Give a few economic importances of the primary sector
- Trains workers and provides jobs
- Source of food and minerals
- earns foreign exchange
- source of capital formation
- contributes to GDP and state income
- provision of raw materials to secondary sector
Define secondary sector
Industries that process natural resources into a form that is suitable for human use
Give the composition of the secondary sector
- manufacturing industries
- electricity, gas and water
- construction
What is the economic importance of the secondary sector?
- Contributes significantly to GDP
- creates job opportunities
- earns foreign exchange
- important for investment
- ensures economic independence
Define tertiary sector
Industries that distribute goods and services
Give the composition of the tertiary sector
- commercial services (wholesale and retail)
- transport services
- communication services
- banking and financial services
- personal services ( education, tourism, legal)
What is the economic importance of the tertiary sector?
- Contributes to GDP
- creates job opportunities
- source of state income
- creates a consumer market for goods and services
