Economic Activity

Question 1

3 things each economic activity does

Answer 1

creates jobs (employment)
generates income (wealth)
produces something for sale/consumption

Question 2

the 4 economic sectors

Answer 2

primary sector
secondary sector
tertiary sector
quaternary sector

Question 3

explain primary sector

Answer 3

this economic sector works with natural resources and producing/extracting them

Question 4

explain secondary sector

Answer 4

economic activities concerned with manufacturing/processing things

Question 5

explain tertiary sector

Answer 5

economic activities that provide commercial, professional or social services

Question 6

explain quaternary sector

Answer 6

economic activities that provide highly skilled services such as collecting and processing information, research and development

Question 7

2 measures of the relative importance of the economic sectors in a country

Answer 7

percentage of workforce employed
percentage of GDP or GNI

Question 8

what is GDP

Answer 8

gross domestic product; the total values of all goods and services produced by a country in a year

Question 9

what is GNI

Answer 9

gross national income; the GDP of a country plus all the income earned by investments abroad

Question 10

define industrialisation

Answer 10

the process by which an economy is changed from a primarily agricultural one to one based on the manufacturing of goods