Economic Activity and Energy Flashcards
Primary Sector
Economic sector that involves the extraction of raw materials/natural resources to be supplied to other economic industries.
Secondary Sector
Economic sector that involves the assembling and manufacturing of raw materials to produce finished goods.
Tertiary Sector
Economic sector that involves distributing the finished goods/services for public use.
Gross Domestic Product (GDP)
The total value of goods and services produced by the economy of a country during a year.
Gross National Income (GNI)
The GDP of a country + all the income earned by the investments abroad.
Industrialisation
The process by which an economy is changed from a primarily agricultural one to one based on the manufacturing of goods.
Informal Sector
This types of work that are not officially recognised; informal workers do not pay tax to the government, because they lack an official job.
Informal workers usually work on the streets of cities, mainly in developing countries.
Developing Country
A low-income market that typically relies on the primary sector for labour, and is looking to become more advanced both socially and economically.
Emerging country
A middle income market that has some characteristics of a developed market, but does not fully meet its standards. It also typically relies on the secondary sector for labour.
Developed Country
A high-income market that has a mature and sophisticated economy, and typically relies on the tertiary industry for labour.
Globalisation
An economic process, increasing the integration of national markets for goods and services and gradually becoming into a single global market.
Energy Supply
The quantity of energy available.
Energy Demand
the consumption of energy by human activity.
Energy Consumption
The amount of energy used by individuals, companies, countries, etc…
Quaternary Sector
Economic sector that involves people who provide specialist information and expertise in all sectors.
