Economic sectors Flashcards
How many economic sectors are there?
There are 3 sectors
What are these sectors called?
Primary, secondary and tertiary
What is the primary sector?
Industries involved in the extraction of natural resources and making them into raw materials
Example of primary sector
fishing, agriculture, mining and forestry
What is the secondary sector?
Processing raw materials into a product
Examples of secondary sector
construction, fish factory, dairy and furniture factories
What are the 2 types of industries in the tertiary sector
Trading business and service business
What is a trading business?
It focuses on how the product is taken to the customer
What is a service business?
it is a business who provides a service instead of a product
What are the 3 types of services what are they used for?
personal, which is a service made especially for you
eg: doctors, dentists etc.
Community, which is a service provided by the government. You either pay directly for it or indirectly through something like taxes
Commercial, a service that gets good to a certain person
Eg: transport company
