Lesson 14- The factors of production and sectors of the economy

Question 1

Define primary sector

Answer 1

refers to the sector of the economy that engages in the extraction of raw materials from the earth’s surface.

Question 2

Define secondary sector

Answer 2

This sector involves the transformation of raw materials obtained from the primary sector into finished or semi finished goods.

Question 3

Define Tertiary Sector

Answer 3

It involves providing services to firms in both the primary and secondary sector.

Question 4

What is the importance of the primary sector?

Answer 4

It is the major food supplier to the economy of a country. It enables the secondary sector to obtain its raw materials for the manufacture of goods.

Question 5

What is the importance of the secondary sector?

Answer 5

It is the manufacturing sector