Sectors Of The Economy Flashcards
1
Q
What are the three sectors of the economy?
A
• making raw materials (primary sector)
• manufacturing goods
(Secondary sector)
• providing services
(Tertiary services)
2
Q
What does the primary sector do ?
A
- produces raw materials - any natural resources which are used to make goods or services
- they can be extracted from the ground
- the mining industry provides coal , oil , gas and metals like iron
- this can be grown (by farmers )
- this can be collected - fishing industry collects fish from the sea
3
Q
What does the secondary sector do?
A
- manufactures good
- turn raw materials into finished goods
- e.g a chocolate factory turns raw materials such as cocoa and milk into chocolate
- the building and construction industry are also in the secondary sector
4
Q
What does the tertiary sector do ?
A
- provides services
- some firms provide services for other consumers - hairdressers , shops , restaurants
- some firms provide services For other businesses - like warehousing and advertising
- financial services like banking and insurance are used by both businesses and consumers.