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)

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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
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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
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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.
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