Unit 3 Flashcards
What does GDP stand for?
Gross Domestic Product
What is the definition of gross domestic product?
The total value of goods produced and services provided in a country for one year
What are the four types of industries?
- Primary
- Secondary
- Tertiary
- Quaternary
What is the focus of primary industries?
Extraction of raw materials from the environment
Give examples of primary industries.
- Mining
- Farming
- Fishing
What do secondary industries focus on?
Manufacturing things using the products of primary industries
Provide examples of secondary industries.
- Auto assembly plants
- Construction
- Utilities
What do tertiary industries provide?
Services to others
Give examples of tertiary industries.
- Doctors
- Lawyers
- Salespeople
- Mechanics
- Truckers
What is the focus of quaternary industries?
Information and knowledge-based services often involving advanced technology
Provide examples of quaternary industries.
- Software developers
- Researchers
- Statisticians
What are basic industries?
Produce goods or services for export outside the local area
What is an example of a basic industry?
Mining, agriculture, large scale manufacturing
What are non-basic industries?
Serve the local population meeting daily needs
What is an example of a non-basic industry?
Grocery stores, schools, local services