Unit 7 - Sectors of the Economy Flashcards
price that the product/service is sold at minus the cost of producing the product
added value
state with a highly developed economy and advanced technological infrastructure
advanced country
the science or practice of farming
agriculture
public policies aimed at increasing a country’s or a company’s exports
commercial services
detach or remove from a particular place or location
delocalize
the organized provision of medical care to individuals or a community
healthcare
the manufacture of large, heavy articles and materials in bulk.
heavy industry
somebody who practises law
lawyer/law firm
a Third World or non-industrialized country.
less-developed country
country with lower labour and production costs
low-cost country
the process of keeping something in good condition
maintenance
make (something) on a large scale using machinery
manufacturing
materials used to wrap or protect goods.
packaging
the sector of the economy concerned with or relating to primary industry.
primary sector
intellectual activities, e.g. government, culture, libraries, scientific research, education, and IT.
quaternary sector
the basic material from which a product is made
raw materials
property consisting of land or buildings
real estate
industry that converts raw materials (primary industry) into commodities and products for the consumer.
secondary sector
the part of a country’s economy concerned with the provision of services.
tertiary sector
supply (goods) to stores and other businesses that sell to consumers
to distribute
obtain (a substance or resource) from something by a special method
to extract
