Unit 7 Topic 2

Question 1

What is the primary economic sector?

Answer 1

Refers to the extraction and production of raw materials, such as agricultural products, minerals, and forestry products.
-Can lead to significant environmental impacts

Question 2

What are some examples of the primary economic sector?

Answer 2

Farming, mining, forestry, fishing, quarrying, etc.

Question 3

What is the secondary economic sector?

Answer 3

Refers to the processing of raw materials into finished goods, such as manufacturing, construction, and power generation.
-Often uses specialized equipment and skilled labor
-A very important driver of economic growth and development

Question 4

What are some examples of the secondary economic sector?

Answer 4

Textiles, automobiles, electronics, roads, buildings, bridges, fossil fuels, etc.

Question 5

What is the tertiary economic sector?

Answer 5

Refers to the provision of services, such as healthcare, education, and finance.
-Considered to also be the service sector
-Can help create high-skilled, high paying jobs

Question 6

What are some examples of the tertiary sector?

Answer 6

Doctors, nurses, teachers, financial advisors, retail workers

Question 7

What is the quaternary economic sector?

Answer 7

Refers to activities that involve the creation and distribution of knowledge and information.
-Associated with highly skilled and knowledge-intensive industries
-Can drive innovation and competitiveness within the economy

Question 8

What are some examples of the quaternary economic sector?

Answer 8

Scientific/Technological research, designing computer software, patents, etc.

Question 9

What are some examples of the quiniary economic sector?

Answer 9

Refers to the highest level of economic activity, which involves the decision-making and policy-making that drives the other sectors of economic activities.
-Typically carried out by highly educated and experienced individuals
-Cause significant impacts on the direction/performance of an economy

Question 10

What are some examples of the quiniary economic sector

Answer 10

Government administration, policy development, political decisions

Question 11

What is the commodity chain?

Answer 11

The series of activities that are involved in the production, distribution, and consumption of a particular product or commodity.

Question 12

What are some important points about the commodity chain?

Answer 12

-Includes extraction, manufacturing, distribution, marketing, retail, and more.
-Can involve a wide variety of workers and environments
-Can show where improvements are needed in the production and distribution of products

Question 13

What is the break-of-bulk point?

Answer 13

A location where the transfer of goods from one mode of transportation to another takes place.

Question 14

What are some important points and examples about the break-of-bulk point?

Answer 14

-A specific point of a supply chain
-Allow for efficient movements of goods over long distances
-Examples: Ports, airports, rail yards, etc.

Question 15

What is deindustrialization?

Answer 15

Refers to the process of a country or region experiencing a decline in its industrial sector.

Question 16

What are some important points of deindustrialization?

Answer 16

-Physically seen as the loss of manufacturing jobs and the closure of factories
-Driven by technology change, globalization, or shifts in economic policies
-Can lead to unemployment, declining incomes, and social unrest
-Can lead to a loss of competitiveness in international markets
-Can lead to a decline in the standard of living