Economic Sectors

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export

A good or service produced in the home country and sold in another country.

consumer

A person who purchases goods and services for personal use

producer

A person, company, or country that makes, grows, or supplies goods or services for sale

primary sector

Extracting natural resources (mining, forestry, fishing, agriculture)

quaternary sector

Knowledge based sector (research and development, e.g. scientists making a vaccine or software engineers making games).

natural resources

Materials or substances such as minerals, forests, water, and fertile land. Raw materials from the land.

secondary sector

Processing natural resources (food processing, manufacturing)

tertiary sector

Providing services (selling products e.g. shops, supermarkets, restaurants, salons, banks)

manufacturing

The process of making a raw material into a finished product; especially in large quantities.

economic activity

Using resources to improve our lives. Making, buying, and selling of goods and services

services

actions or activities that are bought and sold, e.g. finance, haircuts, tourism

import

bring (goods or services) into a country from abroad for sale.

subsistence farming

farming to produce food for the family or group

agriculture

large scale farming to produce food for a country

income

money received for work, or through investments

goods

physical objects that are produced, bought and sold, e.g. food, clothes, computers, cars

mining

the act of extracting ores or coal from the earth

tourism

the business of organizing travel for pleasure.

capital

the money, machines, buildings, workers and anything else a company owns and uses for its business

forestry

the planting, growing, and harvesting of timber (trees)

wants

things that add comfort and pleasure to your life

needs

things that are required in order to live, e.g. water, food, clothing, shelter

consume

to buy goods and services to use

produce

to make goods or services that are used by other people

spend

trade money for goods or services


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