Economic Sectors
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
