7.2 Economic Sectors Flashcards
Primary Economic Sectors
Extraction of raw materials and natural resources Mining Fishing Agriculture Forestry
Secondary Economic Sectors
Processing and manufacturing raw materials into a finished product
Factory manufacturing
Tertiary
Service sector that's main focus us to sell and trade products from primary and secondary sectors Retail Marketing Design Restaurants Shipping
Quarternary Economic Sectors
Knowledge based sector focusing on research and information creation and transfer
Quinary Economic Sectors
Highest levels of design marketing Includes top officials in government and business Congress CEO's decisions impact millions
MDC
More developed country
LDC
Less developed country
As a country becomes more developed what two economic sectors increase
Secondary Economic Sectors
Tertiary Economic Sectors
In less developed countries the economy is mostly made up of
Primary economic activities
Development
A specified state of growth or advancement
Global
Regional
Local
Per capita
Per person
Gross
Total
Gross Domestic Product GDP
Total value of recorded goods and services by citizens and corporations within a countrys borders in a given year
Equation : goods and services = GDP
Gross National Product GNP
Total value of recorded goods and services by citizens and corporations within a countrys borders in a given year as well as investments foreignly
Equation : domestic + international goods and services = GNP
Gross National Income GNI
Most accurate measure of wealth because it accounts for the impacts of trade
GDP + exports - Imports = GNI
