The Economy Flashcards
(17 cards)
What’s the primary sector
Process where natural resources are extracted/taken from the earth
What are the types of businesses in the primary sector
- Mining
- Fishing
- Farming
- Gaming
- Forestry
- Extraction of gas and oil
What’s the Primary Sector’s relationship with other sectors
- Primary sector is the first stage of the production process
- Its outputs are used as inputs in the secondary sector
- Industries in the primary sector need services such as banks, insurance, advertising etc in the tertiary sector
What’s the role of primary sector in South African economy
- South Africa has a wide range of climates and, as a result, a variety of crops, livestock, and fish
- South Africa is self-sufficient in all major agricultural products, it is also a best foods explorer
- South Africa is the world’s biggest producer of gold
How to use resources in the primary sector sustainably
- The supply of minerals, metals,ores, and fuels are limited and have to be used sparingly
- Fish species need to be protected and fishing quotas need to be controlled
- Trees need to be replaced once felled
- Soil used in farming needs to have time to lie fallow and must constantly be fertilized
What’s are the types of skills required in the promary sector
Unskilled
- Majority if people working in the agricultural sector are unskilled
- Majority of farm work is manual labour,requires more physical strength than physical ability
What is the secondary sector (biggest sector) involved in
Involved in the making/production/manufacturing of goods
What are the types of business in the secondary sector
- Manufacturing or production factories e.g. automotive assembly lines
- Construction activities e.g building of houses, roads, railways etc
- Provide electricity, water, and gas** e.g power plan and water purification plants
What is the relationship between secondary sector and other sectors
- Inputs in the secondary sector are mostly from the primary sector
- Goods produced are sold to consumers (tertiary) or used as inputs by other businesses
- Industries in the secondary sector need services such as banks, insurance, advertising, etc, in the tertiary sector
What is the role of secondary sector in the South African economy
- Creates employment: provides income for household, businesses, and government
- Provides goods to satisfy the needs and as inputs to other businesses
- Creates variety
How to use resources in the secondary sector sustainability
Manufactures needs to ensure that:
- they use resources efficiently,
- do not allow harmful output to flow to the environment
What are the types of skills required in the secondary sector
Semi Skilled
- Factory workers, majority of workers are semi-skilled
- Skills needed is the ability to repeat a step in the production process over and over all day.
What does the tertiary sector include
Includes all services that are provided by businesses to other businesses and final consumers.
What are the types of businesses in the tertiary sector
Retail, wholesalers, banks, insurance companies, doctors, teachers, restaurants, etc
What is the relationship of the tertiary sector with other sectors
Tertiary sector act as link between the different sectors e.g banks, transport
What is the role of tertiary sector in the South African economy
- Driver of economic growth: more goods, services and money are added to the economy through tertiary sector than other sectors
- Creates employment
What are the types of skills required in the tertiary sector
Skilled : thinking required
- Well educated workers who are prepared to keep learning and improving their skills and ability
- Computer literacy and ability to use a variety of different technologies
- Creative problem solving skills
- Good teamwork and people skills
