LEARNING OBJECTIVE Student will be able to identify primary, secondary, and tertiary sector economies.
ECONOMIC ACTIVITIES: 3 MAIN TYPES Primary Sector (Agriculture): Part of the economy that draws raw materials from the natural environment. The primary sector includes: agriculture, raising animals, fishing, forestry, and mining. Largest in low-income & pre-industrial nations
ECONOMIC ACTIVITIES CONT… Secondary Sector (Industry): part of the economy that transforms raw materials into manufactured goods. Grows quickly as societies industrialize, and includes such operations as refining petroleum into gasoline and turning metals into tools
ECONOMIC ACTIVITIES CONT… Tertiary Sector (Services): Part of the economy that involves services rather than goods. Grows with industrialization and is dominate in post- industrial societies. Countries where most people are no longer employed in industry Examples of Tertiary: Construction, trade, finance, real estate, government, & transportation
ECONOMIC ACTIVITIES CONT… Sub-Groups Under Tertiary Quaternary Sector: Service jobs concerned with research and development, management and administration, and processing and disseminating information Quinary Sector: High level decision making roles in large organizations.