Economic Sectors and Development

These flashcards cover key economic concepts, definitions, and theories presented in the lecture on economic sectors and development.

What are the three main categories of economic production?

Primary, Secondary, and Tertiary production.

What does primary production include?

Agriculture, mining, energy, forestry, and fisheries.

What is secondary production?

The processing of raw materials from the primary sector, reflecting all forms of manufacturing.

What characterizes tertiary production?

It includes the transportation, wholesaling, and retailing of finished goods, as well as services.

Define quaternary production.

Quaternary production includes wholesaling, finance, banking, insurance, real estate, advertising, and marketing.

What is quinary production?

Quinary production includes retailing, tourism, entertainment, government, and services like health and education.

What is a commodity chain?

A system that spans from individual producers to global supply networks.

What are the main benefits of tourism for economies?

Attracting cash from foreign tourists without the need for manufacturing goods.

What is deindustrialization?

The process of shifting away from manufacturing as the main source of economic production.

What are 'Newly Industrialized Countries' (NICs)?

Countries with economies shifting from agriculture toward manufacturing.

What does GDP stand for?

Gross Domestic Product, which measures the dollar value of all goods and services produced in a country in one year.

What does GNI per capita indicate?

The estimated income of a person in a country converted to U.S. dollars.

What is the significance of the Human Development Index (HDI)?

It measures the level of development of states based on social indicators combined with economic production.

What is Dependency Theory?

A theory that suggests LDCs depend heavily on MDCs for foreign investments and technology.

What is the aim of the Millennium Development Goals (MDGs)?

To eradicate poverty by the year 2015.