Production and Industry Vocabulary

Vocabulary flashcards defining fundamental concepts of production, industry types, direct services, and consumers from the lecture notes.

Production

Refers to providing goods and services to satisfy human needs and wants.

Human needs

The necessities to maintain life.

Primary production

Concerned with extracting natural resources.

Secondary production

Concerned with manufacturing, assembling and processing products from raw materials.

Tertiary production

Refers to the provision of commercial and direct services.

Direct services

Services given directly and personally to the people needing them.

Industry

Involves activities concerned with obtaining raw materials and changing them into finished goods, for example, primary, manufacturing and construction.

Consumers

The users of goods and services.