Sectors of the Economy

Vocabulary flashcards covering the main sectors of the economy and key subcategories mentioned in the notes.

Primary Sector

Involves the extraction and harvesting of natural resources; includes agriculture, mining, fishing, and forestry; raw materials are gathered from the earth for further production or consumption.

Secondary Sector

Manufacturing and industry; turns raw materials from the primary sector into finished goods; examples include construction, automobile manufacturing, and food processing; adds value through production processes.

Tertiary Sector

The service sector; provides services rather than goods; includes education, healthcare, retail, banking, tourism, entertainment, and transportation; important as economies develop and industrialise.

Quaternary Sector

Knowledge-based activities and services; includes research and development, information technology, financial services, consulting, education, and media; focuses on intellectual and specialised services.

Quinary Sector

A potential fifth sector in some models; involves high-level decision-making, scientific research, nonprofit activities, cultural pursuits, and other specialised knowledge services.

Agriculture, forestry and fishing

Primary-subsector focusing on farming, forestry, and catching fish; provides raw materials for other sectors.

Mining and quarrying

Primary-subsector dealing with extraction of minerals and rocks from the earth.

Construction (contractors)

Secondary sector activity involving building infrastructure and structures through construction projects.

Wholesale and retail trade

Tertiary-subsector handling the distribution and sale of goods to consumers and businesses.

Electricity and water

Utilities sector providing essential services of power generation, electricity distribution, and water supply.

Personal services

Services provided to individuals to support daily living; part of the service sector (e.g., personal care, grooming, domestic services).