chapter 1 sectors of economy

Flashcards on economic sectors, GDP, and classifications of countries.

Primary sector

Industries that extract natural resources like farming, mining, and fishing.

Secondary sector

Industries that turn raw materials into finished products, including factories and manufacturing.

Tertiary sector

Services provided to people and businesses, such as banking, tourism, and retail.

Gross Domestic Product (GDP)

The total value of goods and services a country produces in a year.

Emerging/Developing countries

Nations that are growing quickly but have lower income and industrialization levels.

Newly industrialised countries

Countries that have recently transitioned from agriculture to manufacturing and industry.

Advanced industrialised countries

Wealthy nations with strong industries and high standards of living.

Post-industrial countries

Economies based mainly on services rather than manufacturing.

BRICS

A group of large, fast-growing economies: Brazil, Russia, India, China, South Africa.