structure of the economy f economic activities are divided into stages or categories of increasing...
TRANSCRIPT
Structure of the Economy
Economic activities are divided into stages or categories of increasing complexity– Primary Sector– Secondary Sector– Tertiary Sector– Quaternary Sector
Primary
Secondary
Tertiary
Quaternary
Economic SectorsStructure of the Economy
Primary Industry - extraction of resources from the earth
farming, mining, lumber harvest, fishing
Primary Sector
The direct extraction of material from the earth. Generally, through agriculture, but also through mining, fishing and forestry.
Many developing nations still rely on the primary sector as a source of employment and export earnings.
Interesting Facts
It is estimated that as much as 75 percent of the people in India are working in agriculture.
Less than 5 percent (maybe 3) of the work force is involved in agriculture in the United States.
Economic SectorsStructure of the Economy
Secondary Industry - processing and manufacturing of resources
manufacturing
Secondary Sector
The manufacturing or processing of primary products.
Associated with the Industrial Revolution.
Interesting Fact
Currently, only about 15 percent of manufacturing comes from developing countries, but this figure is rising due to policies set forth by the IMF and various multilateral agreements.
Economic SectorsStructure of the Economy
Tertiary Industry - distribution of goods and services
trucking, banking, retail store outlets, groceries
Tertiary Sector
Providing services, such as: financial, retail, government, transportation, marketing, legal, etc…
Employs most of the labor force in the developed world.
“Post-Industrial”
Economic SectorsStructure of the Economy
Quaternary Industry - processing and dissemination of information
The “Information Economy”, services related to information and research.
education, research & development, cyber space
To Wholesale To Wholesale Center in MidwestCenter in Midwestby Railby Rail
To DistributionTo DistributionCenter by TruckCenter by Truckand Eventually theand Eventually theRetail OutletRetail Outlet
Price: $80 (or one month of Price: $80 (or one month of wages in China)wages in China)