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Economic Sectors
Revision Notes
Key Points
- The primary sector involves the extraction and harvesting of natural resources
- The secondary sector transforms raw materials into finished goods and products
- The tertiary sector provides services to consumers and businesses
- The quaternary sector involves knowledge-based activities and high-skilled professions
- The relative importance of each sector varies among countries and stages of economic development
Primary Sector
- Agriculture (farming, fishing, forestry, mining)
- Extraction of raw materials from the earth
- Provides food, fuel, and other raw materials
Secondary Sector
- Manufacturing and processing of raw materials
- Produces finished goods and products
- Includes factories, construction, and utilities (electricity, water, gas)
Tertiary Sector
- Provision of **services** to consumers and businesses
- Includes transportation, communication, retail, healthcare, education, and finance
- Fastest growing sector in many economies
Quaternary Sector
- Involves **knowledge-based** activities
- Includes research, development, and innovation
- Highly skilled professions like IT, consulting, and R&D