Econ Quiz #3 Primary Economic Sector ● Extracting or Harvesting natural resources ● Manipulated the earth somehow. ● Ex. ○ Farming ○ Livestock ○ Foresting ○ Mining ○ Oil ○ Coal ○ All metals, all minerals. ● That raw stuff aint worth much, not unless you do something to it. ● Raw commodities aren't worth that much. ● Low valued, until you do something to it like refine it. Secondary Economic sector ● Processing and manufacturing sector. ● Making stuff”: ○ Oranges → Orange juice ○ Simple refining ○ Roasting coffee beans. ○ Fish to file ○ Log→ 2x4 ○ Iron Or → steel ○ Raw oil → gasoline ● Manufacturing sector: ○ Some raw materials to some refined oils. ○ Rubber & leather lace → shoes ○ Rubber→ tires ● Adding value to raw goods. ● Makes up all the stuff ○ Electronics ○ Cars ○ Chemicals ○ Washing Machines. Tertiary Economic Sector: Service Sector ● Services that use things from the primary and secondary sector plus an added sector. ● Ex. Contractor, arranges all the 2x4s and other materials to be put together to make a house. ● Adds a HUGE value. ● Services increase the value of everything. ● Most of us have worked in.
● Sales, Restaurant, Tradesman, carpenter, mason, lawyers, real estate, police, military, Airline pilots, transportation industry.
- Spring '08
- Economic Sector, Primary Economic Sector