Primary Raw commodities Farming Fishing Forestry Mining Oil Coal Natural gas

Primary raw commodities farming fishing forestry

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Primary Raw commodities Farming Fishing Forestry Mining Oil Coal Natural gas Secondary Processing and manufacturing sector Refining oil Making stuff Adding value to raw goods Ex: Oranges->Orange juice Cars Textiles Tertiary Services that may use things from the primary and the secondary sector Contractors Restaurants Electricians Accountants Teachers Military Police Quaternary
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Astronauts Information creation Research scientist Newspaper editors Computer programmers Analysts Rich and advanced economies have quaternary sector jobs 3.2 Economic Sector Smackdown Luxembourg, UK, Germany are rich and have mostly tertiary sector and almost non existent primary Poor countries like Zambia have mostly primary sectors Brazil, Egypt, Turkey, China : middle countries, half to a third in the tertiary sector ( a lil bit of everything) Singapore changed economic sectors of their state and now they’re rich 3.3 Economic Exceptions 4. Measuring Wealth: GDP et al GDP: gross domestic product is the sum total of all the goods and all the services sold in the year Black market, flea market, illegal activity aren’t counted for GDP US 14 trillion dollars, China , Japan, UK, Russia 250 billion saudi arabia, turkey , mexico, indonesia, brazil Worth less than 60 bill : africa, mongolia, central asia, burma Legitimate consumption
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