Economic Activity

Economic Sectors

• Primary sector: extractive industries like agriculture, mining, fishing
• Secondary sector: manufacturing and processing industries
• Tertiary sector: service industries like retail, transport, finance
• Quaternary sector: knowledge-based industries like research, IT, education
• Importance of sectors varies by country's level of economic development
• Less developed countries typically rely more on primary sector
• Developed countries have larger tertiary and quaternary sectors
• Shift from primary to secondary to tertiary as economies develop
• Exam tip: Be able to identify and describe characteristics of each sector