Category: Economic Concept
Tertiary economic activity: definition, background, examples
The tertiary economic activity or sector is the most important in modern economies. It represents more than 60% of PIB in developed countries and employs most of the workforce of the world. What is the tertiary economic activity or sector? Tertiary sector definitions: Services are also known as intangible goods and include care, advice, experience,…
Secondary sector of the economy: definition, background, examples
The secondary sector of the economy is what most people call the industry. It is a key sector in most of the world economies and it led to important changes in society during the industrial revolution. What is the secondary sector? The secondary sector or secondary economic activity definition: includes economic activities that create finished…
Primary economic activity: definition, background, examples
In economics, human activities are categorized into four sectors or types of economic activities: the primary sector, secondary sector, tertiary sector, and quaternary sector. What are the primary economic activities? Primary activities or primary industries comprise all economic activities based on the extraction or harvest of goods from the natural environment. These activities contrast with…
Economic systems
What is an economic system? An economic system is a way of producing, consuming, and distributing goods and services. This includes the relationships between different institutions and agents and defines the economic and social structure of a society. Components of economic systems Economic systems emerge as a response to the problem of scarcity, the fundamental…
