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Sectors of the Economy definitions

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  • Primary Sector
    Stage focused on extraction or production of raw materials such as farming, mining, fishing, and raising livestock.
  • Secondary Sector
    Stage involving transformation of raw materials into manufactured goods, often through factory-based work.
  • Tertiary Sector
    Stage centered on providing services, including professional, administrative, and consumer-oriented roles.
  • Raw Materials
    Natural resources obtained directly from the environment, serving as inputs for further production.
  • Manufactured Goods
    Products created by processing raw materials, typically in factories, such as textiles or automotive parts.
  • Service-Based Professions
    Occupations focused on delivering intangible benefits, including roles like waitstaff, stylists, or salespeople.
  • Global Stratification
    Worldwide ranking of countries based on economic development and sectoral focus, highlighting inequalities.
  • Interdependence
    Mutual reliance among nations for resources, labor, technology, and investments within the global economy.
  • Division of Labor
    Allocation of different types of work across sectors and societies, shaping economic roles and status.
  • Modernization
    Process where societies shift from primary and secondary activities toward service-oriented economies.
  • Economic Development
    Advancement in a nation's productive capacity, often marked by a shift toward the tertiary sector.
  • Low-Income Countries
    Nations with economies heavily reliant on extraction and manufacturing, with limited service sector presence.
  • High-Income Countries
    Nations characterized by a dominant service sector and advanced technological and investment capacities.
  • Technology
    Tools and innovations that drive shifts in employment from extraction and manufacturing to services.
  • Socioeconomic Status
    Position within society influenced by the type of economic sector work and overall national wealth.