Economy Sectors Overview

What is the primary purpose of an economy?

Which economic sector involves the extraction of raw materials from the Earth?

What is the main characteristic of the mercantile system under colonialism?

What is the purpose of concession companies in the context of colonialism?

What did the concept of land tenure refer to under colonialism?

Which of the following best describes the stages of economic development proposed by Walt Rostow?

Which economic sector involves the transformation of raw materials into finished products?

Under colonialism, what was the primary role of concession companies?

In the context of economic sectors, what do forestry and fishing have in common?

What was a defining characteristic of the mercantile system during colonial times?

How did land tenure change under colonialism?

What aspect of the economy does the tertiary sector primarily focus on?

Economy and Economic Sectors

An economy refers to the systems and procedures put in place in a country to help people satisfy their needs and wants.
The economy is divided into three sectors: primary, secondary, and tertiary.
Primary sector involves collecting or extracting raw materials from the Earth through farming, fishing, mining, and forestry.
Secondary sector involves turning raw materials into finished products for people to buy, also known as the manufacturing or processing sector.
Tertiary sector involves providing services to people to make their lives easier or improve their quality of life, also known as the service sector.

Stages of Economic Development

Stages of economic development were created by Walt Rostow to describe the pattern followed by globalized countries as their economies advance.

Colonialism and Economic Systems

Colonialism is when one country rules another and develops trade with that country for its own benefit.
Mercantile system is an economic system of trade in which colonies are considered to exist for the economic benefit of the mother countries.
In a mercantile system, colonies cannot operate their own economy or trade with other countries, and cannot compete with the mother country.
Concession companies are created by a country to develop trade in its colonies and often trade in particular products.
Under colonialism, land became privately owned by concession companies.

Land Tenure

Land tenure refers to the manner in which land is held.

Learn about the primary, secondary, and tertiary sectors of the economy. Understand the functions and characteristics of each sector in the economic system.