Resources and Economic Activities in the Caribbean

Study Notes

Economic Activities in the Caribbean

Trinidad and Tobago's primary economic activity is oil and gas production, significantly contributing to its GDP.
Guyana has a high number of low-income individuals working on the land due to underemployment in agriculture and reliance on subsistence farming.
Tertiary industries in the Caribbean mainly involve services such as tourism, finance, and hospitality, contributing to regional economic growth.

Industrial Sectors

Jamaica is recognized for having one of the largest secondary sectors in the Caribbean, focusing on food processing, oil and gas production, and cement manufacturing.
The main resource in the tertiary industry is human capital, which encompasses skilled labor in various service sectors.
The knowledge-based industry in the Caribbean includes information technology, research and development, fostering innovation and economic diversification.

Resource Definitions and Characteristics

A resource is defined as a supply of materials or assets that can be utilized to generate wealth or provide utility.
An example of a renewable resource is sunlight, which is abundant and can be replenished naturally over time.
Nonrenewable resources are characterized by their finite availability; once depleted, they cannot be replaced or regenerated within a human timescale.

Economic Focus Areas

The economic activity involving the provision of raw materials for other industries is known as primary industry.
The primary focus of primary industry is the extraction and harvesting of natural resources, such as agriculture, fishing, and mining.
Traditionally, agriculture has been an important sector in the Caribbean, supporting livelihoods and local economies.

Description

Learn about resources and economic activities in the Caribbean region, including the types of resources such as renewable and nonrenewable. Understand the concept of resources and their significance for human activities in the environment.