Sectors of the Economy Vocabulary

What is globalization?

• The process of making a raw material into a finished product; especially in large quantities

• The process by which businesses or other organizations develop international influence or start operating on an international scale.

• Land, labor, capital and entrepreneurship; the four groups of resources that are used to make all goods and services.

• A country that is less developed economically than most others, with little industry. Most economic activity resides in the primary sector

What is manufacturing?

• the process by which businesses or other organizations develop international influence or start operating on an international scale.

• The process of making a raw material into a finished product; especially in large quantities.

• the science or practice of farming crops or rearing animals for food and clothing

• all natural resources used to produce goods and services

What is the term used to describe the science of farming crops or rearing animals for food and clothing?

• agriculture

• manufacturing

• primary sector

• secondary sector

Land, labor, capital and entrepreneurship; the four groups of resources that are used to make all goods and services

• Globalization

• Agriculture

• Sunbelt

• Factors of Production

What is the Sunbelt?

• a poor agricultural country that is seeking to become more advanced economically and socially. The advances often come through the secondary sector of the economy as the labor source is relatively cheap compared to more developed countries.

• A country that is less developed economically than most others, with little industry. Most economic activity resides in the primary sector

• A region of the United States generally considered to stretch across the South and Southwest that has seen substantial population growth in recent decades, fueled by a surge in retiring Americans who move there, as well as the influx of immigrants

• The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.

the process of starting, organizing, managing, and assuming the responsibility for a business

• Entrepreneurship

• Extraction

• Venture Capitalism

• Factors of Production

The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.

• Primary Sector

• Secondary Sector

• Tertiary Sector

• Quaternary Sector

all natural resources used to produce goods and services

• Land

• Labor

• Capital

• Entrepreneurship

The portion of the economy concerned with transportation and sale of finished goods and services

• Primary Sector

• Secondary Sector

• Tertiary Sector

• Quaternary Sector

process of removal or something removed

• Entrepreneurship

• Extraction

• Primary Sector

• Globalization