Export: Items that are made to be sold outside of the country they are made in.
Import: Items brought in from another countries to be bought.
Economy: How money and goods circulate.
Economic Activities: any activity that creates a product that can be bought or sold.
Four levels of Economic Activity
Countries can have up to four levels of economic activity, BUT not every country has all four.
There are four (4) levels of economic activities:
Economic activities that use the Earth’s natural resources. (Process of extracting natural resources)
Any country can extract their natural resources.
Examples include farming, fishing, mining, oil drilling, etc
Economic activities that change primary materials into usable consumer products.
Adding value to a natural resources and creating products.
Example: Bottled Water.
“Less developed” countries begin to manufacture products from primary industries.
Secondary industries mark an advancing economy in “less developed” countries.
“More developed” countries have a well established industrial base.
Providing professional services and the services required to distribute the products.
Example: Kroger sells you and I bottled water.
provide services to primary, secondary industries, communities and individual consumers
Found in countries where economies have reached a stage where selling a product or a service is a major part of the economy.
These are generally found in “more developed” economies.
Process of STUDYING product research and improving on its production.
Example: Aquafina uses data from a research lab to increase their products purity.
Economies have reached the technological level.
People are involved in jobs such as information research, management and administration and have a mass consumption of goods and services.
Found in countries with the highest level of economic development
By: T.Titus Nyakudyara