Economic Activity

What are the three main economic sectors?

• Manufacturing, Retail, Construction

• Primary, Secondary, Quaternary

• Agricultural, Industrial, Service

• Primary, Secondary, Tertiary

Give an example of a job in the primary sector.

• Mining

• Farming

• Manufacturing

• Software development

Differentiate between HIC and LIC in terms of economic development.

• HIC have high GDP per capita, advanced infrastructure, and high standard of living. LIC have low GDP per capita, limited infrastructure, and lower standard of living.

• HIC have low GDP per capita, limited infrastructure, and lower standard of living.

• HIC have low GDP per capita, limited infrastructure, and high standard of living.

• LIC have high GDP per capita, advanced infrastructure, and high standard of living.

Explain one reason why jobs relocate from one country to another.

• Increased government regulations

• Lack of skilled workforce

• Lower labor costs

• Higher labor costs

Compare the average wages in a High-Income Country (HIC) and a Low-Income Country (LIC).

• The average wages in a High-Income Country (HIC) are significantly higher than those in a Low-Income Country (LIC).

• The average wages in a High-Income Country (HIC) are not affected by the income level of the country.

• The average wages in a High-Income Country (HIC) are equal to those in a Low-Income Country (LIC).

• The average wages in a High-Income Country (HIC) are lower than those in a Low-Income Country (LIC).

Name a job that falls under the secondary economic sector.

• Doctor

• Farmer

• Teacher

• Construction worker

What are the characteristics of the tertiary economic sector?

• Mining-based industries

• Service-based industries

• Manufacturing-based industries

• Agricultural-based industries

Discuss the impact of globalization on job relocation.

• Globalization has led to job relocation as companies seek lower labor costs, access to new markets, and efficiency gains.

• Globalization has no impact on job relocation

• Job relocation is only caused by internal factors within companies

• Job relocation due to globalization is a temporary trend

How do wages in HICs affect the global economy?

• Higher wages in HICs lead to increased unemployment globally

• Higher wages in HICs result in decreased global trade

• Higher wages in HICs can stimulate global economic growth by increasing consumer spending and demand for goods and services.

• Higher wages in HICs cause inflation in developing countries

What role does the quaternary sector play in the economy?

• The quaternary sector is responsible for physical labor and manufacturing.

• The quaternary sector plays a key role in driving innovation and knowledge creation in the economy.

• The quaternary sector deals with transportation and logistics.

• The quaternary sector is primarily focused on agriculture and farming.