Changing Industrial Structure Flashcards

All 4 cards in this deck

Name the four sectors of the economy.

Primary, secondary, tertiary and quaternary.

How does the balance between economic sectors typically change as an LIC/NEE develops?

The primary sector shrinks while the secondary (manufacturing) and tertiary sectors grow.

What is the multiplier effect?

When one industry grows it creates jobs and stimulates connected industries in the supply chain, causing further growth.

Give two ways manufacturing industry stimulates economic development.

It adds value to products, and it creates paid jobs so workers pay taxes the government can invest in services.