Section 3 - Transformation of Resources into Goods and Services

Introduction 

Depending on the product, many different processes are involved in the transformation form an input (a raw material) to an output (a finished product). Various resources are utilised which can either be tangible or intangible. 

The economy has 3 main sectors:

• Primary
• Secondary
• Tertiary 

The primary, secondary and tertiary sectors of the economy are important and play major roles in developing goods and services. Raw materials and resources which are further enhanced and made into other products are developed by the primary sector. 

The secondary sector is the manufacturing sector and continues the development of the raw materials provided by the primary sector. 

The tertiary sector provides the final output of the manufacturing and primary sectors. Sub-sectors are found in these 3 major sectors. Also, there are sectors that are not categorized in the three major sectors. They play important roles and contribute immensely to the economy. 

Adding value is an important principle which makes businesses know their unique factors that make them perform optimally in terms of providing products and services to consumers. No successful business underestimates the importance of creating and adding value for the consumer. 

Activity 10 - Give some examples of Primary, Secondary and Tertiary industries.