Economics

In economics, the secondary sector is the economic sector which comprises manufacturing, encompassing industries that produce a finished, usable product or are involved in construction.

This sector generally takes the output of the primary sector (i.e. raw materials like metals, wood) and creates finished goods suitable for sale to domestic businesses or consumers and for export (via distribution through the tertiary sector). Many of these industries consume large quantities of energy, require factories and use machinery; they are often classified as light or heavy based on such quantities. This also produces waste materials and waste heat that may cause environmental problems or pollution (see negative externalities). Examples include textile production, car manufacturing, and handicraft.

In economics, the primary sector is the economic sector which comprises industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries. For example, in 2018, agriculture, forestry, and fishing comprised more than 15% of GDP in sub-Saharan Africa but less than 1% of GDP in North America.

In developed countries the primary sector has become more technologically advanced, enabling for example the mechanization of farming, as compared with lower-tech methods in poorer countries. More developed economies may invest additional capital in primary means of production: for example, in the United States Corn Belt, combine harvesters pick the corn, and sprayers spray large amounts of insecticides, herbicides and fungicides, producing a higher yield than is possible using less capital-intensive techniques. These technological advances and investment allow the primary sector to employ a smaller workforce, so developed countries tend to have a smaller percentage of their workforce involved in primary activities, instead having a higher percentage involved in the secondary and tertiary sectors.

In economics, the tertiary sector (also known as the service sector) is the economic sector which comprises the provision of services as opposed to the manufacture of finished goods. Services (also known as "intangible goods") include attention, advice, access, experience and affective labour.

The tertiary sector involves the provision of services to other businesses as well as to final consumers. Services may involve the transport, distribution and sale of goods from a producer to a consumer, as may happen in wholesaling and retailing, pest control or financial services. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is on people by interacting with them and serving the customers rather than transforming the physical goods. The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, called the quaternary sector.

Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights.

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or cooperative property). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional.. The parties may expect their wills to be unanimous, or alternatively each may expect their own will to be sufficient when no opportunity for dispute exists.

In economics, a public good (also referred to as a social good or collective good) is a commodity, product or service that is both non-excludable and non-rivalrous and which is typically provided by a government and paid for through taxation. Use by one person neither prevents access by other people, nor does it reduce availability to others, so the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, its simultaneous availability to more than one person would be economically irrelevant.

Capital goods may be used to produce public goods or services that are "...typically provided on a large scale to many consumers." Similarly, using capital goods to produce public goods may result in the creation of new capital goods. In some cases, public goods or services are considered "...insufficiently profitable to be provided by the private sector.... (and), in the absence of government provision, these goods or services would be produced in relatively small quantities or, perhaps, not at all."

A sustainable city, eco-city, or green city is a city designed with consideration for the social, economic, and environmental impact (commonly referred to as the triple bottom line), as well as a resilient habitat for existing populations. The UN Sustainable Development Goal 11 defines as one that is dedicated to achieving green, social, and economic sustainability, facilitating opportunities that prioritize inclusivity as well as maintaining a sustainable economic growth. Furthermore, the objective is to minimize the inputs of energy, water, and food, and to drastically reduce waste, as well as the outputs of heat, air pollution (including CO2, methane, and water pollution).

The UN Environment Programme calls out that most cities today are struggling with environmental degradation, traffic congestion, inadequate urban infrastructure, in addition to a lack of basic services, such as water supply, sanitation, and waste management. A sustainable city should promote economic growth and meet the basic needs of its inhabitants, while creating sustainable living conditions for all. Ideally, a sustainable city is one that creates an enduring way of life across the four domains of ecology, economics, politics, and culture. The European Investment Bank is assisting cities in the development of long-term strategies in fields including renewable transportation, energy efficiency, sustainable housing, education, and health care. The European Investment Bank has spent more than €150 billion in bettering cities over the last eight years.

Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the art of justice. State-enforced laws can be made by a legislature, resulting in statutes; by the executive through decrees and regulations; or by judges' decisions, which form precedent in common law jurisdictions. An autocrat may exercise those functions within their realm. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and also serves as a mediator of relations between people.

Legal systems vary between jurisdictions, with their differences analysed in comparative law. In civil law jurisdictions, a legislature or other central body codifies and consolidates the law. In common law systems, judges may make binding case law through precedent, although on occasion this may be overturned by a higher court or the legislature. Religious law is in use in some religious communities and states, and has historically influenced secular law.

In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price.

Environmental racism, ecological racism, or ecological apartheid is a form of racism leading to negative environmental outcomes such as landfills, incinerators, and hazardous waste disposal disproportionately impacting communities of color, violating substantive equality. Internationally, it is also associated with extractivism, which places the environmental burdens of mining, oil extraction, and industrial agriculture upon indigenous peoples and poorer nations largely inhabited by people of color.

Environmental racism is the disproportionate impact of environmental hazards, pollution, and ecological degradation experienced by marginalized communities, as well as those of people of color. Environmental racism is embedded in policy making- both domestically and internationally- and is a pertinent example of structural racism which consequently produces health hierarchies. It is imperative to also note the intersection of environmental racism with sexism: the vulnerabilities faced by marginalised women and gender minority groups as a result of existing health inequities are exacerbated by the consequences of environmental racism. In the United States, some communities are continuously polluted while the government gives little to no attention. According to Robert D. Bullard, father of environmental justice, environmental regulations are not equally benefiting all of society; people of color (African Americans, Latinos, Asians, Pacific Islanders, and Native Americans) are disproportionately harmed by industrial toxins in their jobs and their neighborhoods. Within this context, understanding the intersectionality of race, socio-economic status, and environmental injustice through its history and the disproportionate impact is a starting point for leaning towards equitable solutions for environmental justice for all segments of society. Exploring the historical roots, impacts of environmental racism, governmental actions, grassroots efforts, and possible remedies can serve as a foundation for addressing this issue effectively.