Primary sector of the economy in the context of "Mining"

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⭐ Core Definition: Primary sector of the economy

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.

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Primary sector of the economy in the context of Manufacturing

Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers).

Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final product. The manufacturing process begins with product design, and materials specification. These materials are then modified through manufacturing to become the desired product.

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Primary sector of the economy in the context of Rural flight

Rural flight (also known as rural-to-urban migration, rural depopulation, or rural exodus) is the migratory pattern of people from rural areas into urban areas. It is urbanization seen from the rural perspective.

In industrializing economies like Britain in the eighteenth century or East Asia in the twentieth century, it can occur following the industrialization of primary industries such as agriculture, mining, fishing, and forestry—when fewer people are needed to bring the same amount of output to market—and related secondary industries (refining and processing) are consolidated. Rural exodus can also follow an ecological or human-caused catastrophe such as a famine or resource depletion. These are examples of push factors.

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Primary sector of the economy in the context of Gross regional domestic product

Gross regional domestic product (GRDP), gross domestic product of region (GDPR), or gross state product (GSP) is a statistic that measures the size of a region's economy. It is the aggregate of gross value added (GVA) of all resident producer units in the region, and analogous to national gross domestic product. The GRDP includes regional estimates on the three major sectors including their sub-sectors, namely:

"The GRDP is usually presented in nominal and real terms. Nominal GRDP measures the value of the outputs of the economy at current prices. Real GRDP referred to as GRDP at constant prices, measures the value of an economy's output using the prices of a fixed base year. The real GRDP is useful in capturing real output growth since inflationary effects have been removed. It is, therefore, the most widely used measure of real income."

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Primary sector of the economy in the context of Commodity market

A commodity market is a market that trades in the primary economic sector rather than manufactured products. The primary sector includes agricultural products, energy products, and metals. Soft commodities may be perishable and harvested, while hard commodities are usually mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management.

A financial derivative is a financial instrument whose value is derived from a commodity termed an underlier. Derivatives are either exchange-traded or over-the-counter (OTC). An increasing number of derivatives are traded via clearing houses some with central counterparty clearing, which provide clearing and settlement services on a futures exchange, as well as off-exchange in the OTC market.

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Primary sector of the economy in the context of Post-industrial society

In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy.

The term was originated by Alain Touraine and is closely related to similar sociological theoretical concepts such as post-Fordism, information society, knowledge economy, post-industrial economy, liquid modernity, and network society. They all can be used in economics or social science disciplines as a general theoretical backdrop in research design.

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Primary sector of the economy in the context of Aomori Prefecture

Aomori Prefecture (青森県, Aomori-ken; Japanese pronunciation: [a.oꜜ.mo.ɾʲi, a.o.mo.ɾʲiꜜ.keɴ]) is a prefecture of Japan in the Tōhoku region. The prefecture's capital, largest city, and namesake is the city of Aomori. Aomori is the northernmost prefecture on Japan's main island, Honshu, and is bordered by the Pacific Ocean to the east, Iwate Prefecture to the southeast, Akita Prefecture to the southwest, the Sea of Japan to the west, and Hokkaido across the Tsugaru Strait to the north. Aomori Prefecture is the eighth-largest prefecture, with an area of 9,645.64 km (3,724.20 sq mi), and the 31st-most populous prefecture, with more than 1.18 million people. Mount Iwaki, an active stratovolcano, is the prefecture's highest point, at 1,624.7 m (5,330 ft).

Humans have inhabited the prefecture for at least 15,000 years, and the oldest evidence of pottery in Japan was discovered at the Jōmon period Ōdai Yamamoto I Site. After centuries of rule by the Nanbu and Tsugaru clans, the prefecture was formed out of the northern part of Mutsu Province during the Meiji Restoration in the 19th century. The entire Tōhoku region, including Aomori Prefecture, experienced significant growth in population and economy until the late 20th century, when a significant population decline began. Though the prefecture remains dominated by primary sector industries, especially apple orchards, it also serves as a transportation and logistics hub due to its location. Additionally, it is the largest producer of black garlic in Japan. Tourism is also a significant part of the prefecture's economy, especially due to the Jōmon Prehistoric Sites in Northern Japan and Shirakami-Sanchi World Heritage Sites.

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