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The different areas of work and production that make up an economy
 
Sectors
 
Cycles
 
Indicators
The part of the economy that focuses on research, IT, and knowledge
 
Quaternary sector
 
Tertiary sector
 
Primary sector
The part of the economy that provides services such as tourism or education
 
Tertiary sector
 
Quaternary sector
 
Secondary sector
The part of the economy that turns raw materials into finished goods
 
Secondary sector
 
Primary sector
 
Tertiary sector
The part of the economy that uses natural resources like farming and fishing
 
Primary sector
 
Secondary sector
 
Tertiary sector
The repeating pattern of ups and downs in an economy
 
Economic cycle
 
Trade balance
 
Sectors
A fall in GDP and a rise in unemployment
 
Recession
 
Inflation
 
Growth
A stage of growth when businesses are active and jobs are created
 
Expansion
 
Peak
 
Recession
The stage when the economy starts to grow again
 
Recovery
 
Expansion
 
Recession
The highest stage of growth in the economy
 
Peak
 
Recovery
 
Expansion
The total value of all goods and services produced in one year
 
GDP
 
Interest rates
 
Inflation
The difference between exports and imports
 
Balance of trade
 
GDP
 
Inflation
The percentage of people who cannot find work
 
Unemployment rate
 
Interest rates
 
GDP
The speed at which prices rise
 
Inflation
 
Balance of trade
 
Unemployment
The cost of borrowing money
 
Interest rates
 
Inflation
 
GDP
Which sector is the largest in most modern economies?
 
Tertiary
 
Primary
 
Secondary
Which sector focuses on knowledge and technology?
 
Quaternary
 
Secondary
 
Tertiary
Which sector includes banking and education?
 
Tertiary
 
Quaternary
 
Primary
Which sector makes cars and steel?
 
Secondary
 
Primary
 
Tertiary
Which sector includes farming and fishing?
 
Primary
 
Tertiary
 
Secondary
Why can a peak be risky?
 
Prices rise too quickly
 
Everyone gets rich
 
Unemployment vanishes
Which stage follows a recession?
 
Recovery
 
Peak
 
Expansion
What usually happens in a recession?
 
GDP falls and unemployment rises
 
GDP grows and spending increases
 
Inflation disappears
What is the highest point of growth in the cycle?
 
Peak
 
Expansion
 
Recovery
What happens to jobs during expansion?
 
Businesses hire more workers
 
People lose jobs
 
Prices always fall
Which indicator compares exports and imports?
 
Balance of trade
 
Unemployment
 
Interest rates
Which indicator shows the cost of borrowing money?
 
Interest rates
 
GDP
 
Inflation
What does the unemployment rate show?
 
How many people cannot find work
 
How much money families save
 
The speed of price changes
Why is high inflation a problem?
 
Money loses value and families can't buy as much
 
It makes people richer
 
It lowers unemployment
hat does GDP measure?
 
The total value of goods and services in one year
 
The number of people who work
 
The prices of food
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