What is meant by primary industry?

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Answer

Answer

A primary industry is involved in the extraction and collection of natural resources, such as copper and timber, as well as by activities such as farming and fishing. A company in a primary industry can also be involved in turning natural resources into products.

Primary industry tends to make up a larger portion of the economy of developing countries than they do for developed countries.

Answer

**Primary industry** refers to the sector of an economy that is involved in the extraction and collection of natural resources. It is the first stage of economic activity, where raw materials are obtained directly from the earth and transformed into basic products. This sector is also known as the primary sector or the extractive sector.

**Importance of Primary Industry:**

The primary industry plays a crucial role in the overall economic development of a country. It provides the necessary raw materials for the secondary and tertiary sectors and contributes to the creation of wealth and employment opportunities. Here are some key points highlighting the importance of the primary industry:

1. **Source of Raw Materials:** Primary industries extract and collect various natural resources including minerals, metals, timber, water, and agricultural products. These raw materials serve as the foundation for the production of goods in other industries.

2. **Employment Generation:** The primary industry is often labor-intensive and provides employment opportunities for a significant portion of the population, especially in rural areas. It offers jobs in farming, fishing, forestry, mining, and other related activities.

3. **Foreign Exchange Earnings:** Many countries heavily rely on primary industries to generate foreign exchange earnings through the export of raw materials. This revenue can then be used to finance imports, infrastructure development, and other economic activities.

4. **Food Security:** Agriculture, a primary industry, is essential for ensuring food security. It involves the cultivation of crops, livestock rearing, and fishing, which provide the necessary food supply for a growing population.

5. **Sustainable Resource Management:** Primary industries need to adopt sustainable practices to ensure the long-term availability of resources. This includes responsible mining methods, sustainable forestry practices, and environmentally friendly agricultural techniques.

6. **Rural Development:** Primary industries are often located in rural areas, and their development can contribute to the overall growth and prosperity of these regions. It can help reduce rural-urban migration by providing employment opportunities and improving infrastructure.

7. **Supporting Industries:** The primary industry also supports other sectors, such as manufacturing and construction. For example, the mining sector provides raw materials for the production of machinery, vehicles, and construction materials.

In conclusion, the primary industry is a vital sector that extracts and collects natural resources, providing the necessary raw materials for other industries. It plays a significant role in economic development, employment generation, foreign exchange earnings, food security, sustainable resource management, rural development, and supporting industries.

Answer

The industrial sector of an economy that is dominated by the manufacture of finished products. Unlike a primary industry, which collects and produces raw materials for manufacture, a secondary industry makes products that are more likely to be consumed by individuals. Examples of secondary industry divisions include automobile manufacturing, steel productionand telecommunications.

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All those activities involved in exploting natural resources to provide raw materials to other indutry.

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Primary industry is concerned with extraction and production of natural resources and reproduction of plants and animals.

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