Quaternary sector of the economyThe quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy.
Industry (economics)In microeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry or to the insurance industry. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry.
Three-sector modelIn economics, the three-sector model divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary). The model was developed by Allan Fisher, Colin Clark, and Jean Fourastié in the first half of the 20th century, and is a representation of an industrial economy.
Traditional economyA traditional economy is a loosely defined term sometimes used for older economic systems in economics and anthropology.Subsistence economyA subsistence economy is an economy directed to basic subsistence (the provision of sufficient food, clothing and shelter to sustain life) rather than oriented to sustaining a market in essential and desirable assets.
Subsistence agricultureSubsistence agriculture occurs when farmers grow crops on smallholdings to meet the needs of themselves and their families. Subsistence agriculturalists target farm output for survival and mostly for local requirements. Planting decisions occur principally with an eye toward what the family will need during the coming year, and only secondarily toward market prices.
Hospitality industryThe hospitality industry is a broad category of fields within the service industry that includes lodging, food and beverage services, event planning, theme parks, water parks, travel agency, tourism, hotels, casinos, real estate, restaurants, nightclubs, and bars. SectorsAccording to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, equivalent to NAICS code 72, "Accommodation and Food Service".
EconomyAn economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.
Industrial Revolution1760–1840 agrarian to industrial era shiftA Roberts loom in a weaving shed in the United Kingdom in 1835LocationGreat BritainWestern EuropeNorth AmericaKey eventsMechanised textile productionCanal constructionSteam engineFactory systemIron production increaseThe Industrial Revolution, sometimes called the First Industrial Revolution in contrast to the subsequent Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succeeding the Second Agricultural Revolution.
Extensive farmingExtensive farming or extensive agriculture (as opposed to intensive farming) is an agricultural production system that uses small inputs of labor, fertilizers, and capital, relative to the land area being farmed. SystemsExtensive farming most commonly means raising sheep and cattle in areas with low agricultural productivity, but includes large-scale growing of wheat, barley, cooking oils and other grain crops in areas like the Murray-Darling Basin in Australia.
Human servicesHuman services is for people who need interdisciplinary field of study with the objective of meeting human needs through an applied knowledge base, focusing on prevention as well as remediation of problems, and maintaining a commitment to improving the overall quality of life of service populations The process involves the study of social technologies (practice methods, models, and theories), service technologies (programs, organizations, and systems), and scientific innovations designed to ameliorate problems and enhance the quality of life of individuals, families and communities to improve the delivery of service with better coordination, accessibility and accountability.*As an Amazon Associate I earn from qualifying purchases.