ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The primary sector of the economy includes any 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.

Detailed explanation-2: -A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products.

Detailed explanation-3: -Raw materials are things we get from nature, such as coal, wood and minerals. The word ‘raw’ describes materials that have not yet been changed. Another word for raw materials is primary products.

Detailed explanation-4: -In the primary sector of the economy, activities involve using natural resources, which include land, water, forest, raw materials and minerals.

Detailed explanation-5: -A commodity, also called primary product or primary good, is a good sold for production or consumption just as it was found in nature. Commodities include crude oil, coal, copper or iron ore, rough diamonds, and agricultural products such as wheat, coffee beans or cotton; they are often traded on commodity exchanges.