Quaternary industry is a component of the economic system that includes all intellectually based professions and activities. It is more commonly referred to as the quaternary system.Know More
The components of the economic system include the primary, secondary, tertiary, quinary and quaternary sectors. The quaternary sector of the economy provides knowledge-based services. It is primarily focused on industries of technology, scientific research and education. The quaternary section is sometimes included in the tertiary sector due to its service-based nature, although the specificity of the quaternary sector's functions allows it to function as a separate sector. The quinary sector may be considered a branch of the quaternary sector as it focuses on high-level decisions made by executives in quaternary industries.
Companies such as pharmaceuticals involved with the quaternary sector commonly work on investments that help them expand, as well as make improvements to make production methods and manufacturing more efficient. They gather information that is essential to understanding economic trends and which investments can bring the highest profits and growth. Media and other forms of entertainment industries are also included in the quaternary sector and are referred to as "pure" services. In economies such as that of the United Kingdom and United States, the service-based industries included in the quaternary and tertiary sectors are the primary employers, making them an essential component to the economic system.Learn More
The bartering of hunted prey used by the Inuit tribes in northern Canada is an example of a traditional economy. So too is the economy of the Sami reindeer herders in northern Scandinavia. Both rely on traditional subsistence techniques as the driving force behind their economic activity.Full Answer >
An indifference curve has a negative slope and is convex to the origin. Two indifference curves cannot cross each other. A higher indifference curve indicates a higher satisfaction level. Indifference curves are drawn in a graph to show the combination of two products that give a consumer a given level of satisfaction. Economists use them to analyze the effect of changes in prices and income.Full Answer >
Complementary goods are materials or products whose use is connected with the use of a related or paired commodity in a manner that demand for one generates demand for the other. Examples of such goods include: DVD player and DVD disks, mobile phones and recharge cards, cars and petrol, printers and ink cartridges, boots and laces, computer hardware and computer software, and tennis balls and tennis rackets.Full Answer >
According to New Geography, "think globally, act locally" is a slogan encouraging people to think about the global ramifications of their actions while making an effort to improve things locally. The phrase has been used in a variety of different fields and has many interpretations, but it is commonly associated with the environmental movement.Full Answer >