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Social primary goods: this category includes rights (civil rights and political rights), liberties, income and wealth, the social bases of self-respect, etc. In the second edition of the Theory of Justice, primary goods are stated to be those that the citizens need as free people and as members of the society.
Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector. Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in ...
The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods". [2] There are two types of factors: primary and secondary. The previously mentioned primary factors are land, labour and capital.
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. [ 1 ] [ 2 ] [ 3 ] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries .
Sulfur at harbor in North Vancouver, British Columbia, ready to be loaded onto a ship Latex being collected from a tapped rubber tree. 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.
For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods. For example, textiles or transistors can be used to make some further goods.
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. [1] A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a ...
These goods and services adding value to the primary product are called peripheral goods and services, which are not essential to the primary product, but enhance it. Examples of peripheral goods and services in the fast food industry include toys (peripheral goods) that are offered as part of a kiddie's meal and a kids' play area (peripheral ...