What is the portion of an economy that is engaged in the production of natural resources such as mining, timber, and fisheries known as?
Explanation
Answer - B - The portion of an economy that is engaged in the production of natural resources such as mining, timber, and fisheries is known as the primary sector.
Key Takeaway: The primary sector of the economy involves changing natural resources into primary products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. For the most part, it is third-world or underdeveloped countries that are dominant in the primary sector. Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being so important.
