Economic Terms: Definitions, Translations, and Sector Analysis
Economic Terms and Sector Analysis
This document provides definitions and translations of key economic terms, along with an analysis of economic sectors.
| Word | Translation | Definition |
| Profit | Beneficio (economico) / etekina | Win money |
| Benefit | Beneficio (no economico) / onnura | Didn’t win money |
| Financial | Financiero | Problems with the money |
| Gather | Recoger | Products that still have to be worked on before being sold to the end user |
| Primary Sector | Sector primario | Economic activities that grow or gather raw materials from nature |
| Raw Materials | Materias primas / lehen gaiak | Materials that have not been transformed or changed by humans |
| Secondary Sector | Sector secundario | Economic activities that transform raw materials into semi-finished or finished products |
| Tertiary Sector | Sector terciario | Economic activities that provide services, but don’t produce goods |
| Finished Products | Productos elaborados | Products that are finished and ready to be sold to the end user |
| Semi-finished Products | Producto semielaborado | Products that still have to be worked on before being sold to the end user |
| GDP (Gross Domestic Product) | PIB (Producto Interno Bruto) | The total value of the goods and services produced in a country in a year. See the evolution of an economy. |
| Development | Desarrollo | It’s the degree of wealth, technology, industrialization, and modernity. |
| Unemployed Population | People aged 16 and older who are not in paid employment but who are available for work and are seeking paid employment. | |
| Economically Active Population | People aged 16 or older who are working for a salary or are seeking employment. | |
| Economically Inactive Population | People who are not working or looking for work either, even though some of them may be of working-age. | |
| Employed Population | People between 16 and 64 who receive remuneration (salary). |
Primary Sector
Economic activities that grow or gather raw materials from nature.
Raw materials: materials that have not been transformed or changed by humans.
Raw material: materia prima
Secondary Sector
Economic activities that transform raw materials into semi-finished or finished products.
Tertiary Sector
Economic activities that provide services but don’t produce goods.
Biscay 1800
Predominant Sector: Primary
- Most people were farmers, and they didn’t sell their produce.
- Some craftsmen created the objects people needed.
Biscay 1900
Predominant Sector: Secondary
- Industry and mass production started and boomed.
Biscay 2000
Predominant Sector: Tertiary
- The wealth of industry let people pay for services (education, tourism, health…).
- Automatization of industry allows people to work in services.
| General Population | Economically Active Population | Employed Population People who are working for a salary |
| Unemployed Population People who don’t work but are looking for a job | ||
| Economically Inactive Population People who are not working and are not looking for a job Examples: students, pensioners, homemakers… | ||