Explains the journey of iron ore from extraction to market, highlighting the role of the market.
Primary Sector: Iron ore is extracted from the earth by miners. Secondary Sector: A steel mill converts the iron to steel beams. Manufacturing: The construction company uses the steel beams to make a building. Tertiary Sector: Salesperson sells the manufactured car in the market.
The market plays a vital role in this process by connecting the supply chain, determining prices, and facilitating transactions between producers and consumers.
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