1.2 classification of business Flashcards
1
Q
primary sector
A
extracts and uses natural resources of Earth to produce raw materials used by other businesses
2
Q
Secondary sector
A
manufactures goods using the raw materials provided by primary sector
3
Q
• Tertiary sector
A
Provides services to consumers
4
Q
private sectore
A
Private individuals own and run the business and not the government. Aim is usually to generate profit
5
Q
public sector
A
Government owns and runs the business. Aim is to provide essential goods and services eg. school.
6
Q
mixed economy
A
has both a private and public sector
