1.2 – Classification of Businesses Flashcards
1
Q
Give types of Sectors
A
- Primary
- Secondary
- Tertiary
- Public
- Private
2
Q
Define Primary Sector
A
Use/extraction of natural resources
3
Q
Define Secondary Sector
A
Manufacture of goods with natural resources
4
Q
Define Tertiary Sector
A
Provides service
5
Q
Define industrialization
A
When economy shift from agriculture to manufacturing
6
Q
Define de-industrialization
A
Reduction of manufacturing of an economy
7
Q
Define Private Sector
A
Private individuals own/run business ventures for profit
8
Q
Define Public Sector
A
Government own/run business venture for increase wellfare
9
Q
Define Mixed Economy
A
Both public/private sector exists
