1.2 Classification Of Businesses

Question 0

Describe secondary sector

Answer 0

Manufacturing and construction industries
Taking the products from primary sector and processing them to make finished product
Making and assembling products

Question 1

Describe primary sector

Answer 1

Extractive industries
Concerned with using natural resources
Farming, mining, oil drilling
Produce raw material like ore and oil or finished product like fish and orange

Question 2

Describe tertiary sector

Answer 2

Service industries
Provide intangible services
The most important sector in highly developed country

Question 3

Describe private sector

Answer 3

Set up by an individual or small group of people who form a company
Main goal is goal is to make profit

Question 4

Describe public sector

Answer 4

Governments employ public sector workers to carry out work on their behalf
Goal is to prove an essential economic service for the nation
Funded by taxpayer’s money