1.2 Classification of businesses

Question 1

Primary sector

Answer 1

extractive, ex: fishing, gold mining etc

Question 2

Secondary sector

Answer 2

manufacturing and construction, ex: car manufacturing, frozen food factory etc

Question 3

Tertiary sector

Answer 3

Providing services, ex: restaurants, bank etc

Question 4

business classification in developed and developing economies

Answer 4

LEDC: focus on primary activity, especially agriculture and fishing
MEDC: focus on tertiary activity

Question 5

Private sector

Answer 5

consists of businesses that are owned by private individuals

Question 6

Public sector

Answer 6

government-owned enterprises

Question 7

Difference between the goals of a private & public enterprises

Answer 7

Private: making profit & other secondary goals
Public: running public services well