1.Types Of Business Activity

Question 1

Chain of production

Answer 1

Process of a product starting as raw materials, manufactured in secondary production and then serviced in some way in tertiary production.

Question 2

Primary sector

Answer 2

First stage of production involving extraction of raw materials and natural resources

Question 3

Secondary sector

Answer 3

Second stage of production where the raw materials are manufactured into finished products

Question 4

Tertiary sector

Answer 4

Third stage of production where a service is provided for consumers

Question 5

Interdependence

Answer 5

Way in which businesses in different sectors of different business activity depend on each other.

Question 6

Specialisation

Answer 6

Business concentrates on one particular activity

Question 7

Added value

Answer 7

Business increases value of a product, for example making a car from pieces of metal or making a meal from various ingredients

Question 8

De-industrialisation

Answer 8

Reduction of importance of secondary sector of business activity in a country