2.4 Classification by Industry Sector Flashcards
What is an Industry
An industry is businesses that are involved in similar types of production
What is a Primary Industry
a primary industry includes those businesses involved in the collection of natural resources
What is a secondary industry
a Secondary Industry involves taking raw materials and turning them into semi-finished or finished products
what is a tertiary industry
A tertiary industry provides services. They do this by combining skills and expertise, with other physical inputs
What is a Quaternary Industry
Quaternary industry is also a service industry but specialises in the transfer or processing of information and knowledge
What is a Quinary Industry
A quinary industry is also a service industry, but performs duties that were traditionally performed in the home. This includes, paid and unpaid work.
