A292 Business Sectors Flashcards
What is primary sector
the first stage of production
-involves producing or extracting raw materials for other businesses to use
What is secondary sector
second stage of production
-involves using raw materials to make (manufacture) products
What is tertiary sector
third sector of business activity
-involves providing a service for customers
examples of what happenes in primary sector
- fishing
- mining
- farming
examples of what happens in secondary sector
- car manufacturing
- furniture manufacturing
examples of what happens in tertiary sector
- retailing
- banking
- insurance
- travel
What does specialisation mean
when a business is specialised in one particular area/activity and they concentrate on it
-this makes them become better at this and more efficenct
What is added value
when a business increases the value of a product or material
-as raw materials are turned into goods they become more useful and so more valuable to the consumer
