business chapter 2 definitions (classification of businesses) Flashcards
1
Q
primary sector
A
an industry that extracts and uses the natural resources of Earth to produce raw materials used by other businesses
2
Q
secondary sector
A
an industry that manufactures goods using the raw materials provided by the primary sector
3
Q
tertiary sector
A
an industry that provides services to consumers and the other sectors of industry
4
Q
de-industrialisation
A
occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country
5
Q
mixed economy
A
has both a private and public sector
6
Q
capital
A
is the money invested into a business by the owners
