Business Environments

Question 1

How many sectors can the economy be divided into?

Answer 1

5 sectors.

Question 2

What are the sectors based on?

Answer 2

Based on types of activities that are performed in each of them.

Question 3

Name all 5 sectors of all the economy.

Answer 3

1. Primary
2. Secondary
3. Tertiary
4. Quaternary
5. Quinary

Question 4

What are the characteristics of the Primary Sector?

Answer 4

• The extraction or harvesting of raw materials.
• Examples: farming, mining, fishing, etc.
• Unskilled workers.

Question 5

What are the characteristics of the Secondary Sector?

Answer 5

• Materials from the Primary sector are transported to factories to be manufactured.
• Examples: car manufacturers, textile production, etc.

Question 6

What are the characteristics of the Tertiary sector?

Answer 6

• Where goods and services are sold.
• Example: Retail businesses

Question 7

What are the characteristics of the Quaternary sector?

Answer 7

• Intellectual activities and knowledge-based activities aimed at future growth and development.
• Examples: scientific research, education, consulting, etc.

Question 8

What are the characteristics of the Quinary sector?

Answer 8

• An extension of the quaternary sector and refers to decision-making at the highest levels of society. These decisions have a big impact on society and the general economic conditions of a country.
• Government-level, top-management operations in large businesses and universities, etc.