Business Sectors Flashcards
What are primary, secondary and tertiary organisations
Primary- extraction of raw materials or natural resources
Secondary- manufactoring of raw materials into new products
Tertiary- service based business such as hair dressers
What are private, public and third sector organisations?
Private- owned by sole traders partners or private limited companies aim to survive
Public- owned by national/ local governments provide a public services funded by taxes
Third- non profit charity organisations
Distinguish between national and multinational business
Multinationals have business operations in two or more countries ie a factory in china and distribution centre in the UK whereas a national business can trade in other countries as well as their own but don’t qualify for multinational status
