Business Sectors Flashcards
What are the sectors off the economy?
Primary, secondary, tertiary and quaternary
What is the primary sector?
Industry involved with extracting raw materials
What is the secondary sector?
A business concerned with manufacturing the raw materials
What is the tertiary sector?
Concerned with the output of services
Whats a private sector business?
A business owned and run by private individuals - usually for profit
Whats a public sector business?
A business owned and run by local or central government - provide a service rather than generate a profit
Whats a public sector organisation?
Owned by the government and provide goods and services for the benefit of the community
Whats a third sector organisation?
A charity, community group, social enterprise ect that aim to achieve social goals rather than to maximise profits.
What is the difference between a national and multinational business?
A national business only operates and sells in one country. A multinational has operations in more then two countries and sells worldwide.
