Business Sectors Flashcards

1
Q

What is the chain of production?

A

The process that a product passes through until it reaches the final consumer

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2
Q

What is the primary sector?

A

Businesses in the primary sector are concerned with the extractive industries. These include farming, forestry, fishing, mining, oil extraction and gas extraction.

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3
Q

What is the secondary sector?

A

Businesses in this sector are concerned with manufacturing which is turning raw materials into finished goods

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4
Q

What is the tertiary sector?

A

Businesses concerned with the output of services which includes retailing, banking, leisure etc

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5
Q

Which sector is the largest in the UK?

A

The teritary sector - 80%

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6
Q

Which sector is the smallest in the UK?

A

The primary sector - 6%

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7
Q

What is deindustrialisation?

A

The decline in the size of the secondary sector of the economy

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8
Q

What is the private sector?

A

Where busineses are owned and run by individuals for profit

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9
Q

What is the public sector?

A

Where businesses and organisations are run by local or central government whose objective is to provide a service rather than make a profit

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10
Q

What is the third sector?

A

Charities that don’t make a profit and are not run by the government

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11
Q

What is a local business?

A

A business that sells its goods and services to customers in its own town, city or geographical area

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12
Q

What is a national business?

A

A business that operates within the borders of a particular company

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13
Q

What is a multinational business?

A

A business that operates across borders in multiple countries, they have a HQ in one country and production facilities in others

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14
Q

What is a local market?

A

A market where businesses operate in a specific geographical area

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15
Q

What is a national market?

A

A market where businesses operate within one country

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16
Q

What is an international market?

A

Where businesses trade on an global scale