Business Sectors Flashcards
What is the chain of production?
The process that a product passes through until it reaches the final consumer
What is the primary sector?
Businesses in the primary sector are concerned with the extractive industries. These include farming, forestry, fishing, mining, oil extraction and gas extraction.
What is the secondary sector?
Businesses in this sector are concerned with manufacturing which is turning raw materials into finished goods
What is the tertiary sector?
Businesses concerned with the output of services which includes retailing, banking, leisure etc
Which sector is the largest in the UK?
The teritary sector - 80%
Which sector is the smallest in the UK?
The primary sector - 6%
What is deindustrialisation?
The decline in the size of the secondary sector of the economy
What is the private sector?
Where busineses are owned and run by individuals for profit
What is the public sector?
Where businesses and organisations are run by local or central government whose objective is to provide a service rather than make a profit
What is the third sector?
Charities that don’t make a profit and are not run by the government
What is a local business?
A business that sells its goods and services to customers in its own town, city or geographical area
What is a national business?
A business that operates within the borders of a particular company
What is a multinational business?
A business that operates across borders in multiple countries, they have a HQ in one country and production facilities in others
What is a local market?
A market where businesses operate in a specific geographical area
What is a national market?
A market where businesses operate within one country