Business structure

Question 1

Economic sector

Answer 1

1) Primary
2) Secondary
3) Tertiary
4) Quaternary

Question 2

Primary

Answer 2

That extracts natural resources such as coal, oil, fishing e.t.c.

Question 3

Secondary

Answer 3

Firms that process natural resources to make finished goods such as clothes from cotton or leather jacket from leather.

Question 4

Tertiary

Answer 4

Firms providing services to consumers and other businesses such as transport, banking, hotels e.t.c.

Question 5

Quaternary

Answer 5

Business providing information services such as web design or information and communication technologies e.t.c.

Question 6

Private limited company

Answer 6

Business owned by shareholders which are often members of the same family this company shares cannot be sale to general public.

Question 7

initial public offering(IPO)

Answer 7

An offer to public to but shares in a public limited company.

Question 8

Public limited company

Answer 8

A company whose shares can be traded on stock exchange and can be bought or sold by general public.

Question 9

Industrialization benefits

Answer 9

1) GDP increases which increases standard of living
2) Increasing output leads to more export less import.
3) More jobs.
4) Value added to raw materials.

Question 10

Industrialization problems

Answer 10

1) Manufacturing can lead lot of people to move from country side to town causing housing problems.
2) Raw material can be needed for production which leads to higher import.
3) Increase in multinational companies.
4) Rise in income leads people to spend on services so more focus on industrialization can lower focus on tertiary sector.
5) Rise in imports can take market away from domestic secondary sector firms.

Question 11

Deindustrialisation

Answer 11

1) Job losses in agriculture or mining.
2) Movement of people from towns to city.
3) Jobs opportunity increases in service industry.
4) Increased need for retraining programmes.