C2; Business Sectors And Types Of Business

Question 1

What does it mean by multinational

Answer 1

When businesses have branches in other countries

Question 2

What is the chain of production

Answer 2

Stages that a product passes through until it reaches the final consumer

Question 3

Explain the different stages of production for a petrol station

Answer 3

Oil rig extracts oil
Oil refinery
Petrol is distributed To garages then sold

Question 4

As a product passes through the stages of production what happens ?

Answer 4

Value is added

Question 5

What is the primary sector

Answer 5

Primary sector is concerned with the extracting of raw materials

Question 6

What is the secondary sector

Answer 6

Secondary sector is concerned with manufacturing- turning raw materials in to semi-finished products

Question 7

What is the tertiary sector

Answer 7

Tertiary sector is concerned with the output of the service

Question 8

What is deindustrialisation

Answer 8

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

Question 9

What sector is the businesses ran by individuals

Answer 9

Private sector

Question 10

What is the private sector

Answer 10

Businesses owned and run by private individuals- usually for profit

Question 11

What is the public sector

Answer 11

Businesses and organisations owned and run by local or central government