Ch.2- Classification of businesses Flashcards

1
Q

Primary sector

A

Firms whose business activity involves the extraction of natural resources

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2
Q

Secondary sector

A

firms that process and manufacture goods from natural resources

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3
Q

Tertiary sector

A

Firms that supply a service to consumers and other businesses

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4
Q

Chain of production

A

The production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses.

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5
Q

Mixed economy

A

An economy where resources are owned and controlled by both the private and public sectors

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6
Q

Private sector

A

The part of the economy that is owned and controlled by individuals and companies for profit.

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7
Q

Public sector

A

The part of the economy that is controlled by the state or government.

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