Ch.2- Classification of businesses Flashcards
1
Q
Primary sector
A
Firms whose business activity involves the extraction of natural resources
2
Q
Secondary sector
A
firms that process and manufacture goods from natural resources
3
Q
Tertiary sector
A
Firms that supply a service to consumers and other businesses
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.
5
Q
Mixed economy
A
An economy where resources are owned and controlled by both the private and public sectors
6
Q
Private sector
A
The part of the economy that is owned and controlled by individuals and companies for profit.
7
Q
Public sector
A
The part of the economy that is controlled by the state or government.