Chapter 2 Flashcards

1
Q

Primary sector

A

Businesses that extract and use natural resources to produce raw materials

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2
Q

Secondary sector

A

Businesses that manufacture goods using the raw materials provided by the primary sector.

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3
Q

Tertiary business

A

Businesses that provide services to consumers and other firms.

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4
Q

Deindustrialisation

A

Decline in the importance of secondary, manufacturing industry.

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5
Q

Mixed economy

A

This has both private sector businesses and public sector businesses.

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6
Q

Private sector

A

Businesses owned by people, not the government/state.

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7
Q

Public sector

A

Businesses owned by the government/state.

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8
Q

Privatisation

A

The sale of public sector businesses to the private sector.

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9
Q

Why the importance of sectors changes?

A

-Primary sector resources get used up
-Factory costs (usually wages) are too higher
-People spend more on the tertiary sector as they become wealthier

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