Chapter 2 Flashcards
What is the primary sector?
The primary sector consists of work, such as farming, fishing and extraction of natural materials
What is the secondary sector?
The secondary sector takes raw material from the primary sector, and converts it into processed goods with manufacturing
What is a tertiary sector?
The tertiary sector provide services to customers and other businesses
What industries does a developing country have?
A developing country has more primary industries
What industries does a developed country have?
A developed country has more secondary and tertiary industries
What is the private sector?
The private sector consists of companies and businesses that are not owned by the government. They are more efficient on their main goal is profit. The competition between public and private businesses can help improve product quality, and since they have more profits, they may be able to invest more capital.
What is the public sector?
The public sector consists of businesses owned by the government
A public business converting to a private business is also known as privatization
