chp 2 Classification of businesses

Question 1

Stages of economic activity

Answer 1

Primary sector
Secondary sector
Tertiary sector

Question 2

Primary Sector

Answer 2

Is the industry that extracts and uses the natural resources of the Earth to produce raw materials for other businesses

Example: Farming, Fishing

Question 3

Secondary sector

Answer 3

Is the industry involved in manufacturing goods using the raw materials provided by the primary sector

Example: Clothes production, Car manufacturers

Question 4

Tertiary sector

Answer 4

Is the industry that provides services to its customers and other sectors of industry

Question 5

Mixed economic system

Answer 5

Contains:
Private sector: Businesses not owned by the govt.

Public sector: Businesses owned and run by the govt.