Classification Of Business

Question 1

Primary Sector

Answer 1

The Primary Sector of industry extracts and uses the natural resources of earth to produce raw materials used by other businesses.

Question 2

Secondary Sector

Answer 2

The secondary sector of industry manufactures goods using the raw materials provided by the primary sector.

Question 3

Tertiary Sector

Answer 3

The tertiary sector of industry provides services to consumers and the other sector of industry.

Question 4

Indrustrialisation

Answer 4

Industrialization is the shift from handmade goods to machine production, leading to factories, urbanization, and economic growth.

Question 5

De-Indrustrialisation

Answer 5

Deindustrialization is the process where industries and factories decline, leading to less manufacturing and more focus on services.

Question 6

A Mixed Economy

Answer 6

A mixed economy has both a private sector and a public sector.

Question 7

Capital

Answer 7

Capital is the money invested into a business by the owners.