Classification of Business Flashcards
What is the primary sector?
Primary sector businesses extract raw materials. Examples of primary sector businesses may be: farming, agriculture, forestry and fishing.
What is the secondary/industrial sector?
The secondary sector contains all businesses which use raw materials and change them into finished products it includes the processing of raw materials. Examples of secondary businesses include: manufacturers, refiners, processors, construction.
What is the tertiary sector?
The tertiary sector includes all businesses which provide services to businesses and individuals. Examples of tertiary sector businesses include: banking and financial services, education, tourism and retailing.
What do the three sectors form?
The three sectors form a chain of production.
What is the chain of production?
Making a finished product then supplying it to customers usually involves businesses in all three industrial sectors. Each business forms part of the chain of production.
What is interdependence?
Interdependence describes how businesses are all dependent on each other. Businesses are typically dependent on other businesses from all three industrial sectors.
