Classification of businesses Flashcards
1
Q
Primary sector
A
The Primary sector of industry extracts and uses the natural resources of the earth to produce raw materials used by other businesses
2
Q
Secondary sector
A
The secondary sector of industry manufactures goods using the raw materials provided by the primary sector
3
Q
Tertiary sector
A
The tertiary sector of industry provides services to consumers and other sectors of industry
4
Q
De-industrialisation
A
De-industrialisation occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country
5
Q
Mixed economy
A
A mixed economy has both a private sector and public (state) sector
6
Q
Capital
A
Capital is the money invested into a business by the owners
