Economies and sectors

Question 1

What are the two types of industry with different type of legal organisation called?

Answer 1

Public and Private

Question 2

What are the three types of economy

Answer 2

Mixed, free-market and command

Question 3

What is the public sector?

Answer 3

Comprises organisations accountable to and controlled by central or local government (the state)

Question 4

What is the private sector?

Answer 4

Comprises of businesses owned and controlled by indiviuals or groups of indiviuals

Question 5

What is a mixed economy?

Answer 5

Where economic resources are owned by both private and public sectors

Question 6

What is a free- market economy?

Answer 6

Where economic resources are owned largely by the private sector with very little state intervention

Question 7

What is deindustrialisation?

Answer 7

There is a decline in the importance of secondary-sector activity and an increase in the tertiary sector.

Question 8

What is Industrialisation?

Answer 8

growing importance of secondary manufacturers in a developing country