Role of Business in society

Question 1

What is the primary sector of industry?

Answer 1

This sector consists of businesses that are involved in exploiting natural resources to obtain raw materials, for example mining, fishing, farming or oil drilling.

Question 2

what is the secondary sector of industry?

Answer 2

This sector consists of businesses that are involved in manufacturing and construction, by taking the natural resources exploited in the primary sector and turning them into goods that can be sold later. Examples include electronics or car factories and house building.

Question 3

What is the tertiary sector of industry?

Answer 3

This consists of businesses and organisations that are involved in providing services rather than goods. Examples include shops, hotels, hospitals and schools.

Question 4

What is the quaternary sector of industry?

Answer 4

This sector consists of those industries providing information services, such as computing, ICT (information and communication technologies), consultancy (offering advice to businesses) and R&D (research, particularly in scientific fields).

Question 5

What is the public sector of economy?

Answer 5

This consists of government owned organisations and agencies who aim to provide a service to society, eg the NHS or our school.

Question 6

What is the private sector of economy?

Answer 6

This consists of businesses that aim primarily to maximise profits. This sector of the economy includes all profit-making businesses, eg a local bakery, Apple or Tesco.

Question 7

What is the third sector of economy?

Answer 7

his consists of organisations that have been set up to provide goods or services to benefit others. This sector of the economy includes:

• Charities such as Cancer Research and SCIAF
• Voluntary organisations such as a Golf Club or Scouts group
• Social enterprises