Roles and Sectors of Industry

Question 1

what is an entrepreneur?

Answer 1

person who sets up a business by developing a product idea

Question 2

Why do Businesses add value to their inputs?

Answer 2

to create more valuable outputs

Question 3

what is economic growth

Answer 3

where the monetary value increases over 2 quarters

Question 4

how do businesses impact the environment

Answer 4

by employing the local people using local infrastructure and paying taxes

Question 5

what is the business cycle

Answer 5

1. produce
2. buy goods
3. wealth creation
4. income, wages, dividends are spent

Question 6

what is the primary sector

Answer 6

all extractive industries.
3Fs and an M (forest,fish,farming,mine)

Been in decline

Question 7

what is the secondary sector

Answer 7

processing industries via MANUFACTURING (inside) CONSTRUCTION (outside)
there has been a decline

Question 8

what is the tertiary sector

Answer 8

the all service providers, both direct (public) and commercial (business)
makes up nearly 80% of the UK economy

Question 9

what is the quaternary sector

Answer 9

knowledge based sector.
it is developed from the tertiary.
involves more specialised industries, highly educated work force
Industries like IT, consultancy, R&D, culture and education