Sectors of the economy Flashcards
define primary sector
businesses that preform activities that involve the removal of resources from the ground or sea
define primary sector
businesses that preform activities that involve the removal of resources from the ground or sea
define secondary sector
businesses that process and transform the extracted raw materials and foodstuffs into goods demanded by consumers (manufacturing)
define tertiary sector
any businesses that are involved in providing a service
what is a business
an organization that provides the goods and services to satisfy the needs and wants of consumers in order to make a profit
what is the primary object of a government enterprise
to provide a service to the public
what would an agricultural co-op aim be
to provide the goods and services their members want at the lowest possible prices.
what can south africa’s economy be divided into?
the public and private sector
describe the public sector and give examples of business in this sector
made up of the central government, various local councils, and state-owned enterprises such as Eskom and The Post Office
describe the private sector
made up of memebers of the general public and bussinesses owned by the general public.
what does production in the primary sector involve?
the extraction of natural and agricultural resources in their raw, unprocessed form.
we find businesses that perform activities that involve the removal of resources from the ground and from the sea.
these enterprise provide the foodstuffs and basic raw materials on which later production activities depend
what are businesses in the private sector known as
extractive enterprises because the ‘extract’ things provided by nature
give examples of primary sector businesses
commercial fishing, a mine, a quarry, and a tree plantation
define primary objective
most important aim
define extraction
removing with effort
