UB - Role of Business in Society Flashcards
1
Q
What are the sectors of industry?
A
Primary - extraction of raw materials
Secondary - manufacture of goods from raw materials
Tertiary - Services and skills provided to consumer
Quaternary - Businesses which provide information and support services
2
Q
What are the sectors of the economy?
A
Private - businesses in this sector aim to provide a good/service to make a profit
Public - businesses in this sector aim to provide a service to citizens (often owned/rub by the government)
Third - businesses in this sector aim to support a cause by raising funds for it through the sales of goods/services
3
Q
What is wealth creation?
A
When value is added to product as it moves through the production process
