UB - Sectors of Industry and Economy

Question 1

Name and Describe the 3 sectors of Industry

Answer 1

• Primary - Businesses that take raw materials and natural resources from the ground e.g. oil drilling, mining
• Secondary - Businesses that make products with the raw materials from primary sector businesses e.g. builders, bakers
• Tertiary - Businesses that provide ONLY services e.g. restaurants, cinemas

Question 2

Describe the features of a Private Sector organisation

A.O.C.F

Answer 2

• Aim: Making profit
• Owned by: Private individuals e.g. shareholders
• Controlled by: Private individuals/Board of Directors
• Financed by: Private investment, retained profit and bank loans

types of businesses; sole trader, ltd, partnership

Question 3

Describe the features of a Public Sector organisation

A.O.C.F

Answer 3

• Aim: Providing a service to the public
• Owned by: Government
• Controlled by: Civil Servant (manager employed by government)
• Financed by: Tax

types of businesses: national government, local government, hospitals, polices

Question 4

Describe the features of a Third Sector organisation

A.O.C.F

Answer 4

• Aim: To benefit a social cause
• Owned by: Private individuals,
  members
• Controlled by: Board of trustees, managers
• Financed by: Donations, fundraising, government grants

types of businesses: charity, social enterprise

Question 5

List the 3 Sectors of Economy

Answer 5

• Private
• Public
• Third