UB - Sectors of Industry and Economy

Question 1

Name and Describe the three 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: To make a profit
• Owned by: Private individuals e.g. shareholders
• Controlled by: Private individuals/Board of Directors
• Financed by: Private investment, retained profit and bank loans

Question 3

Describe the features of a Public Sector organisation

A.O.C.F

Answer 3

• Aim: To provide a service to the public
• Owned by: Government
• Controlled by: Civil Servant (manager selected by the government
• Financed by: Tax

Question 4

Describe the features of a Third Sector organisation

A.O.C.F

Answer 4

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

Question 5

List the 3 Sectors of Economy

Answer 5

• Private
• Public
• Third