understanding business activity, 2 classifiction of businesses Flashcards
1
Q
primary sector
A
firms whose business activity involves the extraction of ntural resources
2
Q
secondary sector
A
firms that process and manufacture goods from natural resources
3
Q
tertiary sector
A
firms that supply a service to consumers and other businesses
4
Q
chain of production
A
the production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses
5
Q
mixed economy
A
an economy where the resources are owned and controlled by both the private and public sectors
6
Q
private sector
A
the part of the economy that is owned and controlled by individuals and companies for profit
7
Q
public sector
A
the part of the economy that is controlled by the state or government
