RESUME PAGES 20-26

PRIMARY SECTOR

Involves extracting natural resources from the land or sea.

Include agricultural products. (for example rice)

Examples of primary sector business are: farming, fishing or also can be mining.

Primary sector often provides raw materials.

SECONDARY SECTOR

Takes the natural resources produced by primary sector and turns raw materials into finished goods.

Activities of the secondary sector: manufacturing, construction.

TERTIARY SECTOR

Provide services to the final consumers or businesses.

Examples: shops, restaurants or cinemas.

Businesses provide services such as entertainment and transport.

CHAIN OF PRODUCTION

the production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses.

CHANGING IMPORTANCE OF BUSINESS CLASSIFICATION

Countries are often described as developing or developed

The classification of business activity by sector is not used to class a country as developing or developed.

INDUSTRIALISATION

Growing importance of secondary sector and the reduced importance of primary sector. Emerging economies of both China and India.

DE-INDUSTRIALISATION

Growing importance of the tertiary sector and reduced importance of the secondary sector. The UK and the USA.

MIXED ECONOMY

An economy where the sources are owned and controlled by both the private and the public sectors.

PRIVATE SECTOR

The part of the economy that is owned and controlled by individuals and companies for profit.

PUBLIC SECTOR

The part of the economy that is controlled by the state or government.

PRIVATE SECTOR

Consumers want to buy certain goods and services.

Consumer help to decide what to produce, they only produce the goods and services that consumers want.

Only be bought by people who have enough money to pay.

PUBLIC SECTOR

Decisions about what produce alll made by government.

Produces goods and services that all in the population need, based on providing good-quality services providing by the primary and secondary sector.