Exam code: 0450, 0986 & 0264, 0774
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Define primary sector.
The primary sector is the part of the economy concerned with the extraction of raw materials from land, sea, or air.
What are examples of businesses in the primary sector?
Examples of businesses in the primary sector include farming, mining, and fishing.
Define secondary sector.
The secondary sector is concerned with the processing of raw materials and the manufacture of goods.
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Define primary sector.
The primary sector is the part of the economy concerned with the extraction of raw materials from land, sea, or air.
What are examples of businesses in the primary sector?
Examples of businesses in the primary sector include farming, mining, and fishing.
Define secondary sector.
The secondary sector is concerned with the processing of raw materials and the manufacture of goods.
True or False?
Oil refinement and car manufacturing are part of the secondary sector.
True.
Both oil refinement and the manufacturing of vehicles are examples of activities in the secondary sector.
Define tertiary sector.
The tertiary sector is concerned with the provision of services to consumers and other businesses, such as leisure, banking, or hospitality.
What is the quaternary sector?
The quaternary sector is a sub-sector of the tertiary sector focused on knowledge-based services such as information technology, research, and development.
Define public sector.
The public sector consists of firms owned and controlled by the government, existing to provide goods and services that may not be profitable for the private sector.
Why might the government retain a share in a privatised public sector firm?
The government may retain a share in a privatised public sector firm to influence decision-making and to receive a share of the profits.
Define private sector.
The private sector is made up of businesses owned and controlled by individuals or firms, aiming for profit maximisation.
True or False?
Private sector firms are often more efficient than public sector firms.
True.
Private sector firms often have higher levels of productivity and efficiency compared to public sector firms.