Chp 2 Classification of businesses

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Primary sector

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industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses.

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secondary sector

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industry manufactures goods using the raw materials provided by the primary sector

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tertiary sector

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industry provides services to consumers and the other sector of industry

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de-industrialisation

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when there is a decline in the importance of the secondary, manufacturing sector of industry in a country.

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mixed economy

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has both private and a public sector

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capital

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money invested into a business by the owners

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How do I know which sector is most important in our country?

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1. 1. Percentage of workers employed

2. 2. value of output

Front

Reasons for changes in the relative importance of the sectors over time:

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1. 1. depletion of resources

2. 2. increase of living standard

3. 3. losing competitiveness