Mrs Hala Abu Hadid igcse ch 2 business

Front

What is the primary sector?

Back

Businesses that extract or use natural resources directly (e.g., farming, fishing, mining).

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Secondary sector

Back

Businesses involved in manufacturing and processing raw materials into finished products (e.g., car production, construction).

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Tertiary Sector

Back

Businesses that provide services to consumers and other businesses (e.g., banking, education, transport).

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4. Private Sector

Back

Part of the economy owned and operated by private individuals or companies, not the government.

Front

5-Wants

Back

Goods and services that people would like to have, but are not essential for survival (e.g., smartphones, vacations)

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Added Value

Back

The difference between the selling price of a product and the cost of raw materials used to make it.

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8. Chain of Production

Back

The stages a product goes through from raw material to final consumer — including primary, secondary, and tertiary activities.

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9. Public Sector

Back

Organizations owned and controlled by the government (e.g., public hospitals, police, public schools).

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Industrialization

Back

The growth of the secondary sector (manufacturing), often moving an economy away from agriculture.

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De-industrialization

Back

The decline of the manufacturing sector, with a shift toward services in the tertiary sector.