Chp. 2: Classification of Businesses - Pg. 23-26

In a mixed economy which of these industries is most likely to be controlled by the government?

• Hotels and restaurants

• Building and taxi services

• Health and public transport

• Food shops and farming

Changes in importance of different sectors of industry in a country is likely to be caused by

• the exhaustion of the country's copper mines

• a long period of no increases in family incomes

• an increase in the country's population

• government grants available to businesses in all sectors

What does LDC stands for?

• less developed country

• lower developed country

• less dynamic currency

• less developed currency

What does MDC stands for?

• more developed country

• more developed currency

• more dynamic currency

• more dynamic country

This happens due to the growing importance of secondary sector business activity & the reduced importance of primary sector business examples.

• industrialisation

• de-industrialisation

• tertiary

• secondary

This happens due to the growing importance of the tertiary sector & the reduced importance of the secondary sector.

• de-industrialisation

• industrialisation

• primary

• secondary

an economy where the resources are owned & controlled by both the private & public.

• mixed economy

• market economy

• public economy

• command economy

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

• private sector

• public sector

• mixed sector

• market sector

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

• public sector

• private sector

• mixed economies

• market economies

A possible reason for a change in consumer behavior as a result of both industrialisation & de-industrialisation.

• consumers have higher income & they demand better quality & wider choice of products.

• the need for finance to fund expansion so that business can compete in global markets.

• the need to be able to communicate internally & externally quickly & as cheaply as possible to take advantage of the opportunities of the wider markets.

• the need to provide better service for employees , thus this increases business demand for the goods & services of the other businesses.