Business Studies Chapter 1 (Business Environments) part 1

Explain the Public and Private Sectors

• .Owned by the Government .Has collective goods

• Owned by private Entrepreneurs

• Aim is to satisfy customer's needs and wants

• Owned By Cuba

Formal Sector + Informal Sector= ?

• A good Government

• The Private Sector

• Legal persona

• Business

Name some Characteristics of the Formal Sector

• Legal Businesses pay tax and are included GDP of South Africa

• Have Fixed Locations

• Are in Cambodia

Characteristics of the Informal Sector

• Not registered

• Not in Fixed Locations

• Used to alleviate poverty

• Are Illegal

Name the 5 economic sectors

• Primary Sector Secondary sector Tertiary sector Quaternary sector Quinary sector

• Primary Sector Toy making sector Quinary sector

  Quaternary sector Secondary sector

• Coffee Sector

• Primary Sector Tertiary sector Quinary sector

  Quaternary sector Secondary sector

Primary Sector- Raw materials,

What happens in the Secondary sector?

Evaluate responses using AI:

OFF

Answer explanation

Raw materials are turned into manufactured Materials

What Happens in the Tertiary Sector?

Evaluate responses using AI:

OFF

Answer explanation

Goods and Services are sold e.g retail businesses

What Happens in the Quaternary sector?

Evaluate responses using AI:

OFF

Answer explanation

Intellectual activities and knowledge-based activities aimed at future growth and development e.g education, management

What is the Quinary sector?

Evaluate responses using AI:

OFF

Answer explanation

An Extension of the Quaternary sector e.g Universities, businesses