Chapter 2 Classification of Businesses

What does the primary sector of industry do?

• Manufactures goods using raw materials

• Provides services to consumers

• Extracts and uses natural resources

• Distributes products to retailers

Which sector of industry manufactures goods using raw materials provided by the primary sector?

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

What is the main function of the tertiary sector of industry?

• Extracts natural resources

• Manufactures goods

• Provides services

• Conducts research and development

What is de-industrialisation?

• Increase in the importance of the primary sector

• Decline in the importance of the secondary sector

• Growth of the tertiary sector

• Expansion of the manufacturing industry

What characterizes a mixed economy?

• Only a private sector

• Only a public sector

• Both a private and a public sector

• No government intervention

What does the term "capital" refer to in business?

• The profit made by a business

• The money invested into a business by the owners

• The revenue generated by sales

• The expenses incurred by a business

Explain the difference between primary, secondary and tertiary.

• The Primary Sector is that part of the economy trees are drawn as raw

  materials.

• Tertiary sector is when services are rendered.

• Secondary sector is the sector where the raw materials are manufactured

• All the above

Examples of businesses that operate in the _________would be farming, mining, fishing or oil production.

• Secondary sector

• Primary sector

• Tertiary sector

• Business sector

______would involve taking the raw materials and converting them into new products. Examples of businesses that operate in this sector would be car manufacturers, food production or building companies.

• Secondary sector

• Primary sector

• Tertiary sector

• Important sector

There are ___ways to compare the importance of each sector to a particular country.

• two

• three

• four

• five