BUSINESS CLASSIFICATION

• What is the primary sector industry?

  The production involving the extraction of raw materials from the earth
• What is the secondary sector industry?

  the conversion of raw materials into finished and semi-finished goods
• What is the tertiary sector industry?

  the production of services in the economy
• What is an assembly plant?

  a factory where parts are put together to make a finished product
• What is de-industrialization?

  a decline in manufacturing
• What are some primary sector examples?

  • agricultural
  • fishing
  • forestry
  • mining and quarrying
• What are some tertiary sector services?

  • commercial
  • financial
  • household
  • leisure
  • professional
  • transport
• EACH SECTOR IS INTER DEPENDANT. THEY ALL RELY ON EACH OTHER
• Why has manufacturing declined in developed countries while services have grown?

  • people may prefer to spend their income on services rather than manufactured goods
  • there is fierce competition in the production of manufactured goods
  • as countries develop, public sectors grow
  • advances in technology mean employment in manufacturing falls because the machines start to replace people