BUSINESS CLASSIFICATION

• The primary sector of industry extracts and uses the natural resources of the earth to produce raw materials used by other businesses.
• Activities in the primary sector of industry include farming, fishing and the extraction of natural materials such as oil and copper ore.
• The secondary sector of industry manufactures goods using the raw materials provided by the primary sector.
• Activities in the secondary sector of industry include building and construction, aircraft and car manufacturing, computer assembly and baking.
• The tertiary sector of industry provides services to consumers and the other sectors of industry.
• Economy refers to the resources, riches and wealth of a country.
• The bigger the economy the better it is for the country.