Business Sectors

• Primary Sector: deals with the extraction or raw materials and natural resources
• Secondary Sector: involves the process of transforming raw materials into finished goods or unfinished products
• Tertiary Sector: refers to industries that offer services to other businesses and consumers
• Primary Sector

  Agriculture/Farming

  Fishing

  Mining

  Forestry
• Secondary Sector

  Manufacturing

  Construction

  Factories

  Electricity Generation
• Tertiary Sector

  Financing

  Hospitality

  Retailers

  Whole Salers

  Storage

  Tourism

  Transportation
• Forestry: the industry of growing, taking care of and managing trees and forests
• Mining: the extraction of valuable minerals and metals such as coal, diamond, gold, silver, platinum, copper, tin and iron
• Link between the sectors

  Sectors work together to form an economic chain of production
• Forward Link: when businesses sell goods and services to businesses in the same sector or another sector
• Backward Link: When businesses buy goods and services from businesses in the same sector or from businesses in another sector before them in the chain of production
• Manufacturing: the processing of raw materials or pats into finished goods through the use of tools, human labour, machinery and chemical processing
• Insurance: a contract by which businesses undertake to provide a guarantee for compensation for specified loss, damage, illness of death in return for payment of a specified premium
• Interdependent: business that are interdependent need each other to carry out their own responsibilities in order for businesses to operate effectively
• Interrelated: businesses that are interrelated are connected with one another