SECTORS OF INDUSTRY/ECONOMY

• What is the role of business in society?

  To provide goods and services, create jobs, and contribute to economic growth
• What does the primary sector focus on?

  The extraction of raw materials
• What is the secondary sector concerned with?

  The processing and manufacturing of raw materials
• What is the tertiary sector's main function?


  To provide services
• What industries are included in the quaternary sector?


  Industries that provide information
• What is the relationship between the primary and secondary sectors?

  The primary sector provides raw materials to the secondary sector
• What is the significance of the secondary stage in industry?

  It is concerned with the processing and manufacturing of raw materials
• What does the term "manufacturing stage" refer to?


  The stage in the secondary sector where raw materials are processed into finished goods
• How does the primary sector contribute to the economy?

  By extracting raw materials that are essential for production
• How do the primary, secondary, tertiary, and quaternary sectors interrelate?

  The primary sector supplies raw materials to the secondary sector, which manufactures goods, while the tertiary sector provides services and the quaternary sector offers information
• What are the primary sector goods?

  Goods that are extracted or harvested from natural resources.
• How does the primary sector rely on the secondary sector?

  The primary sector relies on the secondary sector to provide goods to work with.
• What is the role of the tertiary sector in the economy?

  Providing a service and helping other sectors.
• What is the ownership structure of private sector businesses?

  Private sector businesses are owned by shareholders who buy shares.
• How do private sector businesses raise finance?

  They raise finance through selling shares privately or on the stock market/exchange.
• Who controls the decisions in private sector businesses?

  Decisions are controlled by a Board of Directors elected by shareholders.
• Who owns public sector businesses?

  Public sector businesses are owned by the state or country.
• How does the public sector raise finance?

  The public sector raises finance through taxes collected from the public.
• Who makes decisions in public sector businesses?

  Decisions are made by a government or politicians elected by voters.
• What is the ownership structure of third sector businesses?

  Third sector businesses are owned by their members.
• How do third sector businesses raise finance?

  They raise finance through donations and grants.
• Who makes decisions in third sector businesses?

  Decisions are made by trustees elected by members.
• What are the objectives of the private sector?

  • Produce high quality goods/services
  • Keep costs low and prioritize spending
  • Maximize sales, turnover, and profits
  • Attract and keep the best employees
  • Ensure survival and market growth
• What are the objectives of the public sector?

  • Produce high quality goods
  • Keep costs low and prioritize spending
  • Service the public interest and help those in need
  • Attract and keep the best employees
  • Ensure funds for survival of services
• What are the objectives of the third sector?

  • Produce high quality goods
  • Keep costs low and prioritize spending
  • Service the public interest and help those in need
  • Attract and keep the best volunteers
  • Ensure funds for survival of services