Sectors of Business

• Primary Sector

  • Def: Any business that grows goods or extracts material from the land
  • Example: Farming, Mining or Fishing
  • Importance: The backbone of the economy focusing on extraction and harvesting of natural resources
• Secondary Sector

  • Def: The sector of the economy that revolves around manufacturing
  • Example: Car manufacturers, food production, building companies
  • Importance: It's a key driver of economic development and employment
• Tertiary Sector

  • Def: Concerned with providing a service. Services are activities that are done by people or businesses for consumers
  • Example: Hairdressers, banks, supermarkets or cinemas
  • Importance: Makes up the vast majority of employment opportunities and is solely focused on providing services, not goods, to consumers and other organizations.
• Quaternary Sector

  • Def: Focused on intellectual activities and information services.
  • Example: Computing, ICT and Research & Development (R&D)
  • Importance: It is integral to driving innovation and technological advancement