classification of businesses
TRANSCRIPT
![Page 1: Classification of businesses](https://reader035.vdocuments.mx/reader035/viewer/2022070523/58ed40a51a28ab99298b4583/html5/thumbnails/1.jpg)
Classification of businesses
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Sectors of the economy Primary
Businesses which extract natural resources
Secondary Firms that process and manufacture
goods from natural resources
Tertiary Firms that supply a service to
consumers and other businesses
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Sectors
Primary
Secondary
Tertiary
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Chain of production
Primary
Secondary
Tertiary
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Chain of production
Primary
Secondary
Tertiary
![Page 7: Classification of businesses](https://reader035.vdocuments.mx/reader035/viewer/2022070523/58ed40a51a28ab99298b4583/html5/thumbnails/7.jpg)
Chain of production
Primary
Secondary
Tertiary
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Interdependence – each sector relies on the other sectors.
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Changes over time ...
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Homework What is meant by the term primary
sector? (2)
Identify two businesses that operate in the tertiary sector (2)
Identify and explain two differences between the primary and secondary sectors (6)
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Public and private sectors
Private sector – part of the economy that is owned and controlled by individuals and companies for profit
Public sector – the part of the economy that is controlled by the state or government
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Public vs Private sector
Police vs security guard
Hospitals
Schools
Housing
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Changes in sectors of the economyLDC
MDC
Hong Kong
USA
UK
China
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Activity 2.4
Q1
Q2
Q3
Q4
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Test yourself page 25
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Types of economy
Mixed
Planned
Free
Public vs private sector decisions
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Test yourself page 26
Q1
Q2
Q3
Q4
Q5