Business Management

  • Created by: Njohns85
  • Created on: 08-04-17 14:51

Sectors of Industry

The Primary Sector

The primary sector involves taking raw materials from the natural habitat.  These raw materials are then passed to the next sector in the production process.  Examples of businesses operating in the primary sector are:  farming, oil extraction, fishing and quarrying.

The Secondary Sector

This invloves taking raw materials and making them into finihsed products, and is often called manufacturing.  Examples of businesses operating in the secondary sector are: manufacturers of products such as washing machines, cars, food or computers.

The Tertiary Sector

This involves providing a service.  Examples of businesses operating in the tertiary sector are hairdressers, banks, travek agents, schools etc.

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Sectors of the Economy

The Public Sector

This sector is owned and controlled by the government and local councils.  it provides services such as schools, hospitals, the armed forces and social services.  These are funded by taxes.  These are usually referred to as organisations or public bodies rather than businesses.

The Private Sector

This sector is owned and controlled by private individuals and is made up of types of businesses known as sole traders, partnerships, limited companies, franchises etc.  They are funded by private individuals and shareholders.

The Third Sector

This is made up of chraities and other community organisations that aim to raise money for good causes. This also includes social enterprises and co-operatives.

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