the primary sector- extracts and uses the natural resources of the earth. ex. oil, copper, etc
THE SECONDARY SECTOR- manufactures goods using the raw materials provided by the primary sector- aircrapf making, building....
the tertiary sector- provides services to consumers and the other sectos of industry.
DECLINE IN SECONDARY SECTION.
PUBLIC AND PRIVATE SECTORS OF INDUSTRY
- FREE MARKET ECONOMY
--> no government control over factors of production... also known as MARKET ECONOMY.
-all resources are owned privately.
good sides of this
-consumers are free to choose what they want to buy.
-workers are encouraged to wotk hards as they can keep mosr or all of their incomes----> low, or non-existent taxes.
-business compete with each other- this keeps prices low.
- new businesses are encouraged to open up in order to make profit.
BAD SIDES OF FREE MARKET ECONOMY -
-no government provided goods/services- only those who can afford will benefit.
-no GOVERNMENT CONTROL--> uncontrolled BOOMS and recessions!!!
-monopolies might set up in order to increase prices- consumers would have limited choice.
a government or a state plans ad controls the use of recources.- might be no private propoerty at all.
-government contol should eliinate any waste resulting from competition between firms.
-there should be work for everybody!!!
-the needs o popoulation are met, but there is little production…