Economic Sectors
Which economic sector involves farming, fishing, mining and forestry? 2 words, starts with P
Primary Sector
What do we call it when a country moves from farming to factories? Starts with I
Industrialization
What type of economy has both government and private businesses? Starts with M
Mixed Economy
What type of business is owned and run by one person? Starts with S
Sole trader
What do we call a business that iw owned and run by one person? 2 words, starts with S
Sole trader
A factory that turns rubber into car types belongs to which sector? 2 words, starts with S
Secondary Sector
When factories close and workers move to service jobs, what is this called. Starts with D
Deindustrialization
In which economy does the government control prices and production? Starts with C
Command economy
Two friends open a cafe together. What type of ownership is this? Starts with P
Partnership
What type of business is owned by two or more people who share profits and responsibilities? Starts with P
Partnership
Hotels, airlines and hospitals are part of which economic sector? 2 words, starts with T
Tertiary Sector
Building factories and using more machines instead of manual labor describes what process?
Industrialization process
What type of economy allows street vendors to set their own prices? 3 words, starts with F
Free-market economy
What type of comany can sell shares on the stock market? Starts with P
Public limited company (PLC)
What type of company can sell shares to the public on the stock exchange? 3 words, Starts with P___ L___ C____
Public Limited Company PLC
Which sector focuses on knowledge, information, and technology? 2 words, Starts with Q
Quaternary sector
When factory jobs decrease and service jobs increase, what type of economic change is this?
Deindustrialization trend
Government schools and public hospitals belong to which sector? Starts with P
Public sector
What does limited liability protect owners from losing?
Their personal property
What term means owners only risk the money they invested and not their personal property? 2 words, starts with L
Limited Liability
Which economic sector comes after the tertiary sector and focuses on innovation and research? 2 words, Starts with Q
Quaternary Sector
Why can deindustrialization increase tourism, retail, and service jobs?
Because the economy is changing and shifts towards the service sector. Workers move from factories to service industries.
What type of economy best describes Thailand? Starts with M
Mixed Economy
A government-owned electricity company is an example of what? 2 words, starts with P___
public corporation
What type of business uses the name and system of a larger company, such as Mcdonald's?
Franchise