Key Terms
Industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses
What is the Primary Stage of economic activity?
Government or state owned businesses
What is the public sector?
This Swedish company, founded in 1947, is famous for its flat-pack furniture.
What is Ikea?
Industry provides services to consumers and the other sectors of industry
What is the tertiary stage of economic activity?
A decline in the secondary industry within a country
What is De-industrialisation?
This American online retailer, founded in 1994, is known for its vast selection of products and fast shipping.
What is Amazon?
A way to see how well a country's economy is doing
What is GDP (Gross Domestic Product)?
The skills and risk taking ability of the person who brings other resources or factors of production together to produce a good/service
What is Enterprise?
What type of business is owned and managed by one person?
What is a sole trader?
The lack of sufficient products to fulfil the total wants of the population
What is Scarcity?
Businesses not owned by the government or state
What is the private sector?
What are the main advantages of being a sole trader?
Complete control, simple to set up, keep all profits