TYPES OF SECTORS
This sector incorporates all the extractive industries, including mining (for example, bauxite), fishing, forestry and farming.
What is the primary sector?
The country can gain "THIS" over others in producing certain goods.
What is comparative advantage?
Depletion of natural resources, is usually the result especially because of this.
What is exploitation?
The three main economic questions that are usually asked in any economy are: What to produce? How to produce? and ________________.
For whom to produce?
This refers to a business owned and operated by one individual.
What is a Sole Trader?
This sector also includes the fishing and agricultural industries.
What is the primary sector?
Reduction in the importation of goods that are produced using the same raw materials from the Caribbean is an advantage of involvement in this sector.
The secondary sector.
In this business the owner has unlimited liability, i.e. he/she stands to lose personal assets if the business fails.
Sole-trader Business
Organisations can be classified into TWO organisations. These are:
Private-sector and Public-sector
A firm offering management services to its customers would be regarded as what level of business activity?
Tertiary
The manufacture of chemicals and of baked products, and the construction of houses, roadways and bridges.
Examples of secondary business activities.
One advantage of involvement in the secondary sector is that primary product can be used to create a number of _______________ products.
Secondary
One of the disadvantages of this business arrangement is that there is a lack of continuity – that is, once an associate leaves it has to be dissolved.
Partnerships
These are owned and controlled by the government. and are usually formed by an Act of Parliament as a separate legal entity.
What are Public Corporations?
Burger King in the Caribbean would best be described as a:
Franchise
This sector does not produce goods, but instead provides services.
What is the tertiary sector?
The tertiary sector does not depend heavily on primary products and so would not deplete an important feature of countries. This feature is the countries'______________.
Natural Resources
Some of the raw materials used in the secondary sector have to be imported and this uses up the ______________ of the country. What did it use up?
Foreign Exchange Earnings
This is a business unit that is regarded by law as an artificial person, distinct and separate from its members, i.e. its owners.
Limited Companies
Having two or more members who work together towards a common goal of making profits is a main feature of __________________.
A partnership.
This sector involves the changing of raw materials into finished goods.
What is the secondary sector?
An advantage of secondary sector involvement is improvement in the country’s GDP and so possibly its standard of living. What does GDP stand for?
Gross Domestic Product
Services such as tourism can impact on a country’s culture and values. This may even lead to a change in __________________.
People’s social behaviour.
This sector consists of businesses that are owned by individuals or groups of individuals with the main aim of making profits.
The private sector.
Which business organisation has as a feature separate legal identity?
Company