Scribd
Upload
4 views1 page

Business Classification and Production Stages

The document outlines the classification of businesses into three stages of production: primary (extraction of resources), secondary (manufacturing), and tertiary (services). It explains that lower production stages indicate less developed countries and discusses the distinction between private sector (independently owned businesses) and public sector (government-owned businesses), as well as the concept of a mixed economy. Additionally, it notes the decline of the secondary sector as a sign of industrialization.

Uploaded by

ayeshazakaria100
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
4 views1 page

Business Classification and Production Stages

The document outlines the classification of businesses into three stages of production: primary (extraction of resources), secondary (manufacturing), and tertiary (services). It explains that lower production stages indicate less developed countries and discusses the distinction between private sector (independently owned businesses) and public sector (government-owned businesses), as well as the concept of a mixed economy. Additionally, it notes the decline of the secondary sector as a sign of industrialization.

Uploaded by

ayeshazakaria100
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Chapter 2

Classification of businesses
3 stages of production
. Primary stage: industries(or people) extracts earths resources in order to produce raw
material used by other business
– Cotton is grown on farms at a large capacity
. Secondary sector: Industries take raw material ( that had been provided by primary sector)
and manufacture it.
– It is bought by a textile factory and made cloth
. Tertiary stage: industries provide services to consumers(like selling items, hair dressing,
hotels)
– Fashion designers take the cloth and make clothes out of it

The lower the stage of production the less the developed the country.
The industrialisation: occurs when the secondary sectors manufacturing declines.
(if u want read pg 13 and 14 if u want)

Private sector: businesses not owned by the government. Businesses that make their own decisions
about what to produce how it should be produced and the price etc. Basically private businesses.
(Lgs is a private school)
Public sector: businesses owned by the government or other public authorities.
(The city school is a public school)
A mixed economy: has both private sector and public sector businesses

(Read pg 15 and 16 if u want)


3
2
1

You might also like