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Business Classification and Economic Sectors

The document outlines the classification of business into three economic sectors: primary, secondary, and tertiary, detailing their roles in extracting resources, manufacturing goods, and providing services, respectively. It also discusses different economic systems, including free market, command, and mixed economies, highlighting that most countries operate under a mixed economy with both private and public sectors. Additionally, it lists industries typically owned by the government, such as education, health, defense, and public transport.

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10 views14 pages

Business Classification and Economic Sectors

The document outlines the classification of business into three economic sectors: primary, secondary, and tertiary, detailing their roles in extracting resources, manufacturing goods, and providing services, respectively. It also discusses different economic systems, including free market, command, and mixed economies, highlighting that most countries operate under a mixed economy with both private and public sectors. Additionally, it lists industries typically owned by the government, such as education, health, defense, and public transport.

Uploaded by

moealqaq409
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

CHAPTER 2

CLASSIFICATION OF
BUSINESS
Business teacher : Suzan Musameh
suzmusameh@[Link]
STAGES OF ECONOMIC ACTIVITY
 Primary Sector
 The PRIMARY SECTOR of industry extracts and
uses the natural resources of the earth.

 Secondary sectot
 The SECONDARY SECTOR of industry
manufactures goods using the raw materials
provided by the primary sector.

 Tertiary sector
 The TERTIARY SECTOR of industry provides
services to clients and the other sectors of
industry.
PRIMARY SECTOR SECONDARY SECTOR
In some countries, primary industries such as
farming and fishing employ many more
people than manufacturing or service
industries.
These tend to be countries – often called
developing countries
RELATIVE IMPORTANCE OF
ECONOMICS
SECTORS
 Changes in sector importance

 De-industerlization
 There are 3 different types of economic
system which are used by countries.
They are:

 Free economy -
 Command or planned economy
 Mixed economy
THE DIFFERENT BETWEEN THE
ECONOMIC SYSTEM
• A Free Market Economy has no government
control over factors of production. It is also
Free known as Market economy.
Market
• A Command Economy does not have a private
sector as all resources are owned by the state.
• The government decides what is to be
Command produced and in what quantities.
• A Mixed Economy has both a private and a
public (state) sector.
• Nearly every country in the world has a mixed
economy with a private sector and a public
Mixed sector
MIXED ECONOMY
 Businesses belong to both the private
and public sector.

 The Government controls part of the


economy
 Most
countries in the world have a mixed
economy with a private sector and public sector .

Private Sector Public Sector

made up of
government
made up of
and
business not
controlled
owned by the
businesses
government
and
organizations
INDUSTRIES UNDER GOVERNMENT
:OWNERSHIP
 Education  Health
INDUSTRIES UNDER GOVERNMENT
:OWNERSHIP
 Defense  Public transport
INDUSTRIES UNDER GOVERNMENT
:OWNERSHIP
 Water & Electricity
Any comments or Question

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