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Flashcards in 2. Classification of Businesses Deck (5)
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What re the three stages of economic activity?

Primary, Secondary and Tertiary

1

Why is de-industrialisation?

When there's a decline in important of secondary sector in a country

2

Why does the relative importance of the three business sector change? (3)

- Resources depleted
- Competitiveness in manufacturing lost
- More people spend on services because of higher income

3

What is a mixed economy?

Economy with both private and public sector

4

What's the difference between private and public sector?

Public sector is owned by the government, the private sector is not. The objective is also usually different.