Flashcards in 2. Classification of Businesses Deck (5)
What re the three stages of economic activity?
Primary, Secondary and Tertiary
Why is de-industrialisation?
When there's a decline in important of secondary sector in a country
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
What is a mixed economy?
Economy with both private and public sector