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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


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


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.