2.1 Economic sectors Flashcards
Private limited companies
A business that is owned by shareholders who are often members of the same family; this family can not sell shares to the general public.
Initial public offering
An offer to the public to buy shares in a public limited company.
Public limited companies
A company whose shares are traded on stock exchanges and can be bought and sold by the public.
Primary sector
Firms engaged in farming, fishing, oil extraction, and all other industries that extract natural resources so that they can be used and processed.
Secondary sector
Firms that manufacture and process products from natural resources including computers, brewing, baking, clothes - making and construction.
Tertiary sector
Firms providing services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, and tourism.
Quaternary sectors
Businesses providing information services such as computing, web design, ICT management, consultancy, and R&D.
Public sector
Organisations accountable to and controlled by central or local government.
Private sector
Businesses owned and controlled by individuals or groups of individuals.
Mixed economy
Economic resources are owned and controlled by both private and public sectors.
Free-market economy
Economic resources are owned largely by the private sector with very little state intervention.
Command economies
Economic resources are owned, planned, and controlled by the state.
Public corporations
A business enterprise owned and controlled by the state - also known as a nationalized industry.
