business sections Flashcards
what is the primary sector
and example
this sector deals with the extraction of raw materials
collecting resources directly from nature
fishing from the sea
what is secondary sector
example
deals with distributions/transportation/retailing /services to other businesses
motor industry
what is tertiary sector
example
it distributes goods processed in secondary sector
food industry
what is formal and informal sectors
formal is a business that is registered and pays tax
and informal is a business that is not registered and doesn’t pay any tax
difference between informal and formal sector
.formal
. fall between the mainstream of the economy
.it is registered and pays tax
.made up of small, medium and large businesses
Informal
fall outside the mainstream economy
.it is not registered and doesn’t pay tax
.small scale operation
what is a public sector
public sector is state owned
what is private sector
privately owned entrepreneurs
what is the purpose of a public sector
aims to meet the needs of society
do not aim to make profit
provides job opportunities
what is the purpose of a private sector
creates job opportunities
provides businesses with the opportunity to create wealth
offers more competitive salaries than the public sector
what is inequality and poverty
when people don’t have the same opportunities
poverty is a state in which people have little to no money
what is inclusivity
giving every one opportunities without discriminating based on race , age ,gender etc
what is Hiv
its a virus that weakens the immune system making vulnerable to all dieses
gambling
beting on something of the outcome is not sure
piracy
illegal copying of original music /flims
counterfeiting
copies /limitations of genuine goods such as clothing
