Business Sectors

Question 1

What are the three main sectors of the economy?

Answer 1

Primary, Secondary, and Tertiary sectors.

Question 2

True or False: The primary sector involves the extraction and harvesting of natural resources.

Answer 2

True

Question 3

Fill in the blank: The _____ sector is responsible for manufacturing and industrial activities.

Answer 3

Secondary

Question 4

Which sector includes services such as healthcare, education, and finance?

Answer 4

Tertiary sector.

Question 5

Multiple Choice: Which of the following is NOT a part of the primary sector? A) Agriculture B) Mining C) Retail

Answer 5

C) Retail

Question 6

What is the primary focus of the tertiary sector?

Answer 6

Providing services to consumers and businesses.

Question 7

True or False: The secondary sector is primarily concerned with service delivery.

Answer 7

False

Question 8

Fill in the blank: The _____ sector plays a crucial role in economic development by adding value to raw materials.

Answer 8

Secondary

Question 9

Which sector tends to create the most jobs in developed economies?

Answer 9

Tertiary sector.

Question 10

Multiple Choice: Which sector would include activities such as fishing, forestry, and agriculture? A) Tertiary B) Primary C) Secondary

Answer 10

B) Primary

Question 12

What is the tertiary sector?

Answer 12

The tertiary sector is the segment of the economy that provides services to consumers and businesses.

Question 13

True or False: The tertiary sector includes manufacturing and agriculture.

Answer 13

False: The tertiary sector does not include manufacturing and agriculture; those are part of the secondary and primary sectors, respectively.

Question 14

Name one major challenge facing the tertiary sector.

Answer 14

One major challenge is the increasing competition from digital services and e-commerce.

Question 15

Fill in the blank: The tertiary sector is also known as the _____ sector.

Answer 15

service

Question 16

What role does technology play in the challenges of the tertiary sector?

Answer 16

Technology can lead to job displacement and requires continuous adaptation and skills upgrading.

Question 17

Multiple Choice: Which of the following is a challenge specific to the tertiary sector? A) Resource depletion B) Service quality C) Crop yield D) Factory output

Answer 17

B) Service quality

Question 18

How does customer satisfaction impact the tertiary sector?

Answer 18

Customer satisfaction is crucial as it directly affects repeat business and brand reputation.

Question 19

True or False: Outsourcing is a common strategy used in the tertiary sector to reduce costs.

Answer 19

True

Question 20

What is the significance of globalization for the tertiary sector?

Answer 20

Globalization increases competition and expands market opportunities but also raises challenges related to local adaptation.

Question 21

Fill in the blank: The tertiary sector often requires a _____ workforce to provide specialized services.

Answer 21

skilled

Question 22

Multiple Choice: Which of these is NOT a part of the tertiary sector? A) Healthcare B) Retail C) Mining D) Education

Answer 22

C) Mining

Question 23

What is one effect of economic downturns on the tertiary sector?

Answer 23

Economic downturns can lead to reduced consumer spending and a decline in demand for services.

Question 24

True or False: The tertiary sector is the fastest-growing sector in many economies.

Answer 24

True

Question 25

What is meant by 'service innovation' in the context of the tertiary sector?

Answer 25

Service innovation refers to the development of new or improved services to meet consumer needs and enhance competitiveness.

Question 26

How does demographic change pose a challenge to the tertiary sector?

Answer 26

Demographic changes can alter service demand patterns and require adaptation to new consumer preferences.