Business Sectors And Environments Flashcards
(14 cards)
1
Q
What is the meaning of business sectors?
A
Subdivisions of economic activities
2
Q
List the types of business sectors
A
- primary
- secondary
- tertiary
3
Q
Explain the primary sector
A
- extraction of raw materials and natural resources
- responsible for extraction of raw material from nature
- natural resources, which aren’t man-made, are extracted from this sector
4
Q
Examples of resources extracted from primary sector
A
- coal
- gold
- fish
- livestock
- wood
5
Q
Give examples of businesses in the primary sector
A
- mining
- fishing
- agriculture
- forestry
6
Q
Explain the secondary sector
A
- responsible for changing raw materials acquired from P into useful products
- business buys raw materials from suppliers and turns them into finished products
- involves actual manufacturing of items
7
Q
Give examples of businesses in the secondary sector
A
- factories
- construction
- energy generation
8
Q
Give examples activities done in secondary sector
A
- manufacturing
- clothing
- food processing
- building
- construction
9
Q
Explain the tertiary sector
A
- renders services to the public and businesses
- provides services and brings finished products to final consumer
10
Q
Give examples of services in tertiary sector
A
- transport
- banking
- legal
- health
- education
11
Q
Give examples of activities done in tertiary sector
A
- distribution
- banking
- insurance
- tourism
- transportation
- entertainment
- retail
- legal services
12
Q
Challenges of the micro environment
A
- difficult employees
- lack of vision and mission
- lack of adequate management skills
- unions
- strikes and go-slows
- skills shortages among employees
- high employee turnover
- employee absenteeism
13
Q
Challenges of the market environment
A
- competition
- shortage of supply
- changes in consumer behaviour
- demographics and psychographics
- socio-cultural factors
14
Q
Challenges of the macro environment
A
- change in income levels
- political changes
- contemporary legislation
- labour restrictions
- micro lending
- globalization
- social values and demographics
- socio-economic issues
