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Business Studies > Economic Sectors > Flashcards

Economic Sectors Flashcards

1
Q

What is the primary sector?

A

The primary includes the extraction of raw materials.

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2
Q

Give examples of activities in the primary sector.

A

Agriculture, forestry and mining.

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3
Q

What is the secondary sector?

A

The sector where the production process takes place.

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4
Q

Give examples of activities in the secondary sector.

A

Construction, manufacturing of food and manufacturing of electricity.

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5
Q

What is the tertiary sector?

A

This sector involves the retail and wholesale operations. Products and services are ready for consumption.

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6
Q

Give examples of activities performed in the tertiary sector.

A

Real estate, finance industries and clothes.

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7
Q

Name the four different types of natural resources in SA’s primary sector.

A
  1. Minerals like coal, gold, diamonds, iron deposits and platinum.
  2. Fresh water (scarce though)
  3. Favourable climate for mealies, sugar, oranges, wheat, grapes etc.
  4. Long coastlines for fishing
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8
Q

How can we preserve natural resources?

A
  1. As soon as trees are chopped down, new ones must be planted.
  2. Gov should build dams and promote other ways to conserve water.
  3. People should not waste or pollute water.
  4. Businesses should recycle paper, glass and plastic.
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9
Q

What type of skills does the primary sector need?

A
  1. Manual labour (for physical work)
  2. Workers needed to operate machines (workers require some training)
  3. Highly skilled people still needed for planning, organising and leadership roles.
    Mostly unskilled workers.
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10
Q

What type of activities take place in the secondary sector?

A
  1. Construction
  2. Manufacturing of food
  3. Car manufacturers
  4. Clothing manufacturers
  5. Furniture makers
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11
Q

Which sector offers the most jobs in South Africa?

A

The secondary sector

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12
Q

What type of labour is needed in the secondary sector?

A

Semi skilled labour who have received specialised or specific training. There is often a lot of repetition of the same task.
There are however many workers who are educated in this sector like plumbers or electricians.

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13
Q

What type of activities take place in the tertiary sector?

A

This sector includes the sale of all goods and services.
For example:
1. Wholesalers like Makro buy bulk quantities from factories and then sell reduced quantities to retailers and they sell them to the public,
2. Some businesses buy directly from the manufacturers. Eg: Mr Price
3. Other businesses sell their services. Eg: doctors

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14
Q

Which sector contributes to SA’s economy the most?

A

The tertiary sector.

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15
Q

What type of skills are required in the tertiary sector?

A

Well educated individuals. This sector has the least number of jobs as many people do not have the qualifications. Uneducated people who work in this sector typically work in what is called the informal sector.
Skills required in this sector include:
1. Creative thinking and problem solving skills
2. Computer literacy
3. Teamwork, tolerance and a high EQ

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16
Q

What is economic growth?

A

When a countries Gross Domestic Product grows from one year to the next

17
Q

What is GDP (Gross Domestic Product)

A

The total amount of final products and services that are produced within the country’s borders in a period of a year.

18
Q

What is economic development?

A

When the average GDP improves and majority of people in the country experience a higher standard of living.

19
Q

How should the three sectors be managed to increase the real GDP per capita?

A
  1. Human capita (labour force) should be up-skilled. Control over population growth: population is currently growing faster than the economy.
  2. Natural resources need to be preserved and used sustainably.
  3. Capital formation~people must save money for banks to have funds available for businesses.
  4. Try to decrease Structural Unemployment (unemployment caused by the advancement of technology)
  5. Encourage institutions which focus on bringing economic growth and development.
20
Q

Write the following acronyms in full:

  1. PPP
  2. IDC
  3. DBSA
  4. SBDC
  5. RDP
  6. GEAR
  7. ASGISA
  8. NGP
  9. NDP
A
  1. Private public partnerships
  2. Industrial development corporation
  3. Development bank of Southern Africa
  4. Small business development corporation
  5. Reconstruction and development program
  6. Growth employment and redistribution
  7. Accelerated and shared growth of South Africa
  8. New growth path
  9. National development plan
21
Q

What kind if businesses does the formal sector consist of?

A

Businesses that pay tax which the government is aware of. They are included when GDP is calculated.

22
Q

What is the informal sector?

A

The informal sector is the unrecorded portion of the economy. They are not included when GDP is calculated.

23
Q

What are the characteristics of the informal sector?

A
  1. Economic activities are not included in the GDP
  2. Many people can’t find jobs in the formal sector and create their own jobs in the informal sector.
  3. Lack of education contributes to why people work in the informal sector.
  4. Activities in this sector can be legal (spazas) or illegal (drug selling)
24
Q

What are the advantages of the informal sector?

A
  1. Capital requirements to start a business in this sector are small because limited stock and equipment is needed.
  2. Some activities in this sector develop to such a degree that some traders eventually become part of the formal sector and pay tax.
25
Q

What are the 5 public sector initiatives?

A
  1. GEAR
  2. RDP
  3. NDP
  4. NGP
  5. ASGISA
26
Q

Name four forms of ownership.

A
  1. Sole ownership
  2. Partnership
  3. Public company
  4. Private company (Pty Ltd)

Business Studies (6 decks)

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