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Flashcards in UB - Role of Business in Society Deck (3)
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1

What are the sectors of industry?

Primary - extraction of raw materials
Secondary - manufacture of goods from raw materials
Tertiary - Services and skills provided to consumer
Quaternary - Businesses which provide information and support services

2

What are the sectors of the economy?

Private - businesses in this sector aim to provide a good/service to make a profit
Public - businesses in this sector aim to provide a service to citizens (often owned/rub by the government)
Third - businesses in this sector aim to support a cause by raising funds for it through the sales of goods/services

3

What is wealth creation?

When value is added to product as it moves through the production process