UB1 : Role of Business in Society Flashcards
Name the four sectors of industry
Primary
Secondary
Tertiary
Quaternary
Describe the Primary Sector & give examples
The Primary sector of industry involves businesses which extract natural resources (raw materials) from the earth.
For example; Fishermen, Farmers, Oil drilling & Coal miners.
Describe the Secondary Sector of industry & give examples
The Secondary sector of industry involves all the manufacturing industries and construction.
For example: Shipbuilding, Construction, Factories & Food production.
Describe the Tertiary Sector & give examples
The Tertiary industries involves providing services for us rather than goods.
For example; Shops, Hotels, Hairdressers, Banks, Education etc.
Describe the Quaternary Sector and give examples of businesses which would operate in this sector
The Quaternary industries provide a knowledge-based and information service. Businesses in this sector would provide support for organisations, this includes scientific or technological research and development and education.
For example; IT consultants, Consultancy and Research & Development (R&D).
Name the three Sectors of Economy
Private
Public
Third
What type of organisations would exist in the Private Sector?
Sole Traders, Partnerships, Public & Private Limited Companies, Franchises & Multinationals.
Who are Private Sector Organisations owned and controlled by?
Controlled by a board of directors
Owned by shareholders
Limited liability
Financed by shares
What are the aims of Private Sector Organisations?
Maximise profits, fill gaps in the market and expand the business.
What types of organisations would exist in the Public Sector and what would they aim to do?
Government-owned organisations which aim to provide a service to society and make good use of the taxpayers’ money and provide the services needed.
Who owns and controls Public Sector Organisations?
Owned by the government, controlled by government-appointed managers and financed by taxes.
Name the types of organisations that would be in the Third Sector of the economy.
Charities, voluntary organisations and social enterprises.
What are Third Sector Organisations set up to do?
Set up to provide goods or services to benefit others.
Who controls and owns Third Sector Organisations?
Controlled by trustees, not owned by any individual or group but the trustees can be liable and financed through donations.
