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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
primary sector of an industryextracts and uses natural resources from the earth and produces raw materials used by other businesses EXP mining fishing farming
secondary sector of an industrymanufactures goods using raw materials provided by the primary sector EXP building/construction computers airraft
tertiary sector of an industryprovides services to the consumers and the other sectors of industry EXP travel agency insurance hairdressing banking
De-industrializationwhen there is a drop in the secondary manufacturing sector of an industry
mixed economyboth have public and private sectors
private sectorbusinesses are not owned by governments. the businesses make their own decisions like what to make how to make and for what price. There is some government control
public sectorgovernment or state owned businesses. the government or public authority makes decisions for the company like what to produce how to produce it and for what price. Some goods and services are free of charge to the consumer like lie health care and education. Money comes in from the taxpayers
capitalis the money invested into the business by the owners
Advantages for private sector.raising more money by selling shares on the stock market .Easy to growth and diversify
`Disadvantages for private sector.Threat of takeover .arguments on how to run the company .difficult to pursue other objectives other than increasing profits