Business Studies Chapter 1 (Business Environments) part 1

Explain the Public and Private Sectors

• .Owned by the Government .Has collective goods

• Owned by private Entrepreneurs

• Aim is to satisfy customer's needs and wants

• Owned By Cuba

Formal Sector + Informal Sector= ?

• A good Government

• The Private Sector

• Legal persona

• Business

Name some Characteristics of the Formal Sector

• Legal Businesses pay tax and are included GDP of South Africa

• Have Fixed Locations

• Are in Cambodia

Characteristics of the Informal Sector

• Not registered

• Not in Fixed Locations

• Used to alleviate poverty

• Are Illegal

Name the 5 economic sectors

• Primary Sector Secondary sector Tertiary sector Quaternary sector Quinary sector

• Primary Sector Toy making sector Quinary sector

  Quaternary sector Secondary sector

• Coffee Sector

• Primary Sector Tertiary sector Quinary sector

  Quaternary sector Secondary sector

Primary Sector- Raw materials,

What happens in the Secondary sector?

Answer explanation

Raw materials are turned into manufactured Materials

What Happens in the Tertiary Sector?

Answer explanation

Goods and Services are sold e.g retail businesses

What Happens in the Quaternary sector?

Answer explanation

Intellectual activities and knowledge-based activities aimed at future growth and development e.g education, management

What is the Quinary sector?

Answer explanation

An Extension of the Quaternary sector e.g Universities, businesses