Business theory key concepts

The primary stage of production is concerned with

• providing services to consumers

• growing crops and extracting natural resources

• transporting goods to final consumers

• changing natural resources into finished goods

Which one ot the following businesses would be classified as being in the secondary sector?

• fishing business

• air taxi business

• tour operating business

• furniture manufacturer

Firms whose business activity involves the extraction of natural resources

• Primary

• Secondary

• Tertiary

• Quaternary

Firms that supply a service to consumers and other businesses

• Primary

• Secondary

• Tertiary

• Quaternary

Firms that process and manufacture goods from natural resources

• Primary

• Secondary

• Tertiary

• Quaternary

Firms that work for the intellectual branch of research and development

• Primary

• Secondary

• Tertiary

• Quaternary

Which business activity below is an example of Tertiary sector?

• Refining

• Construction

• Cinema

• Mining

Which business activity below is an example of the Secondary sector?

• Bank

• Refining

• Fishing

• Travel agency

Which business activity below is an example of the Primary sector?

• Airline company

• Theatre

• Mining

• education

the Tertiary sector of industry is the most important sector in high income (developed) countries because

• agricultural output is more important than services

• workers are employed in manufacturing in these countries

• they use most of their income to buy manufactured goods

• consumers' incomes are high so they spend more on services