Business Studies Revision

Firms whose business activity involves the extraction of natural resources.

• Primary

• Secondary

• Tertiary

Firms that supply a service to consumers and other businesses.

• Primary

• Secondary

• Tertiary

Firms that process and manufacture goods from natural resources

• Primary

• Secondary

• Tertiary

Which business activity below is an example of Tertiary sector?

• Refining

• Construction

• Cinema

• Mining

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

• Refining

• Airlines

• Banks

• Mining

The primary stage of production is concerned with

• growing crops and extracting the earth's natural resources
• providing services to consumers and industry
• converting raw materials into finished goods
• transporting goods to the final consumer

The tertiary sector of industry is the most important sector in high income countries because

• agricultural output is more important than services
• they use most of their income to buy manufactured goods
• workers are employed in manufacturing in these countries
• consumers' incomes are high so they spend more on services

Which following businesses would you classify as being in the secondary sector of industry?

• An oil exploration company
• A family run farm business
• A taxi operating business
• A shoe manufacturer

Which of the following is the best definition of privatisation?

• When private limited companies convert into public companies
• When a partnership converts into a private limited company
• When a state owned industry is sold to the private sector
• When a private sector firm is purchased by the government

The advantage of a person becoming an entrepreneur is:

• more money'll always be earned than working for an employer
• there is more independence than when working for an employer 
• Less risk of business failure 
• no oppotunity cost involved in becoming anentepeneur