2 external_environment_economic_sectors

2 external_environment_economic_sectors - tutor2u GCSE...

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Unformatted text preview: tutor2u GCSE Business Studies Economy business sectors Business activity is the process of transforming inputs into outputs by adding value. There are three main sectors of business activity: f Primary sector Involves the extraction and production of raw materials, such as coal, wood and steel. A coal miner and a fisherman would be workers in the primary sector. f Secondary sector Involves the transformation of raw materials into goods e.g. manufacturing steel into cars. A builder and a dressmaker would be workers in the secondary sector. f Tertiary sector Involves the provision of services to consumers and businesses, such as cinema and banking. A shopkeeper and an accountant would be workers in the tertiary sector. Goods move through a chain of production . The chain of production follows the construction of a good from its extraction as a raw material through to its final sale to the consumer. So a piece of wood is cut from a felled tree (primary sector), made into a table by a carpenter (secondary) and finally sold in a...
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This note was uploaded on 05/20/2010 for the course BUSINESS Exertnal E taught by Professor N/a during the Spring '10 term at Open Uni..

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2 external_environment_economic_sectors - tutor2u GCSE...

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