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Business Structure Vocabulary
22 cards·by girtmanb
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Primary sector business activity
Firms engaged in farming fishing
Secondary sector business activity
Firms that manufacture and process products from natural resources
Tertiary sector business activity
Firms that provide services to consumers and other businesses
Private sector
Comprises businesses owned and controlled by individuals or groups of individuals
Public sector
Comprises organizations accountable to and controlled by central or local government (the
state)
Mixed economy
Economic resources are owned and controlled by both private and public sectors
Free-market economy
Economic resources owned largely by the private sector with very little state intervention
Command economy
Economic resources owned
Sole trader
a business in which one person provides the permanent finance and
Partnership
A business formed by two or more people to carry on a business together
Primary sector business activity
Firms engaged in farming fishing, oil extraction and all other industries that extract
natural resources
Secondary sector business activity
Firms that manufacture and process products from natural resources, including computers,
brewing, baking, clothes making and construction