level: 1.2 Classification of Businesses
Questions and Answers List
level questions: 1.2 Classification of Businesses
| Question | Answer |
|---|---|
| Uses the natural resources to produce raw material used by other businesses | Primary Sector |
| Make goods using the raw materials provided by the primary sector | Secondary Sector |
| Provides goods and services to consumers and other sectors of the industry | Tertiary Sector |
| No government involvement | Market economy |
| Production decisions are made by the government | Command economy |
| Mix of the market economy and command economy | Mixed economy |
| Run by the government to provide a service for community without profit | Public sector |
| Run and own by private individual to provide a service of community with profit | Private sector |
| Public sector was sold to private sector | Privatization |
| Private sector was sold to the government | Nationalization |