| primary sector of an industry | extracts and uses natural resources from the earth and produces raw materials used by other businesses EXP mining fishing farming |
| secondary sector of an industry | manufactures goods using raw materials provided by the primary sector EXP building/construction computers airraft |
| tertiary sector of an industry | provides services to the consumers and the other sectors of industry EXP travel agency insurance hairdressing banking |
| De-industrialization | when there is a drop in the secondary manufacturing sector of an industry |
| mixed economy | both have public and private sectors |
| private sector | businesses are not owned by governments. the businesses make their own decisions like what to make how to make and for what price. There is some government control |
| public sector | government or state owned businesses. the government or public authority makes decisions for the company like what to produce how to produce it and for what price. Some goods and services are free of charge to the consumer like lie health care and education. Money comes in from the taxpayers |
| capital | is the money invested into the business by the owners |
| Advantages for private sector | .raising more money by selling shares on the stock market
.Easy to growth and diversify |
| `Disadvantages for private sector | .Threat of takeover
.arguments on how to run the company
.difficult to pursue other objectives other than increasing profits |
