Do now Open up computers to Google Table on business types What defines a small business?

Learning intentions Students will be able to: Explain common legal forms of business in Australia with reference to management & ownership, liability and taxation arrangements. Identify examples of collectives, franchises, sole traders, partnerships, private and public companies Categorise businesses by their main ‘activity’ Last lesson we spoke a bit about what a ‘small business’ was. It’s hard to focus on these without having an appreciation for what other forms of business organisations are out there.

Categorising Industries Primary industries Secondary industries Tertiary Quaternary Quinary Handout

Primary industries These industries produce raw materials like wheat, wool and meat and make use of natural resources such as minerals and forests. In the past: Primary industry was the leading sector in Australian industry. People used to say that Australia's economy was `riding on the sheep's back'. Right now: Natural resources are no longer viewed as limitless and the industry is trying to balance using resources and looking after them so they will still be around in the future (sustainable development). There is also a trend to lower employment in farming. Handout

Secondary industries This is the manufacturing industry, where basic materials are turned into saleable products, such as the production of clothing from cotton or wool or the manufacture of electronics or machines. In the past: Secondary industry played a powerful economic role, fuelled by the waves of migration of the 1950s and 1960s. Right now: Increased overseas competition, trade, and the phasing out of tariff protection has reduced this industry. Employment has been reduced, but there is growth in `knowledge-intensive industries' such as computer manufacturing and bio- engineering. Handout

Tertiary industries The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theater, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law. Handout

Quaternary industries The quaternary sector consists of those industries providing information services, such as computing, ICT (information and communication technologies), consultancy (offering advice to businesses) and R&D (research, particularly in scientific fields). Handout

Quinary industries This industry includes hospitality, health and social assistance, personal and other services Handout