1. Industry Sectors
A way to classify business is based on the type of activity they undertake. Businesses conducting similar types of activities can be grouped into an industry.
There are four main types of industry:
Primary Secondary
Tertiary Quaternary
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2. Primary Sector
Primary industries are those that produce raw materials and exploit natural resources.
Examples of industries are; wool, wheat, meat, mining, fishing, logging.
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3. Secondary Sector
Businesses in secondary industries take the output from primary industry and turn it into saleable products eg. making clothing from wool, combining iron ore, coal and limestone to produce steel, making paper from woodchips.
All of manufacturing, processing, and construction is in the secondary sector.
Secondary products can be semi-finished such as fabric and steel or finished such as clothing and cars.
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4. Tertiary Sector
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, restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.
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5. Quaternary Sector
The quaternary sector of the economy consists of businesses working with information. In the past this sector was considered part of tertiary industry but now has grown from a support service to a large industry on a global scale.
Activities associated with this sector include government, culture, libraries, scientific research, education, and information technology.
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