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Classification of business - Coggle Diagram
Classification of business
The 3 sectors
Primary sector
Extract raw materials from land or sea.
Ready to be used by other industries.
Secondary sector
Takes raw materials and transforms them into products.
Factories make products.
Construction industry produces buildings.
Tertiary sector
Sells finished products and services to the customer.
Market economy
Goverment has no role at all.
Supply and demand rule the market.
People and businesses answer the economic question for society.
Mixed economy
This economy is common nearly in all countries.
Mix between a command economy and market economy.
Government participates in making economic decisions.
Individual consumers and firms participate in making economic decisions as well.
Private sector
Forms of business that are run by private individuals or groups.
Have shareholders that want to generate large amounts of money, also are often profit driven.
Public sector
Run and funded by the country's government.
Use taxation to help fund services and are criticised if they don’t spend money effectively.