Classification of Business

Vocabulary flashcards covering the definition of a business and the three business sectors: primary, secondary, and tertiary.

Business

An organisation that produces or provides goods and services to satisfy people's needs and wants, usually to make a profit.

Primary sector

The business sector that involves extracting or collecting raw materials from nature (e.g., farming, fishing, mining, and forestry).

Secondary sector

The business sector that involves turning raw materials into finished or semi-finished products (e.g., manufacturing cars, baking bread, and building houses).

Tertiary sector

The business sector that involves providing services to people and other businesses (e.g., banking, teaching, transport, tourism, and hairdressing).