Business Management Unit 1

Primary sector

the part of the economy engaged in extraction (such as of minerals or oil) or production of raw materials (farming, fishing, forestry, raising livestock, and quarrying)

Secondary sector

the part of the economy engaged in the production of finished goods (ie the manufacturing sector of the economy)

Tertiary sector

the part of the economy enganged in the delivery of services, such as banking, healthcare and restaurants.

Quaternary sector

the part of the economy engaged in the production, processing and transmission of information.

Private sector

The portion of an economy not controlled or owned by the government.

Public sector

Those portions of the economy owned or controlled by the government, such as government services, public schools, and state-owned corporations.

Sole trader

A business owned and operated by one person. No legal distinction exists between the business and the owner (owner has unlimited liability for the liabilities of the business; business ceases to exist when the owner dies).

Partnership

A business owned and operated by two or more people. No legal distinction exists between the business and the partners, each of whom are legally responsible for 100% of the liabilities of the partnership.