topic 1: Business and Management

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economy

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14 Terms

1

economy

A system for producing and provisioning or distributing goods and services among a group of people

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2

primary sector

A section of an economy that extracts materials (minerals, oil, etc.) or harvests products from the Earth.

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3

secondary sector

The area of economic activity that produces finished goods through manufacturing.

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4

tertiary sector

The area of economic activity that provides services.

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5

quaternary sector

The area of economic activity involved with knowledge and the movement of information.

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6

supply chain

The steps involved in creating finished goods.

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7

privately held company

A company that is privately owned and often has family or friends as the shareholders; the shares are not sold to the wider public and are not traded on a stock exchange.

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8

public company

A company that is publicly owned and and has many shareholders who can buy and sell their shares through a stock exchange.

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9

dividends

A portion of a businessā€™s profits distributed to the owners/shareholders.

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