topic 1: Business and Management

economy

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

primary sector

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

secondary sector

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

tertiary sector

The area of economic activity that provides services.

quaternary sector

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

supply chain

The steps involved in creating finished goods.

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.

public company

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

dividends

A portion of a business’s profits distributed to the owners/shareholders.