Business Activity/Economic Sectors

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5 Terms

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Land

Natural resources provided by nature

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Labour

The number of workers taken to produce a goods or service

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Capital

Finance, Machinery and Equipment used to produce a product

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Enterprise

Skill and risk taking ability in the person that brings together the factors of production

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Types of Sectors

  • Primary Sectors - Involves the extraction and harvesting of natural resources

  • Secondary Sector - Involves the use natural resources from primary sector to produce goods

  • Teritiary Sector - Provides Services


  • Public Sector - Organizations owned and controlled by private indiviuals

  • Private Sector - Organizations owned and controlled by the goverment