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Sectors of The Economy

Sectors of The Economy. AS Business Studies. Aims and Objectives. Aim: Understand industrial sectors Objectives: Define industrial sectors Explain the structure of industrial sectors Analyse ease/difficulty of adding value in each sector. Starter.

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Sectors of The Economy

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  1. Sectors of The Economy AS Business Studies

  2. Aims and Objectives Aim: • Understand industrial sectors Objectives: • Define industrial sectors • Explain the structure of industrial sectors • Analyse ease/difficulty of adding value in each sector

  3. Starter • Name the three sectors in which businesses operate?

  4. Primary Sector The extraction of resources at the first stage of production, involving resources such as land and raw materials. E.g. farming

  5. Secondary Sector The transformation of goods and resources to produce finished goods and components. E.g. car manufacture

  6. Tertiary Sector Transformation of resources to provide a service, which is why it is referred to as the service sector. E.g. retailing. 75% of UK economic output!

  7. Quaternary Sector Industries whose main purpose is the transformation of information. E.g. consultancy

  8. UK’s Industrial Sectors • UK is extremely reliant on service sector for employment and output. • Majority is made up of retail and financial services. (75%) • For UK to grow economically we need the service sector to grow! • Primary and Secondary sectors have declined – process of deindustrialisation • http://www.bbc.co.uk/news/business-18231946

  9. Which Businesses Are Pulling The UK Economy Out of Recession? • Two significant points of comparison.

  10. Ways of Adding Value • In three columns list different examples as to how businesses in each sector could add value to their goods/services.

  11. Ways of Adding Value • Is it more difficult to add value in certain sectors than others? • Is it easier to add value to a car then a haircut?

  12. Q1 Which of these is not in the tertiary sector? A Banking and Insurance B Online Publishing C Law and Accountancy c D Cement Production

  13. Q2 The process of declining manufacturing in developed economies is known as: A Nationalisation B Privatisation C Outsourcing c D Deindustrialisation

  14. Q3 Which of these is in the primary sector? A Vehicle Assembly B Pharmaceutical Research C Legal Services c D Crop Production

  15. Q4 An automotive business like Jaguar Land Rover operates mainly in the: A Primary Sector B Tertiary Sector c C Secondary Sector D Public Sector

  16. Q5 Which sector is usually biggest in developed economies like the UK and USA: A Primary Sector c B Tertiary Sector C Secondary Sector D Financial Sector

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