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Business in the Real World

Business sectors, entrepreneurs and a changing business environment

  • 3 things to know
  • Both papers

Overview

The primary, secondary and tertiary sectors and how they link, what makes an entrepreneur and why they take risks, their objectives, and why the business environment keeps changing.

What you need to know

Answer each one before you reveal it.

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Key term

What is the primary sector?

Key term

What is the secondary sector?

Key term

What is the tertiary sector?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What is the primary sector?

    Model answer

    The primary sector extracts natural resources from the earth. Farming, fishing, mining and forestry are examples.

  2. 2

    What is the secondary sector?

    Model answer

    The secondary sector turns raw materials into finished goods. Manufacturing and construction are examples.

  3. 3

    What is the tertiary sector?

    Model answer

    The tertiary sector provides services to customers and other businesses. Retail, banking, hairdressing and tourism are examples.

  4. 4

    Which sector employs most workers in the UK today?

    Model answer

    The tertiary sector employs by far the most workers in the UK. Services make up about four-fifths of UK output.

  5. 5

    How do the three sectors link together in making a product such as bread?

    Model answer

    A farmer grows wheat in the primary sector, and a bakery makes bread in the secondary sector. A supermarket sells the bread in the tertiary sector.

  6. 6

    What is enterprise?

    Model answer

    Enterprise is the willingness to take risks and use initiative to start or develop a business. Enterprise involves spotting and acting on opportunities.

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Business in the Real World
Influences on Business
Business Operations
Human Resources

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AThe business pays more interest on the money it owes.
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