Ans: Businesses that operate in the public sector and are owned by the government
They were established to provide collective goods & services to people in the country
They are funded by taxes
2). Collective goods
Ans: Infrastructure of a country
Eg: Government hospitals, schools, police, etc
3). Private sector business
Ans: Operate in the private sector and are owned by private individuals
Aim to satisfy customers and generate profit
4). Private sector sections
Ans: Divided into Formal & Informal Sections
5). Formal private sector
Ans: Businesses administered according to the laws of the country as determined by
the government.
They pay tax and contribute to the GDP
6). Informal private sector
Ans: Businesses that are private but do not follow government guidelines
They do not pay tax or contribute to GDP
7). Primary sector
Ans: Section of the economy concerned with extraction & harvesting of raw materials
from the Earth
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, (Crops, Animals, Uncut Diamonds)
Usually low-skilled jobs = Manual Labour
8). Secondary sector
Ans: Converts primary resources to manufactured goods and are used in construction
9). Tertiary sector
Ans: Concerned with selling the items manufactured/constructed in the secondary
sector
Ans: Extension of Quaternary Sector
Decision making at highest level of society - Government decisions, Top management
operations
12). Business definition
Ans: Specific processes that add value to an economic society and/or to the particular
country in which it operates
13). Characteristics of a successful business
Ans: Strong Leadership
Focus on creating a competitive advantage
Satisfy needs & wants of target market
Use resources sustainably
Responsible, accountable and transparent
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