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1 REVISION NOTES
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Primary sector
Primary sector involves changing natural resources into primary products
The primary sector of the economy extracts or harvests products from the earth
Examples:
Fishing, Mining
Farming, Forestry
Secondary sector
Secondary sector converts the primary goods into manufactured goods
The secondary sector of the economy manufactures finished goods.
Examples:
Construction
Textile production
Processing
Tertiary sector
Tertiary sector is the service industry.
This sector makes the lives of people much easier by providing services
Examples:
Banking
Hair cutting
Teaching
Number of employees
A capital intensive firm will employ less employees, but achieve high output and sales because the work
will be done by the machines
Capital employed
A labor intensive firm might not invest in machinery and employ more employees but still achieve high
output and sales
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www.fetsystem.com [IGCSE BUSINESS STUDIES SECTION 1.1 REVISION NOTES
Profit
Very large firms do not make high profits because of various factors which include (government policies,
bad governance)
Value of output and sales
A firm might be selling expensive products which achieves high output and sales
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