Scribd Logo
Upload

Welcome to Scribd!

  • Classification of Businesses - Lesson 2

    Uploaded by

    Vimansa Jayakody
    4 views1 page
    Businesses can be classified in two main ways: based on ownership and based on activity. Classification based on activity includes the primary sector (agriculture, mining, etc.), secondary sector (manufacturing), and tertiary sector (services). Developing countries have most workers in the primary sector and lower standards of living, while developed countries have more workers in secondary and tertiary sectors and import primary products. The types of economies are free market, command, and mixed.

    Original Description:

    Original Title

    Classification of businesses - lesson 2

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Businesses can be classified in two main ways: based on ownership and based on activity. Classification based on activity includes the primary sector (agriculture, mining, etc.), secondary sector (manufacturing), and tertiary sector (services). Developing countries have most workers in the primary sector and lower standards of living, while developed countries have more workers in secondary and tertiary sectors and import primary products. The types of economies are free market, command, and mixed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views1 page

    Classification of Businesses - Lesson 2

    Uploaded by

    Vimansa Jayakody
    Businesses can be classified in two main ways: based on ownership and based on activity. Classification based on activity includes the primary sector (agriculture, mining, etc.), secondary sector (manufacturing), and tertiary sector (services). Developing countries have most workers in the primary sector and lower standards of living, while developed countries have more workers in secondary and tertiary sectors and import primary products. The types of economies are free market, command, and mixed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    2) CLASSIFICATION OF BUSINESS

    Businesses could be classified based on many categories. Two of them are:

    1. Based on ownership

    2. Based on activity
    i. Primary sector
    ii. Secondary sector
    iii. Tertiary sector
    DEVELOPING VS DEVELOPED COUNTRIES
    Developing countries Developed countries
    -most workers in the primary sector, less -most workers in the secondary and tertiary
    workers in secondary or tertiary sector. sector, less workers in primary sector.
    -low income and low living standard -many primary and some secondary sector
    countries products are mostly imported
    -little demand for services such as transport, -higher output from tertiary sector
    hotels, insurance etc. -high income and living standards
    -higher output of primary sector products -high demand for services such as transport,
    such as agricultural products, fish, mining etc. hotels, insurance etc.

    TYPES OF ECONOMIES
    Free market economy Command economy Mixed economy
    • Resources owned and • Resources owned and • Resources are owned
    controlled by private controlled by and controlled by both
    individuals government or state. private sector and
    • (private sector) • (public sector) public sector

    You might also like