Chapter 2 - review, exam style | Baamboozle - Baamboozle

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Explain two reasons for the declining primary sector.

(1) Mechanisation reduces need for agricultural workers. (2) Economic development shifts demand to manufacturing and services.

Outline two ways in which a window cleaning business can be classified.

(1) Tertiary sector business (providing a service). (2) Private sector (owned by individuals).

Define 'privatisation'.

The transfer of ownership of a business from the public sector to the private sector.

Define 'primary sector'.

The sector of the economy that extracts and uses natural resources (e.g. farming, fishing, mining).

Should important services (transport/education) be in the private sector?

Arguments for: efficiency, innovation, less tax burden. Against: risk of inequality, profit motive over public interest.

Explain two reasons for growth of the tertiary sector.

(1) Rising incomes increase demand for leisure/financial services. (2) Growth of multinational service firms (e.g. retail, IT).

Define 'secondary sector'.

The sector of the economy that manufactures goods using raw materials (e.g. car manufacturing, construction).

Outline two ways in which a construction company can be classified.

(1) Secondary sector (construction of buildings/roads). (2) Private sector (privately owned).

State two examples of leisure businesses that operate in the tertiary sector.

Gyms, cinemas, theme parks, sports clubs, travel agencies (any two).

Define 'public sector'.

Organisations owned and controlled by the government, providing goods and services.

Define 'private sector'.

Businesses owned and run by individuals or groups of individuals, not the government.

Should important services (healthcare/education) always be in the public sector?

Arguments for: equal access, affordability, merit goods. Against: private sector can improve efficiency and reduce government cost.