7115 · 1.2
Classification of businesses
**Classification of businesses** (1.2) — primary, secondary and tertiary sectors. Classify the **case firm** quickly, and mention **structural change** when a country's sectors shift.
Need to know
What you need to know
- Involves extraction of raw materials (e.g., farming, mining, fishing).
- Often the dominant sector in developing countries in terms of employment.
- Output serves as the input for the secondary sector.
- Highly susceptible to environmental factors and global commodity price fluctuations.
Explanation
Classification of businesses
- Involves extraction of raw materials (e.g., farming, mining, fishing).
- Often the dominant sector in developing countries in terms of employment.
- Output serves as the input for the secondary sector.
- Highly susceptible to environmental factors and global commodity price fluctuations.