Quizlet Business Studies: Types of Business Activities

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  1. Capital-intensive business: Use a high proportion of capital equipment to produce their output
  2. De-industrialization: Relative decline in the importance of a country's secondary sector
  3. External Growth: Business growth achieved by merging with or taking over other businesses.
  4. Free Market Economy: All resources are privately owned. Prices are determined by supply and demand
  5. Internal Growth: Business growth achieve by expanding the existing business. e.g. Car factory extending to raise capacity.
  6. Labour-intensive business: Use a high proportion of labour to produce their output.
  7. Mixed Economy: has both a private and a public sector.
  8. Planned Economy: All resources are owned by the government which also takes all major economic decisions
  9. Primary Industries: Industries that extract and exploit the natural resources of the earth.
  10. Private Sector: The sector of the economy in which organizations are owned and controlled by individuals
  11. Privitization: The sale of state-owned assets such as public corporations to the private sector
  12. Public Sector: The sector of the economy in which organizations are owned and controlled by the state
  13. Secondary Industries: Industries that manufacture goods made from the raw materias provided by the primary sector
  14. Tertiary Industries: Industries that provide services to consumers and other sectors of industry