Types of Business Activity

Pregunta	Respuesta
Levels of business activity	The three main stages which are typical to nearly all production.
Primary Sector	of industry extracts and uses the natural resources from the earth.
Secondary Sector	of industry manufactures goods using the raw materials provided by the primary sector.
Tertiary Sector	of industry provides services to consumers and the other sectors of industry.
De-industrialisation	occurs when there is a decline in the importance of the secondary (or manufacturing) sector of industry in a country.
Free market economy	has no government control over factors of production.
Command Economy	Does not have a private sector as all resources are owned by the state.
Mixed Economy	Has both a private sector and a public sector.
Monopoly	A business which controls all of the market for a product.
Private sector	Made up of businesses not owned by the government.
Public sector	Made up of government, or state-owned, businesses and controlled businesses and organisation.
Privatisation	The transfer of ownership of businesses from the government to the private sector.
Nationalisation	The process of taking a private industry into public ownership by a national government or state.
Capital	The money invested into a business by its owners.
Internal Growth	When a business expands its existing operations.
External Growth/Intergration	When a business works with, takes over or merges with another business.
A merger	When the owners of two or more business decide to join their firms together and make one business.
Takeover/Acquisition	When one business buys out the owners of another business which then becomes part of the 'predator' business.
Horizontal Intergration	When one firm merges with, or takes over, another business in the same industry at the same level of production.
Vertical Integration	When one firm merges with, or takes over, another business in the same industry but at a different stage of production.
Forward Vertical Intergration	When one firm merges with, or takes over with another business in the same industry but at a higher stage of production.
Backward Vertical Intergration	When one firm merges with, or takes over with another business in the same industry but at a lower stage of production.
Conglomerate Intergration/ Diversification	When one firm merges with, or takes over, a firm in a completely different industry.
Niche	An opportunity for a business to offer a product or service that is not offered by other businesses.

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	Creado por IshaM hace casi 12 años