Flashcards on Introduction to Economic Sectors
Introduction to Economic Sectors: A Student's Guide
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Sectors of the Economy
13 cards
Card 1
Question: What is a business?
Answer: An organisation that provides goods and services to satisfy the wants and needs of customers.
Card 2
Question: Do all businesses aim to make a profit?
Answer: No. Some businesses aim to make a profit, while others focus on serving the community.
Card 3
Question: Into what main groups do businesses operate that contribute differently to the economy?
Answer: They operate in different sectors of the economy.
Card 4
Question: What are the two main sectors of South Africa's economy?
Answer: The public sector and the private sector.
Card 5
Question: What makes up the public sector?
Answer: The central government and government-owned organisations.
Card 6
Question: What is the primary objective of the public sector?
Answer: To render services to the public rather than to make a profit.
Card 7
Question: Give two examples of public sector organisations.
Answer: ESKOM and the Post Office.
Card 8
Question: What is the private sector composed of?
Answer: Businesses owned by private individuals.
Card 9
Question: What is the main goal of private sector businesses?
Answer: The main goal is usually profit generation, though some also focus on community services.
Card 10
Question: Give three examples of private sector businesses.
Answer: Lawyers, doctors, and retail shops.