Needs — definition?
Basic essentials for survival.
Wants — definition?
Non-essential desires that enhance life.
Business Sectors — role?
Contribute to economic development.
Primary Sector — function?
Extracts natural resources.
Secondary Sector — role?
Manufactures finished goods.
Tertiary Sector — activities?
Provides services like retail and healthcare.
Stakeholders — examples?
Employees, customers, shareholders, suppliers.
Needs vs Wants — difference?
Needs are essential; wants are non-essential.
Primary sector — examples?
Farming, fishing, mining, forestry.
Secondary sector — example?
Factories producing goods.
Tertiary sector — example?
Retail, healthcare, education.
Stakeholder roles — significance?
Influence decisions, provide resources.
Answer 6 questions on Understanding Business Sectors and Resources.
1. What is a primary consequence of the rapid expansion of the tertiary sector in developed economies?
2. Which of the following best describes a key feature that differentiates needs from wants?
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