business sectors essay grade 10

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Business Sectors - Grade 10

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Preview text, educator name: semenya nl 079-376-, business studies, topic: business sectors, the three business sectors, 1. primary sector.

 It is concerned with the extraction of raw materials or natural resources from their various nature.  Are involved in the harvesting and the extraction of raw materials.  Examples of businesses that operate in the primary sector would be farming, mining, fishing or oil production.  Activities include harvesting, collecting or extraction of raw materials from the natural environment – from the ground, the sea, fresh water or plant sources.  It can be classified into agricultural products, fisheries, forestry and mining.

2. Secondary sector

 It consist of all businesses involved in manufacturing  They transform raw materials into a product that can be used.  Processes raw materials from the primary sector and supplies it to the tertiary sector.  Manufacturing can include manufacturing of semi-finished products that are sold to manufacturers or the consumer.  Semi-finished products can be used in further production of goods or finished products, such as metal sheets used to make tin cans.

3. Tertiary sector

 Refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care.  It include bringing the products to the end consumers, transport of people, communications, and many other services such as education, health, banking and administration.

CLASSIFICATION OF VARIOUS INDUSTRIES (NATURE OF INDUSTRIES AND PRODUCTION)

2 primary sector.

a) Agriculture Animal husbandry  In South Africa the most common animals for animal husbandry are cattle, sheep, goats and chickens.  Others include ostrich and other poultry.  Crocodile farming has also become popular on the coast as crocodile skin can be exported to other countries and used in the manufacturing of leather items. Crop farming  Crop farming is dependent on the climate of the area as well as the season.  Harvesting of a variety of fruit, vegetables, nuts, rooibos tea, herbs and spice take place. b) Fishery  Fishing from the ocean as well as fresh water fishing takes place.  Produce includes mussels, oysters, lobsters, sardines, calamari, tuna and hake.  Fishing licenses are needed.  As part of environmental conservation, fish are classified as endangered or not. c) Forestry  In some provinces there are large plantations of trees.  Some plantations belong to Mondi, Sappi and Bison Board.  The most popular trees are blue gum, pine, and wattle used in production of furniture and paper.

 Forms of ownership include companies, partnerships, close corporations or sole proprietors.  The purpose of businesses in this sector is to make profit.  Businesses in the formal sector are registered with SARS for tax and contribute to the GDP of the country.  They are registered with the Department of Labour to pay UIF  Most businesses need to have their books audited.  Businesses in this sector have fixed premises and offer employment to more than one worker.

2. Informal sector

 The purpose of businesses in the informal sector is survival.  These businesses are not registered and do not contribute to the GDP of the country.  Examples are hawkers, food & flee market, street vendors, house-sitters, handyman services.  Illegal activities such as drug dealing and illegal shebeens also fall into this category. •  Informal businesses should by law declare income for tax and register employees.  It is difficult to get loans or credit facilities because there is no official record of income. This limits growth.

THE DIFFERENCE BETWEEN PUBLIC AND PRIVATE SECTORS

1. public sector.

 The public sector includes all businesses and institutions governed and owned by the state, on one of three levels: o national government o provincial government o local government

 Some departments do not operate as businesses.  The departments in this sector exist to meet the demand of social and civil rights such as healthcare, education and protection.  More examples include public schools, public clinics and hospitals, public museums and libraries, the South African police force.  The motive of the public sector businesses is not to make profit but offer a service.  Funding is generated by tax.

2. Private sector

 It includes all businesses that are privately owned.  Examples include businesses owned privately as sole traders, partnerships or companies with a profit motive.  The businesses are focused to meet the demand of consumers.  Businesses in this sector that do not operate to make profit are NGO's and NPO's  Some services from the public sector are repeated in this sector, such as education, healthcare and housing, and could be of better quality that the government service.

Multiple Choice

Subject : Business Studies

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